Lawsuit Overview
Settlement Overview
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November 13, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
August 14, 2013 - The court preliminarily approved the settlement.
June 10, 2013 - Parties filed a stipulation of settlement.
August 11, 2010 - The court denied the defendants' motion to dismiss.
April 12, 2010 - The defendants filed a motion to dismiss.
February 11, 2010 - The lead plaintiff filed an amended consolidated complaint.
November 9, 2009 - The lead plaintiff and lead counsel were appointed.
September 30, 2009 - An additional case was consolidated.
July 7, 2009 - Lead plaintiff motions were filed.
July 1, 2009 - An additional case was consolidated.
June 5, 2009 - Another investor filed a complaint.
May 22, 2009 - Another investor filed a complaint.
May 21, 2009 - Another investor filed a complaint.
April 30, 2009 - An investor in shares of Idearc Inc (OTC: IDARQ) filed a lawsuit in the U.S. District Court for the Northern District of Texas against Idearc Inc over alleged violations of Federal Securities Laws.
According to the complaint the plaintiff alleges that between, between August 10, 2007 and March 31, 2009, the company and executive officers made false statements to the investing public about the company's outlook even as bad debts continued to pile up when in reality the company loosened credit polices to establish revenue that “would not be collectible.” When the nature of the credit policies were revealed to the public Idearc Inc's stock took several precipitous drops, so the lawsuit. According to the law firm no class has yet been certified in the above action and until a class is certified, shareholders are not represented by counsel unless they retain one. Dallas-based Idearc Inc reportedly was not immediately available for comment.
Idearc Inc is a yellow pages directories publisher in the United States. The products of the Idearc Inc include print yellow pages, print white pages, Superpages.com, the online local search resource, and Superpages Mobile, the information directory for wireless subscribers. Idearc Inc is located in DFW Airport, TX and had $3.189billion in total revenue with $429million net income in 2007 and $2.973billion in total revenue with $183million net income in 2008. On March 31, 2009 Idearc Inc. filed voluntary petitions for reorganization under Chapter 11. The Shares of Idearc Inc (OTC: IDARQ) closed on Friday, May 15, 2009 at $0.06 per share.
Idearc Inc voluntarily filed for Chapter 11 bankruptcy on March 31, 2009 and emerged on December 31, 2009. At the start of 2010, it announced a new name, SuperMedia (NASDAQ: SPMD). On August 21, 2012, Super Media and Dex One Corporation announced a stock for stock transaction. Since April 30, 2013, SuperMedia has operated as a subsidiary of Dex Media Inc.