Symbol Technologies Inc (NYSE: SBL) Investor Securities Class Action Lawsuit 08/16/2005

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Company Name(s): 
Symbol Technologies
Case Name: 
Symbol Technologies Shareholder Class Action Lawsuit 08/16/2005
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: SBL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/16/2005
Class Period Begin: 
03/12/2004
Class Period End: 
08/01/2005
Court of Filing: 
U.S. District Court for the Eastern District of New York
Deadline To File for Lead: 
10/17/2005
Date Settled: 
05/22/2018
Settlement Amount: 
$15,000,000
Deadline to Participate in Settlement: 
11/29/2018
Summary: 

May 22, 2018 - The court preliminarily approved the settlement.

April 30, 2018 - Parties filed a stipulation of settlement.

May 24, 2017 - The lead plaintiff filed a second amended consolidated complaint.

December 3, 2013 - The court denied the defendants' motion to dismiss.

September 11, 2008 - The court ordered the associated cases (05-CV-03923-DRH-AKT) administratively closed.

July 5, 2007 - The court ordered the motion to dismiss administratively terminated pending the receipt of further briefing.

February 26, 2007 - The defendants filed a motion to dismiss.

August 20, 2006 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Symbol Technologies Inc (NYSE: SBL) common shares between April 29, 2004 and August 1, 2005. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 29, 2004 and August 1, 2005.

April 26, 2006 - The lead plaintiff and lead counsel were appointed.

October 31, 2005 - All cases were consolidated.

October 17, 2005 - Lead plaintiff motions were filed.

September 6, 2005 - An additional investor filed a complaint.

August 31, 2005 - Another investor filed a complaint.

August 31, 2005 - Another investor filed a complaint in the U.S. District Court for the Eastern District of New York on behalf of investors who purchased Symbol Technologies Inc (NYSE: SBL) common shares between May 10, 2004 and May 3, 2005.

August 25, 2005 - Another investor filed a complaint.

August 23, 2005 - Another investor filed a complaint.

August 16, 2005 - An investor in shares of Symbol Technologies Inc (NYSE: SBL) filed a lawsuit in the U.S. District Court for the Eastern District of New York against Symbol Technologies Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 10, 2004 and August 1, 2005.

The complaint alleges that, between May 10, 2004 and August 1, 2005, defendants issued numerous positive statements about Symbol Technologies Inc’s performance and future prospects. As alleged in the complaint, these statements were materially false and misleading because defendants failed to disclose and/or misrepresented the following adverse facts, which were known, or recklessly disregarded by them, at all relevant times: (a) that Symbol Technologies Inc had inadequate and deficient internal and financial controls; (b) that Symbol Technologies Inc’s reported expenses were understated; (c) that Symbol Technologies Inc had massive overcapacity, inefficient operations and obsolete assets; (d) that Symbol Technologies Inc was experiencing declining demand for its products; and (e) as a result of the foregoing, defendants’ statements concerning Symbol Technologies Inc’s financial prospects were lacking in a reasonable basis at all relevant times.

As the market learned the true information about Symbol Technologies Inc, the inflation caused by Symbol Technologies Inc’s misrepresentations was removed and the price of Symbol Technologies Inc common stock (NYSE: SBL) fell by nearly 50% from its highest market price.

On January 9, 2007, Motorola Inc announced that it has completed its acquisition of Symbol Technologies Inc.