Case Page

 

Case Status:    ONGOING    
On or around 04/15/2014 (Ongoing date of last review)

Filing Date: May 18, 2009

According to a press release dated May 19, 2009, the complaint charges certain of Nortel’s former executives with violations of the Exchange Act. Nortel supplies end-to-end networking products and solutions that help organizations enhance and simplify communications.

The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose the following adverse facts, among others: (i) that demand for the Company’s products was declining as carriers cut back their capital expenditures and other customers deferred purchase decisions; (ii) that the Company’s financial results were materially overstated as the Company was failing to properly write down its goodwill; (iii) that the Company’s restructuring was not meeting with success as the Company was struggling to cut costs and improve profitability; and (iv) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its business, operations, earnings and prospects.

On September 17, 2008, Nortel issued a press release announcing its “preliminary view on certain third quarter results.” The Company also announced that it was engaging in a “comprehensive review” of Nortel’s business and that “planning” was “underway for further restructuring and other cost reduction initiatives.” In response to the Company’s announcement, the price of Nortel stock declined from $5.30 per share to $2.68, on heavy trading volume.

On July 22, 2009, Judge Shira A. Scheindlin granted the motion to appoint Kien Chen and Moreno Minto as Lead Plaintiffs. The law firms of Coughlin Stoia Geller Rudman & Robbins LLP and Holzer Holzer & Fistel, LLC were appointed Lead Counsel.

According to the Order signed by Judge Shira A. Scheindlin on November 9, 2010, the above-captioned has been placed on the suspense docket due to the Nortel Canadian bankruptcy proceeding.

Lead Plaintiffs filed an amended complaint on September 21, 2017.

COMPANY INFORMATION:

Sector: Technology
Industry: Communications Equipment
Headquarters: Canada

SECURITIES INFORMATION:

Ticker Symbol: NT
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: S.D. New York
DOCKET #: 09-CV-04691
JUDGE: Hon. Shira A. Scheindlin
DATE FILED: 05/18/2009
CLASS PERIOD START: 05/02/2008
CLASS PERIOD END: 09/17/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  2. Dyer & Berens LLP (former)
    682 Grant Street, Dyer & Berens LLP (former), CO 80203-3507
    303.861.1764 303.861.1764 · contact@dyerberens.com
  3. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 09-CV-04691
JUDGE: Hon. Shira A. Scheindlin
DATE FILED: 09/21/2017
CLASS PERIOD START: 05/02/2008
CLASS PERIOD END: 01/13/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  2. Kaufman, Coren & Ress, P.C.
    Two Commerce Square, Suite 3900 , Kaufman, Coren & Ress, P.C., PA 19103
    215-735-8700 ·
  3. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date