HARTFORD, Conn., Aug. 13, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons who purchased the publicly traded securities of Motorola, Inc. ("Motorola") (NYSE:MOT) between July 19, 2006 and January 4, 2007, inclusive (the "Class Period").
The Complaint charges that Motorola and certain of its officers and directors violated federal securities laws. 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 made 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. On this news, the Company's stock price declined almost 8%.
If you are a member of the class, you may, no later than October 8, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.