Ccc Information Services (NASDAQ:CCCG)
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From Jun 2019 to Jun 2024
CCC Information Services Inc., a subsidiary of CCC
Information Services Group Inc. (Nasdaq:CCCG), today announced that
ChoiceParts, LLC and its three founding companies, including CCC, have
signed a settlement agreement with the defendants in an antitrust case
brought by ChoiceParts in federal court.
CCC owns a 27.5% interest in ChoiceParts, which it accounts for on
an equity basis. As a result, CCC's financial results for the third
quarter will include an after-tax gain of approximately $5 million or
its allocable share of the gain recognized by ChoiceParts.
Although CCC will record net income in the third quarter as a
result of the settlement, the company will not receive settlement
proceeds until ChoiceParts distributes those funds. The company is in
discussions with the other founders of ChoiceParts regarding the
distribution of the settlement proceeds although the timing of the
distribution remains to be finalized.
About CCC
CCC Information Services Group Inc. (NASDAQ:CCCG), headquartered
in Chicago, is a leading supplier of advanced software, communications
systems, Internet and wireless-enabled technology solutions to the
automotive claims and collision repair industries. Its
technology-based products and services optimize efficiency throughout
the entire claims management supply chain and facilitate communication
among approximately 21,000 collision repair facilities, 350 insurance
companies, and a range of industry participants. For more information
about CCC Information Services, visit CCC's Web site at www.cccis.com.
This release contains statements that constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 and are
subject to the safe harbor provisions of those sections and the
Private Securities Litigation Reform Act of 1995. Investors are
cautioned that any such forward-looking statements are not guarantees
of future performance and involve risks and uncertainties, including
those described in the Company's filings with the SEC, and that actual
results or developments may differ materially from those in the
forward-looking statements. Specific factors that might cause actual
results to differ from expectations include, but are not limited to,
competition in the automotive claims and collision repair industries,
the ability to develop new products and services, the prolonged sales
and implementation cycles of some of the Company's new products, the
ability to protect trade secrets and proprietary information, the
ability to generate the cash flow necessary to meet the Company's
obligations, the outcome of certain legal proceedings including court
approval of class action litigation and negotiation of settlement
documentation, and other factors. Readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect
management's analysis, judgment, belief or expectation only as of the
date hereof. The Company has based these forward-looking statements on
information currently available and disclaims any intention or
obligation to update or revise any forward-looking statement.