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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of April 21, 2014 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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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
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
November 14, 2013 - The court preliminarily approved the settlement.
November 8, 2013 - A stipulation of settlement was filed by the parties.
November 18, 2011 - A motion to dismiss the second amended complaint was filed.
October 18, 2011 - A second amended complaint was filed.
September 30, 2011 - The court denied the defendants' motion to dismiss.
February 4, 2011 - A motion to dismiss the amended complaint was filed.
December 26, 2010 - An amended complaint was filed.
June 30, 2011 - An investor in shares of Diebold Incorporated (NYSE: DBD) filed a lawsuit in the U.S. District Court for the Northern District of Ohio against Diebold Incorporated over alleged violations of Federal Securities Laws between June 30, 2005 through January 15, 2008.
According to the complaint, the accounting Diebold Incorporated failed to withdraw its unqualified audit opinions after learning that Diebold Incorporated’s prior year financial statements were materially false. From at least 2002 to 2007, these fraudulent practices included: (i) improper use of “bill-and-hold” accounting; (ii) improper recognition of revenue on a lease agreement subject to an undisclosed side buy-back agreement; (iii) manipulating reserves and accruals; (iv) improperly delaying and capitalizing expenses; and (v) improperly writing up the value of used inventory. As a result of these practices, Diebold Incorporated filed numerous annual, quarterly, and current reports with the SEC, issued dozens of press releases, and otherwise made public statements that contained material misstatements and omissions concerning Diebold Incorporated’s financial performance and financial condition. In addition, KPMG issued reports containing unqualified audit opinions that were false and misleading for annual audits conducted for 2003 through 2006. Diebold Incorporated’s fraudulent accounting practices misstated Diebold Incorporated's reported pretax earnings by at least $127 million, and skewed the revenue and earnings trends that analysts and investors used to value Diebold Incorporated’s stock. To correct the most recent misstatements, on September 30, 2008, Diebold Incorporated restated its financial statements for the years 2003 through 2006, and the first quarter of 2007 (“1Q07”), in its belatedly filed Form 10-K for 2007.