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UPDATE ON XCELERA.COM SECURITIES LITIGATION

The trial was set to commence on Tuesday, April 22, 2008.  On that date, all parties appeared prepared to empanel a jury and begin. However, the Court postponed the trial and scheduled a preliminary hearing concerning Plaintiffs’ expert testimony on loss causation and damages.  After an evidentiary hearing on April 25, 2008, the Court ruled that same day that Plaintiffs’ expert would not be allowed to testify that Defendants’ activities damaged people who purchased XLA shares.  A copy of that decision is available here.  Based on this ruling, the Court granted summary judgment to Defendants on April 30, and on May 12 the Court entered judgment in favor of Defendants.  A copy of that Judgment is available here.

If you have questions, please contact lead counsel.  Lead may be contacted in writing or calling them at:

Richard Malloy
Berman DeValerio Pease Tabacco Burt & Pucillo
One Liberty Square
Boston, MA  02109
(617) 542-8300
http://www.bermanesq.com

or

Josh Keller
Milberg LLP
One Pennsylvania Plaza
New York, NY  10119
http://www.milberg.com