SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Technology Stocks : NorthPoint Communications Holdings, Inc. (NPNT)
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: James T. who wrote (730)12/8/2000 9:08:27 PM
From: Scrapps  Read Replies (1) of 786
 
3:30 PM ET 12/08/00

NorthPoint files suit against Verizon over nixed deal

NEW YORK, Dec 8 (Reuters) - Internet access company NorthPoint
Communications Group Inc. said on Friday it sued its former
partner Verizon Communications over the termination of their
merger agreement in a move to salvage the deal or get $1 billion
in damages.

Verizon, the No. 1 U.S. local telephone company, last month
canceled its $800 million agreement to purchase a 55-percent
stake in NorthPoint and merge the companies' digital subscriber
line (DSL) businesses. DSL technology provides high-speed
Internet access over copper telephone wires.

The termination of the deal came after NorthPoint restated its
third-quarter financial results and revealed that some of its
customers couldn't pay for services receieved.

In the lawsuit, which was widely expected, NorthPoint alleged
that Verizon's termination of the deal had no legal or factual
basis. It also alleged that Verizon nixed the deal in an effort
to avoid its financial obligations to NorthPoint and, therefore,
increase its near-term stock price. Verizon could not be
immediately reached for comment.

"We intend to pursue this matter completely to ensure that
Verizon either closes the deal with NorthPoint or that NorthPoint
receives the full compensation and benefits to which it is
entitled under law and the merger agreement," said NorthPoint
Chief Executive Liz Fetter.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News