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Vodafone Group, PLC Summary: According to a law firm press release, on November 15, 2007 a class action has been commenced on behalf of an institutional investor and purchasers of Vodafone Group Public Limited Company publicly traded securities, including common/ordinary stock and American Depositary Receipts (“ADRs”).
The complaint charges Vodafone and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Vodafone is one of the world’s largest providers of mobile telephone services, with worldwide operations in 28 countries, including in the United States, Germany, Italy and Japan.
The complaint alleges that defendants’ statements regarding Vodafone’s business and prospects issued during the Class Period were false and misleading in failing to disclose the following true facts: (a) throughout the Class Period, Vodafone’s financial statements and reports were materially falsified and overstated, including the overstatement of its assets and operating earnings due to the over-valuation of its German, Italian and Japanese operations; (b) Vodafone’s German operations had not been successfully integrated into Vodafone’s overall operations and were suffering from significant operational problems, inefficiencies and a lack of growth and profitability adequate to permit Vodafone to recover its investment in its German operations; (c) Vodafone’s Japanese operations were materially overvalued on Vodafone’s financial statements due to the failure to hold or gain sufficient market share so as to permit Vodafone to recover its investment in its Japanese operations; (d) Vodafone’s “One Vodafone” cost savings and operational efficiency initiative was not succeeding or achieving any significant cost savings; and (e) due to the foregoing adverse factors which were negatively impacting Vodafone’s operations and financial performance, defendants knew that the levels of financial performance being forecast for Vodafone for fiscal 2006 and 2007 would not and could not be achieved.
INDUSTRY CLASSIFICATION:
SIC Code: 4812
Sector: Technology
Industry: Communications Equipment
| COMPANY/ISSUER NAME: | Vodafone Group, PLC |
| COMPANY/ISSUER TICKER: | VOD |
| COMPANY WEBSITE: | http://www.vodafone.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| City of Edinburgh Council, et al. v. Vodafone Group, PLC, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint For Violation Of The Federal Securities Laws | |||
| Type: Complaint | Date on the document: 11/15/2007 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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