Technology Industry
Industry: Email Alert RSS FeedShareholder lawsuits on rise.
RCR Wireless News, April, 2001 by OMATSEYE, SAM
The weak economy has turned profit into loss, changed workers into job applicants and dropped high stocks into the tank. Now, it seems to have transformed love into poison between some vendors and some of their shareholders as demonstrated by a series of class-action lawsuits filed in the last six months.
Vendors fell out of favor with some of their investors over what the shareholders have characterized as disingenuous statements designed to mislead the shareholders and the public about their financial situations. The first target was Murray N.J. based Lucent Technologies Inc., which had revised its first-quarter projections because of what it said was an accounting error. Steep stock declines shortly followed. Nortel Networks, which...
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