AOL Inc (NYSE: AOL) Investor Securities Class Action Lawsuit 05/03/2012

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Company Name(s): 
AOL
Case Name: 
AOL Shareholder Class Action Lawsuit 05/03/2012
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: AOL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/03/2012
Class Period Begin: 
08/11/2011
Class Period End: 
04/09/2012
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
07/02/2012
Summary: 

January 3, 2014 - The lead plaintiff filed a notice of appeal.

August 19, 2013 - The court granted the defendants' motion to dismiss.

February 1, 2013 - The defendants filed a motion to dismiss.

January 18, 2013 - The lead plaintiff filed an amended complaint.

January 8, 2013 - The court denied the defendants' motion to dismiss with prejudice to renewal.

October 26, 2012 - The defendants filed a motion to dismiss.

September 28, 2012 - The lead plaintiff filed a consolidated complaint.

August 13, 2012 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

July 16, 2012 - Lead plaintiff motions were filed.

May 3, 2012 - An investor in shares of AOL Inc (NYSE: AOL) filed a lawsuit in the U.S. District Court for the Southern District of New York against AOL Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 11, 2011 and April 9, 2012.

The plaintiff alleges on behalf of those who sold shares of AOL Inc (NYSE: AOL) stock between August 11, 2011 and April 9, 2012, that AOL Inc and its Chairman and CEO, and Chief Financial Officer misled investors about its true financial condition in the run-up to the April 9 announcement that AOL Inc has entered into an agreement to sell over 800 of its patents and their related patent applications to Microsoft Corporation (NASDAQ: MSFT) and to grant Microsoft a non-exclusive license to its retained patent portfolio for aggregate proceeds of $1.056 billion in cash.

AOL Inc reported that its annual Revenue decreased from $4.01 billion in 2008 to $2.11 billion in 2011. However, it reported that its Net Loss of $1.52 billion in 2008 turned into a Net Income of $13.10 million in 2011.

The plaintiff alleges that AOL Inc purchased millions of its own shares at artificially depressed prices prior to the April 9 announcement.

Shares of AOL Inc (NYSE: AOL) jumped from $18.42 per share on April 5, 2012 to $26.40 per share on April 9, 2012.

AOL Inc (NYSE: AOL) shares closed on May 4, 2012 at $24.25 per share.