Pall Corporation (NYSE: PLL) Investor Securities Class Action Lawsuit 08/14/2007

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Company Name(s): 
Pall Corporation
Case Name: 
Pall Corporation Shareholder Class Action Lawsuit 08/14/2007
Case Status: 
Settlement Approved
Affected Securities
NYSE: PLL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/14/2007
Class Period Begin: 
04/20/2007
Class Period End: 
08/02/2007
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
10/15/2007
Date Settled: 
06/27/2013
Settlement Amount: 
$22,500,000
Deadline to Participate in Settlement: 
12/13/2012
Settlement Notice: 
Settlement Proof: 
Summary: 

June 27, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, and dismissed the action with prejudice.

June 25, 2013 - The court approved the motion for attorneys’ fees and expenses.

August 20, 2012 - The court preliminarily approved the settlement.

May 16, 2012 - Parties filed an amended stipulation of settlement.

April 26, 2012 - Parties filed a stipulation of settlement.

September 21, 2009 - The court denied the defendants' motion to dismiss.

September 19, 2008 - The defendants filed a motion to dismiss.

August 4, 2008 - The lead plaintiff filed an amended consolidated complaint.

May 28, 2008 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 15, 2007 - Lead plaintiff motions were filed.

October 11, 2007 - An additional investor filed a complain in the U.S. District Court for the Eastern District of New York on behalf of investors who purchased Pall Corporation (NYSE: PLL) common shares between April 20, 2007 and August 8, 2007.

September 5, 2007 - Another investor filed a complain in the U.S. District Court for the Eastern District of New York on behalf of investors who purchased Pall Corporation (NYSE: PLL) common shares between March 22, 2007 and August 8, 2007.

August 14, 2007 -An investor in shares of Pall Corporation (NYSE: PLL) filed a lawsuit in the U.S. District Court for the Eastern District of New York against Pall Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between .

The complaint alleges that, between April 20, 2007 and August 2, 2007, Pall Corporation issued materially false and misleading statements that misrepresented and failed to disclose: (i) that Pall Corporation was materially overstating its financial results by understating its tax liability for taxes. Pall Corporation has publicly reported that it could owe more than $130 million in taxes, exclusive of interest or penalties, and that its financial statements for fiscal years 1999 through 2006 and for each of the fiscal quarters ended October 31, 2006, January 31, 2007, and April 30, 2007 “should no longer be relied upon and that a restatement of some or all of those financial statements will be required”; (ii) that Pall Corporation’s reported effective tax rate was materially inaccurate as Pall Corporation was materially understating its tax liability as it has now admitted; and (iii) based on the foregoing, Pall Corporation’s financial statements were not prepared in accordance with GAAP and were, therefore, materially false and misleading.

Pall Corporation, together with its subsidiaries, manufactures and markets filtration, purification, and separation products and integrated systems solutions worldwide.