NEW YORK, Jan. 2, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, case number 02-CIV-10209, on behalf of all persons or entities who purchased or otherwise acquired Motorola, Inc. ("Motorola" or the "Company") securities (NYSE:MOT) between February 3, 2000 and May 14, 2001, both dates inclusive (the "Class Period"). Carl F. Koenemann is named as a defendant in the action.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendant violated Section 10(b) of the Securities Exchange Act of 1934 and breached his fiduciary duty to the Class by issuing a series of materially false and misleading statements about the Company's financial results. In particular, it is alleged that Motorola's vendor financing commitments were never properly disclosed, including over $1.7 billion in vendor financing to a single customer in Turkey. The Complaint alleges that as a result of these false and misleading statements the price of Motorola common stock was artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel LLP at www.rabinlaw.com.
If you purchased or otherwise acquired Motorola securities during the Class Period described above, you may, no later than March 1, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiffs' counsel Eric J. Belfi or Sharon Lee of Rabin & Peckel LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca