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DivX, Inc.
DivX Revises 2008 Guidance; Files Lawsuit Against Yahoo! for Intentional Breach of Contract
December 7th, 2008
DivX, Inc. (NASDAQ:DIVX), a digital media company, announced a revision to its revenue and earnings estimates for the fiscal year ending December 31, 2008, following notification from a major advertising customer, Yahoo!, Inc. that it intends to breach the two-year advertising services agreement announced in September 2007 between the two companies and discontinue making payments required under the agreement. As a result, DivX has filed a lawsuit in California Superior Court in Santa Clara County seeking damages from Yahoo! and specific performance under the agreement. "Yahoo!'s decision to breach is unjustified given DivX's fulfillment of its...
Source: Pharma Investments, Ventures & Law Weekly (2008-12-07)
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