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Case ID: 3460 | Stocks | 08/19/2004
The parties have reached a $37 million settlement in an SEC administrative proceeding filed against Symbol Technologies, Inc. (NYSE:SBL) on behalf of stockholders who purchased the company's common stock between February 15, 2000, to October 17, 2002. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. Persons eligible to take part in the settlement should contact the prosecuting attorneys for more information.
The agreements with the U.S. Attorney's Office and SEC call for Symbol to pay $37 million in cash to a restitution fund for members of the class consisting of purchasers or acquirers of Symbol stock, and $3 million to the U.S. Postal Inspection Service Consumer Fraud Fund. As part of its agreement with the U.S. Attorney's Office, Symbol acknowledged responsibility for previous misconduct by certain former employees. The $37 million payment will be distributed pursuant to an order of the court and is separate and in addition to the amount allocated for the settlement of the private class action lawsuits. Symbol also agreed with the U.S. Attorney's Office to continue to cooperate with the U.S. Attorney's investigation, to retain an independent, government-approved examiner to review Symbol's internal controls, financial reporting practices and its compliance with the settlement agreement, and to establish and maintain an annual training and education program designed to diminish the possibility of future violations of the federal securities laws by Symbol. Should Symbol violate the Agreement or commit other crimes, Symbol shall be subject to prosecution for any offense, including any offense related to Symbol's past accounting practices. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against Lehman Brothers, Inc., the U.S. Bank Trust National Association, RBC Dain Rauscher, and Banc Of America Securities, LLC, on behalf of all persons who invested in Corporate Backed Trust Certificates, Verizon New York Debenture-Backed Series 2004-1, between January 5 and May 11, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially assigning the value of the certificates. The stockholders seek to recover compensatory damages for the loss of value of their certificates. A class action lawsuit has been filed in the Southern District Court of New York against Axis Capital Holdings, Ltd. The case involves violations of securities law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A class action has been filed against Guidant Corporation (NYSE:GDT), certain of its officers and directors by stockholders who purchased the company's common stock between December 15, 2004 and June 17, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. On February 29, 2008, the case was removed from Supreme Court of the State of New York, County of Nassau, to the U.S. District Court for the Eastern District of New York.
A class action has been filed against AuthentiDate Holding Corp. (NasdaqNM:ADAT), certain of its officers and directors by stockholders who purchased the company's common stock between September 29, 2003 and May 27, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. The parties have reached a tentative $1 million settlement of several class actions filed against Internet gambling operation Gaming Lottery Corporation (formerly Nasdaq: GLCCF) and certain of its officers and directors by stockholders who purchased the company's common stock, or the common stock of Laser Friendly, Inc. between February 1, 1995, and May 24, 1996. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. To recover under the settlement, a completed proof of claim postmarked no later than February 14, 2004, must be mailed to the claims administrator. |
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