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DaimlerChrysler AG v Tracinda 2003

  • IF YOU PURCHASED OR OTHERWISE ACQUIRED DAIMLERCHRYSLER AG (“DCX”) COMMON STOCK DURING THE FOLLOWING TIME PERIODS: (1) MARCH 19, 1999 THROUGH MARCH 26, 1999, (2) APRIL 6, 1999 THROUGH APRIL 12, 1999, AND/OR (3) JUNE 3, 1999 THROUGH JUNE 15, 1999, AND WERE DAMAGED THEREBY, YOU MAY BE ELIGIBLE TO RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT. PLEASE CONTACT THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Daimler AG
Security
NYSE: DSX

Case Name
Daimler Sharholder Class Action 08/21/2003
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Settlement Notice
notice_daimler_2010.pdf
Settlement Proof
proof_daimler_2010.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$8,100,000.00
Deadline to Participate in Settlement

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Summary

May 2010 - A class action settlement has been reached in a class action lawsuit pending against Tracinda Corporation and certain Tracinda employees (collectively “Defendants”) in the United States District Court for the Central District of California (styled Donald Johnson v. James D. Aljian, Kirk Kerkorian and Tracinda Corporation, Case No. CV 03-5986 DMG (PJWx)) alleging that defendants violated Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5 and 10b5-1 promulgated thereunder, Section 20(a) of the Exchange Act, and Section 20A of the Exchange Act, according to the DaimlerChrysler AG Tracinda securities class action settlement notice.

On August 21, 2003, a securities class action was filed in the United States District Court for the Central District of California against Tracinda and certain of the Company’s employees.

On January 23, 2004, the First Amended Complaint was filed, alleging violations of: (i) Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”), and Rules 10b-5 and 10b5-1 promulgated thereunder, (ii) Section 20(a) of the Exchange Act, and (iii) Section 20A of the Exchange Act. The First Amended Complaint alleged that one of Tracinda’s executives and long-time confidant of the owner of 100% of Tracinda’s voting shares, knowingly obtained material, non-public information regarding a substantial projected decline in cash flow at DaimlerChrysler and “tipped” this material, non-public information to the owner of Tracinda’s voting shares. The First Amended Complaint further alleged that thereafter, at the direction of the Company, this employee executed sales of over $600 million worth of Tracinda’s holdings in DCX common stock to members of the DCX Class, constituting insider trading in violation of the federal securities laws. The First Amended Complaint further alleged that when the material, non-public information regarding DaimlerChrysler’s projected cash flow decline was made public, the price of DCX common stock declined sharply, damaging the Class Representatives and DCX Class.

Date Settled