Lawsuit Overview
Settlement Overview
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August 14, 2013 - The U.S. Court of Appeals for the Seventh Circuit ordered the judgment of the district court is affirmed and the appeal is denied.
June 6, 2012 - A class member filed a notice of appeal from the order awarding attorneys' fees.
May 9, 2012 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
February 16, 2012 - The court preliminarily approved the settlement.
February 2. 2012 - Parties filed a stipulation of settlement.
March 15, 2010 - The lead plaintiffs filed a second amended complaint.
September 23, 2008 - The court granted in part and denied in part the defendants' motion to dismiss.
February 5, 2008 - The defendants filed a motion to dismiss.
December 20, 2007 - The lead plaintiff filed an amended consolidated complaint.
October 16, 2007 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
October 9, 2007 - Lead plaintiff motions were filed.
August 9, 2007 - An investor in shares of Motorola Inc (NYSE: MOT now trading on the NYSE sheets as MSI) 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.
The complaint charges Motorola Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934 between July 19, 2006 and January 4, 2007. Specifically, the complaint alleges that in the summer of 2006, Motorola Inc’s poor financial performance had depressed its stock price to below $19 per share. In order to artificially inflate the price of Motorola Inc stock, defendants began a series of false and misleading statements regarding Motorola Inc’s business and prospects. Specifically, defendants repeatedly told investors to expect strong growth in sales and revenues. On October 17, 2006, defendants announced that Motorola Inc had failed to meet its revenue and sales projections. As a result of this announcement, Motorola Inc’s stock price declined over 7% in two trading days. Then on January 4, 2007, defendants announced that Motorola Inc’s fourth quarter 2006 results also failed to meet expectations. This time, the Motorola Inc’s stock price declined almost 8%.
Motorola Inc builds, markets and sells products, services and applications that make connections to people, information and entertainment through broadband, embedded systems and wireless networks.
On January 4, 2011, Motorola Inc separated into two independent, publicly traded companies. Motorola Inc distributed the common stock of Motorola Mobility Holdings Inc ( Motorola Mobility ). Motorola Inc shareholders received 1 share of Motorola Mobility common stock for every 8 shares of Motorola Inc (NYSE: MOT) common stock they held.
Also on January 4, 2011, Motorola Inc completed a 1-for-7 reverse stock split and changed its name to Motorola Solutions Inc
Motorola Inc common stock previously traded under the ticker symbol MOT, but following the name change it now trades under the ticker symbol MSI. Motorola Mobility common stock trades under the ticker symbol MMI.