Technology Industry
Industry: Email Alert RSS FeedClass-action lawsuit filed against Motorola over Telsim financing. (News).
RCR Wireless News, January, 2003
NEW YORK -- A law firm, Stull, Stull and Brody, said it filed a class-action lawsuit against wireless vendor Motorola Inc. for misleading its common stock purchasers between February 2000 and May 14, 2001. The lawsuit, which was filed at the U.S. District for the Southern District of New York, involves Motorola's transactions with Telsim Mobil Telecom A.S.
"Motorola failed to disclose that the deal with Telsim required Motorola to provide Telsim with $1.7 billion in vendor financing, and that this loan represented a huge risk to Motorola shareholders if Telsim defaulted," the law firm said in a press release. The law firm said Motorola also lent $2.9 billion in vendor financing to other customers.
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