Symbol Technologies Inc. Case 2/12/2004

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Company Name(s): 
Symbol Technologies
Case Name: 
Symbol Technologies Inc. Case 2/12/2004
Case Status: 
Lawsuit Filed
Case Status: 
Judgment Issued
Case Status: 
Settlement Proposed
Case Status: 
Settlement Approved
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/12/2004
Class Period Begin: 
03/02/2000
Class Period End: 
10/17/2002
Summary: 

According to the co-lead counsel’s web site, on June 14, 2006, D&T agreed to pay $24,000,000 in cash to settle the claims against them. On June 14, 2006, Judge Wexler signed an Order granting preliminary approval of the proposed settlement and setting a Settlement Fairness Hearing for September 12, 2006 to determine, among other things, whether the proposed Settlement and Plan of Allocation are fair, reasonable, adequate and in the best interests of the class. On September 12, 2006, the Fairness Hearing was held and final approval of the Settlement was granted.
On February 12, 2004, a shareholder lawsuit against Deloitte & Touche LLP (“D&T”) in the U.S. District Court for the Eastern District of New York. This action was brought on behalf of any and all persons and entities that purchased Symbol Technologies common stock between March 2, 2000, and October 17, 2002 (the “Class Period”). In the Complaint, Lead Plaintiffs alleged violations of Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically, Lead Plaintiffs alleged that during the Class Period, D&T, acting as Symbol’s auditor, made materially false statements and/or omissions regarding Symbol’s financial statements for the years ended December 31, 1999, 2000, and 2001.
NOTE: The Action was designated as a “Related Case” with a consolidated class action commenced in March 2002 against Symbol and certain of its officers and directors, captioned In re Symbol Technologies Litigation, Docket No. 02-CV-1383 (LDW), also filed in the U.S. District Court for the Eastern District of New York (the “Symbol Action”). The Symbol Action partially settled (the “Symbol Settlement”) and was granted final approval by the Court on October 14, 2004.