On July 7, 2006, the Court entered the Order granting the defendants’ motion to dismiss then Amended Class Action Complaint. On July 10, 2006, Judgment was entered in favor of the defendants and against the plaintiff.
On October 13, 2005, the Court entered the Order granting the motion to appoint Barry Yellen as Lead Plaintiff. Further, Shalov Stone & Bonner LLP and Maddox Hargett & Caruso, P.C. were appointed Co-Lead Counsel, and LaMarca & Landry, P.C. was appointed to serve as Liaison Counsel. On November 30, 2005, the plaintiff filed an Amended Class Action Complaint, and, on January 6, 2006, the defendants responded by filing a motion to dismiss the Amended Class Action Complaint.
The original complaint alleges that, throughout the Class Period, the defendants failed to disclose and misrepresented material adverse facts which were known to defendants or recklessly disregarded by them and which caused the defendants to issue materially false and misleading financial projections, among other things, which caused the price of Maytag stock to trade at artificially inflated prices. Among other things, the complaint alleges that the defendants attempted to inflate the price of Maytag stock in an effort to secure a higher price for the company in connection with its buyout negotiations with Ripplewood Holdings LLC.