Case Page

 

Case Status:    DISMISSED    
On or around 05/23/2007 (Notice of voluntarily dismissal)

Filing Date: March 16, 2007

According to the docket, this case was voluntarily dismissed on May 23, 2007. Similar cases were also voluntarily dismissed within the Northern District of Texas, but no consolidated cases have been announced at this time.

According to a press release dated March 16, 2007, the complaint charges RadioShack and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Company primarily engages in the retail sale of consumer electronics goods and services through the RadioShack store chain and non-RadioShack branded kiosk operations.

The complaint alleges that defendants issued highly positive but false statements about RadioShack’s inventory wireless business, new store format and the Company’s future prospects. Defendants’ false statements inflated RadioShack’s stock price from about $20 per share just before the start of the Class Period on January 14, 2003 to over $30 per share by mid-November 2003 and then to a Class Period high of $35.41 on February 19, 2004. The complaint alleges that defendants took advantage of this artificial inflation and sold over 500,000 shares of the RadioShack stock they owned at an average price of $31 per share for illegal insider proceeds of over $17 million. The complaint alleges that defendants knew that their positive statements were false because, among other things, the Company was knowingly carrying millions of dollars worth of excess and obsolete inventory. RadioShack stock declined to about $15 per share as the truth leaked into the market.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Technology)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: RSH
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Texas
DOCKET #: 07-CV-00179
JUDGE: Hon. John McBryde
DATE FILED: 03/16/2007
CLASS PERIOD START: 01/14/2003
CLASS PERIOD END: 06/07/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
  2. Provost & Umphrey Law Firm, LLP (Dallas )
    3232 McKinney Avenue, Suite 700, Provost & Umphrey Law Firm, LLP (Dallas ), TX 75204
    214.744.3000 214.744.3015 · info@provostumphrey.com
No Document Title Filing Date