Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
November 2, 2011 - 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.
July 7, 2011 - The court preliminarily approved the settlement.
June 17, 2011 - Parties filed a stipulation of settlement.
May 4, 2011 - The U.S. Court of Appeals for the Seventh Circuit ordered the judgment of the district court is vacated and the matter is remanded to the district court for the limited purpose of conducting class action settlement approval proceedings.
March 25, 2011 - The lead plaintiff filed a notice of appeal.
February 28, 2011 - The court granted the defendants' motion to dismiss with prejudice and ordered the case closed.
December 17, 2010 - The defendants filed a motion to dismiss.
December 3, 2010 - The lead plaintiff filed a second amended complaint.
August 13, 2010 - The defendants filed a motion to dismiss.
June 11, 2010 - The lead plaintiff filed an amended complaint.
March 29, 2010 - Lead plaintiff motions were filed.
January 21, 2010 - An investor in shares of Motorola Inc (NYSE: MOT) filed a lawsuit in the U.S. District Court for the Northern District of Illinois against Motorola Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 6, 2007 through January 22, 2008.
According to the complaint the plaintiff alleges that Motorola Inc (NYSE: MOT) and certain of its current and former officers and directors violated the Securities Exchange Act of 1934 by intentionally and knowingly misstating between December 6, 2007 through January 22, 2008 Motorola Inc's 4Q 07 earnings projections and sales demand for its newly-released RAZR2 mobile handset during the 2007 holiday shopping season.
Then on January 22, 2008, Motorola Inc issued a release reporting Motorola Inc's 4Q 07 financial results, followed by an earnings conference held with the investment community later that day, during which this information was finally disclosed to investors. Significantly, so the lawsuit, Motorola Inc's senior executives expressly conceded that they knew the demand for the RAZR2 was lackluster dating back as early as Thanksgiving 2007 - two weeks before December 6, 2007. Defendants also downgraded their 1Q 08 earnings guidance, so the complaint, and as the market reacted to these disclosures, Motorola Inc shares plummeted 18.8%, or $2.31 per share, to close at $10.01 per share, its lowest level in five years, on unusually high volume.
Motorola Inc, located in Schaumburg, Illinois, is engaged in providing technologies, products and services for mobile phones. Motorola Inc’s portfolio includes wireless handsets, wireless accessories, digital entertainment devices, wireless access systems, voice and data communications systems, and enterprise mobility products. The segments of Motorola Inc include Mobile Devices Segment, Home and Networks Mobility Segment and Enterprise Mobility Solutions Segment. Motorola Inc reported in 2007 Total Revenue of $36.622billion and in 2008 Total Revenue of $30.146billion. Shares of Motorola Inc traded recently at $7.19 per share, down from its 52weekHigh of $9.45 per share, $15.07 per share on January 04, 2009, almost $20 per share during 2007, and over $26 per share in 2006.