LOS ANGELES, Feb. 21, 2003 (PRIMEZONE) -- Glancy & Binkow LLP, a law firm representing shareholders of Motorola, Inc., announces 10 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of Motorola, Inc. ("Motorola" or the "Company") (NYSE:MOT) between February 3, 2000 and April 6, 2001, inclusive (the "Class Period"), may move the Court not later than March 3, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com.
The Complaint charges Motorola's former Chief Financial Officer, Carl F. Koenemann, with violations of federal securities laws. Among other things, plaintiff claims that defendant's material omissions and dissemination of materially false and misleading statements concerning Motorola's business operations caused Motorola's stock price to become artificially inflated, inflicting damages on investors. The Complaint alleges that defendant misrepresented the nature of a three-year deal for Motorola to provide products and services to Telsim, a Turkish cellular phone system operator. The Complaint charges that defendant failed to disclose that the deal required Motorola to provide Telsim with $1.7 billion in vendor financing to purchase Motorola products, or that serious problems had developed in the companies' relationship. The nature of the Telsim deal was revealed in Motorola's March 29, 2001, Proxy Statement filed with the Securities and Exchange Commission. Motorola's subsequent quarterly SEC filing revealed that $728 million of the Telsim loan was past due.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.