NEW YORK–LAWFUEL – The Legal Newswire –Lerach Coughlin Stoia Geller Rudman & Robbins LLP (“Lerach Coughlin”) (http://www.lerachlaw.com/cases/motorolainc/) today announced that a class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Motorola, Inc. (“Motorola”) (NYSE:MOT) publicly traded securities during the period between July 19, 2006 and January 4, 2007 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Lerach Coughlin at 800/449-4900 or 619/231-1058, or via e-mail at [email protected] If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.lerachlaw.com/cases/motorolainc/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Motorola and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Motorola builds, markets and sells products, services and applications that make connections to people, information and entertainment through broadband, embedded systems and wireless networks.
The complaint alleges that in the summer of 2006, Motorola’s poor financial performance had depressed its stock price to below $19 per share. In order to artificially inflate the price of Motorola stock, defendants began a series of false and misleading statements regarding the Company’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 had failed to meet its revenue and sales projections. As a result of this announcement, Motorola’s stock price declined over 7% in two trading days. Then on January 4, 2007, defendants announced that Motorola’s fourth quarter 2006 results also failed to meet expectations. This time, the Company’s stock price declined almost 8%.
Plaintiff seeks to recover damages on behalf of all purchasers of Motorola publicly traded securities during the Class Period (the “Class”). The plaintiff is represented by Lerach Coughlin, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Lerach Coughlin, a 180-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Lerach Coughlin lawyers have been responsible for more than $45 billion in aggregate recoveries. The Lerach Coughlin Web site (http://www.lerachlaw.com) has more information about the firm.