BOTHELL – Software company Agital Inc. announced today that it has secured commitments of up to an aggregate of $4.6 million in funding. The lead investors for this round are existing stakeholders Voyager Capital and 2M Technology Group. The funds are intended to grow the core business and increase sales and marketing resources.
CHICAGO – The Boeing Co. said Friday it is paying $92.5 million to settle a 1997 shareholder class-action suit accusing it of doctoring financial records to conceal the extent of production problems until after its merger with McDonnell Douglas was completed. The suit was filed following Boeing’s announcements that it was implementing production recovery plans that involved temporarily shutting down 747 and 737 assembly lines, resulting in a $1.6 billion charge. The October 1997 statements sent Boeing’s stock down sharply. Shareholders said Boeing withheld knowledge of the plans beforehand. “Management has decided that it is in the best interests of Boeing and its shareholders to settle the litigation,” said Doug Bain, Boeing’s senior vice president and general counsel. “Resolving this suit will enable our team to focus all of its energies on the challenges posed by the current business environment.”
WASHINGTON – Six state attorneys general not involved in the Microsoft antitrust case sent a letter to Microsoft executive Steve Ballmer this week expressing concern about the upcoming Windows XP operating system. Vermont Attorney General William Sorrell wrote that the operating system, which will reach consumers soon, may involve additional unlawful attempts by Microsoft to maintain its operating system monopoly. The letter could increase pressure on Microsoft to change Windows XP, which includes many features that replace competitors’ stand-alone products. On Thursday, Microsoft and prosecutors said they were talking about a settlement. A federal judge will set a schedule for penalty hearings next week.
SAO PAULO, Brazil – Determined to cut costs, Brazil’s debt-ridden flagship carrier, Varig on Friday said it plans to return 13 planes to leasing companies. The company did not name any of the leasing companies involved, but a Varig executive said the airline has contracts with almost all the major aviation leasing companies, including Boeing and General Electric’s capital aviation services unit. Varig, which has a fleet of 93 planes and total debt of about $1.3 billion, wouldn’t confirm a local press report that said cost savings from the returned planes would amount to $2.5 million a month. On Thursday, Varig announced plans to lay off 10 percent of its 17,500-person workforce.
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