Excerpt: "In one of the largest class action settlements in 1999, Ikon Office Solutions Inc. November
24, 1999 agreed in the U.S. District Court for the E.D. of Pennsylvania to pay $111 million to settle
shareholders allegations that the company issued false financial statements (Cohen v. Ikon Office
Solutions Inc., E.D. Pa., Civil Action N. 98cv4286mk, 11/24/99).
The Thanksgiving Eve announcement by company officials brings to a close of series of 17 shareholder
and derivative lawsuits that were filed between August and October 1998 by shareholders who said that
Ikon statements lead to artificially high stock prices of the Valley Forge, PA. Based firm…
According to the Stanford University Law School's Securities Class Action Clearinghouse, the action
puts the settlement among the top 5 percent of settlements enactment of the 1995 Private Securities
Litigation Reform Act. .."
