PHILADELPHIA, Feb. 26, 2003 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois against defendants Motorola, Inc. ("Motorola" or the "Company") (NYSE:MOT), and certain of its officers and directors on behalf of purchasers of the common stock of Motorola between February 3, 2000 and May 14, 2001, inclusive (the "Class Period").
The lawsuit alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Motorola securities.
Specifically, on February 3, 2000, defendants issued a press release in which it announced that Motorola would provide products and services to Telsim Mobil Telekomunikasyon Hizmetleri A.S. ("Telsim"), a Turkish cellular phone system operator controlled by Turkish citizen Kemal Uzan, his sons Hakan and Cem, and various members of his immediate family. The press release, however, failed to disclose that Motorola's deal with Telsim required Motorola to provide the Turkish company with $1.7 billion in vendor financing.
On March 29, 2001, Motorola filed its Form Def 14A Proxy Statement with the SEC in which the Company partially disclosed the magnitude of its vendor financing commitments. On April 6, 2001, shares of Motorola stock dropped twenty three percent. Six weeks later, Motorola revealed that $728 million of the Telsim loan was past due and that Motorola actually had loaned Telsim $2 billion in vendor financing - $300 million more than had been disclosed.
If you purchased Motorola securities during the Class Period, you may, no later than March 3, 2003 move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity.
Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth. If you have sustained substantial losses in Motorola securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you would like to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via E-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca