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Red Hat reaches settlement in restatement class action litigation

December 16, 2009 By: NCTechNews Category: Software

(Raleigh, N.C.) Red Hat, Inc. (NYSE: RHT) today announced that it has reached an agreement in principle to settle the class action lawsuit, pending in the United States District Court for the Eastern District of North Carolina, brought on behalf of a class of shareholders in connection with the restatement of financial results announced in July 2004. Red Hat has recorded, in its quarter ended November 30, 2009, a reserve in the amount of $8.8 million for its portion of the settlement. Red Hat plans to exclude this one-time charge from the non-GAAP results Red Hat reports for its quarter ended November 30, 2009, when these results are announced on December 22, 2009, and will provide a reconciliation to GAAP results at that time.

The class action settlement is subject to the completion of a final, written settlement agreement and court approval.

For more information about Red Hat, visit www.redhat.com. For more news, more often, visit www.press.redhat.com.

Red Hat, the world’s leading provider of open source solutions and a component of the S&P 500, is headquartered in Raleigh, NC with over 65 offices spanning the globe. CIOs ranked Red Hat as one of the top vendors delivering value in Enterprise Software for six consecutive years in the CIO Insight Magazine Vendor Value survey. Red Hat provides high-quality, affordable technology with its operating system platform, Red Hat Enterprise Linux, together with virtualization, applications, management and Services Oriented Architecture (SOA) solutions, including Red Hat Enterprise Virtualization and JBoss Enterprise Middleware. Red Hat also offers support, training and consulting services to its customers worldwide. Learn more: http://www.redhat.com.

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