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American Tower Corporation Summary: According to the Company’s FORM 10-Q for the quarterly period ended June 30, 2008, in May 2008, the original plaintiff, Mr. Greenebaum, filed an objection to the settlement. Following a hearing in June 2008, the Court dismissed Mr. Greenebaum’s objection and approved the settlement. In July 2008, Mr. Greenebaum filed an untimely request to opt-out of the settlement class certified by the Court in its orders, which the Company opposed. Additionally, Mr. Greenebaum filed a notice of appeal of the Court’s final order approving the settlement agreement. The members of the plaintiff class will not be entitled to draw the funds until Mr. Greenebaum’s appeal is finally resolved.
As summarized by the same SEC filing, in December 2006, the court appointed the Steamship Trade Association-International Longshoreman’s Association Pension Fund as the lead plaintiff. In March 2007, plaintiffs filed an amended consolidated complaint, which included additional current and former officers and directors of the Company as defendants. In December 2007, the Company announced that it had reached a settlement in principle regarding the securities class action. The settlement, which was preliminarily approved by the court in February 2008, provided for a payment by the Company of $14.0 million and would lead to a dismissal of all claims against all defendants in the litigation. The Company paid $250,000 of the settlement amount to an escrow account controlled by the plaintiffs during the quarter ended March 31, 2008. In April 2008, the Company paid the remaining settlement amount of $13.8 million into escrow and received $12.5 million in insurance proceeds.
The original securities class action was filed against American Tower Corporation and certain of its officers. This action alleges violations of the federal securities laws in connection with public statements by the Company relating to its stock option practices and related accounting. The Company announced on May 19, 2006 that it was conducting an internal review of its historic stock option granting practices.
Further, a shareholder derivative lawsuit was filed in state court in Massachusetts by an individual identifying himself as a shareholder of the Company, purporting to act on behalf of the corporation, against certain current and former officers and directors for alleged breaches of fiduciary duties with respect to the Company's historic stock option granting practices.
INDUSTRY CLASSIFICATION:
SIC Code: 4899
Sector: Services
Industry: Communications Services
| COMPANY/ISSUER NAME: | American Tower Corporation |
| COMPANY/ISSUER TICKER: | AMT |
| COMPANY WEBSITE: | http://www.americantower.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| John S. Greenebaum, et al. v. American Tower Corporation, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint | |||
| Type: Complaint | Date on the document: 05/26/2006 | ||
| First Amended Class Action Complaint | |||
| Type: Complaint | Date on the document: 06/07/2006 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 11/01/2006 | ||
| Order | |||
| Type: Order | Date on the document: 12/27/2006 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| In Re: American Tower Corporation Securities Litigation | |||||||||||||||||
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| OTHER DOCUMENTS | |||
| Verified Derivative Complaint | |||
| Case Name and/or Number: Leslie Cramer, et al. v. Steven B. Dodge | |||
| Type: Complaint | Date on the document: 08/23/2006 | ||
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