Andover, MA (Vocus) February 2, 2009
- NewRiver, Inc. - creators of the leading central repository of mutual fund documents and data for financial services firms -- filed suit today in Massachusetts state court against Morningstar, Inc. (State court in Lawrence, Massachusetts, Essex County docket number: ECV-2009-0205/A) alleging unlawful access to its Prospectus Express web-based data warehouse and unfair competition related to NewRiver's Prospectus Express product. NewRiver intends to vigorously protect its proprietary interests in its Prospectus Express product through the prosecution of the lawsuit. NewRiver serves more than 100 of the largest financial companies globally, including five of the top ten brokerage firms and three of the top ten retirement plan providers in the U.S.
About NewRiver, Inc.
NewRiver develops innovative technology solutions that help financial leaders simplify investor disclosure - providing transparency and cost savings to the delivery of fund data and investor communications. Since 1995, the company has helped some of the world's leading financial organizations move from paper to electronic disclosure via an easy to use, cost-effective, managed service offering. NewRiver pioneered the first electronic prospectus, and is the only company to guarantee its data to be "compliance grade" which allows customers to reduce risk, lower compliance costs and increase revenues. Through a patent-pending, automated process NewRiver efficiently monitors 6 million data points from over 24,600 fund CUSIPs. Further, the company's unique "paperless" approach improves the investor experience while offering a real alternative to the environmental impact of paper-only delivery. Relied on daily by over 100 leading financial services firms, and millions of investors, NewRiver is a trusted and growing solution provider facilitating the transition from paper-based mutual fund information, to electronic. To learn more, please visit our website http://www.newriver.com or call 978-247-7200.