NEW YORK, Aug. 10, 2007 (PRIME NEWSWIRE) -- The Brualdi Law Firm announces that a securities class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Motorola, Inc. ("Motorola") (NYSE:MOT) publicly traded securities during the period between July 19, 2006 and January 4, 2007 (the "Class Period").
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Motorola common stock during the period described above, you have certain rights, and have until no later than 60 days, in which to move for Lead Plaintiff status. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Tali Leger, Director of Shareholder Relations at The Brualdi Law Firm, 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1877 or (212) 952-0602, by email to tleger@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com/
The complaint charges Motorola and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Motorola builds, markets and sells products, services and applications that make connections to people, information and entertainment through broadband, embedded systems and wireless networks.
The complaint alleges that in the summer of 2006, Motorola's poor financial performance had depressed its stock price to below $19 per share. In order to artificially inflate the price of Motorola stock, defendants began a series of false and misleading statements regarding the Company's business and prospects. Specifically, defendants repeatedly told investors to expect strong growth in sales and revenues. On October 17, 2006, defendants announced that Motorola had failed to meet its revenue and sales projections. As a result of this announcement, Motorola's stock price declined over 7% in two trading days. Then on January 4, 2007, defendants announced that Motorola's fourth quarter 2006 results also failed to meet expectations. This time, the Company's stock price declined almost 8%.