|  | | 2008 News and Press Releases | | |
DISMISSAL NEWS:
MOTOROLA: Court Gives Go Signal to Iridium Securities Fraud Suit
Staff Writer
Class Action Reporter. April 28, 2008
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EXCERPT: Judge Nanette Laughrey of the U.S. District Court for the District of Columbia has allowed shareholders to sue Motorola Inc. over statements the company made back when Iridium Satellite was having problems getting the venture off the ground, National Post reports. The lawsuit alleges violations of the federal securities laws arising from alleged material misrepresentations or omissions regarding difficulties in the satellite communications business of Iridium World Communications, LTD, Iridium LLC and Iridium Operating LLC. The alleged class consists of purchasers of all Iridium securities during the period from Sept. 9, 1998, to March 29, 1999. Recently Judge Laughrey has given a green light for shareholders to proceed with a nine-year-old class action lawsuit. |
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