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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel?
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To: g_m10 who wrote (3399)3/5/1999 2:32:00 AM
From: AugustWest  Read Replies (1) of 20297
 
Thursday March 4, 10:13 pm Eastern Time

CheckFree says market over-reacts to lawsuit

ATLANTA, March 4 (Reuters) - CheckFree Corp. (Nasdaq:CKFR - news), a back office payment services provider, said on Thursday that the market over-reacted to news on Wednesday of a lawsuit filed against the company by Intuit Inc. (Nasdaq:INTU - news).

CheckFree shares fell 11 percent on Thursday, closing down four at 31-1/2. However, in addition to Intuit's lawsuit, the stock was hurt after Lehman Bros downgraded the stock on Thursday morning.

Intuit, a personal finance software giant, said on Wednesday it sued CheckFree in a contract dispute.

In response to the Intuit lawsuit, CheckFree said in a statement that regardless of the outcome of this action, it will still support bill presentment and payment through Internet portals, and will be fairly compensated for its efforts.

CheckFree also said that there is nothing in Intuit's complaint that seeks to restrict CheckFree from continuing to sign electronic billing and payment contracts with billers.

In addition, CheckFree said it contacted Intuit before issuing the statement and that Intuit ''agrees with the issuance of this statement, and agrees with the facts presented.''

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