PHILADELPHIA, Aug. 24, 2007 (PRIME NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. announces that the firm has filed a class action lawsuit in the United States District Court for the Northern District of Illinois, Civil Action No. 07-4782, on behalf of purchasers of the common stock of Motorola, Inc. (NYSE:MOT) between July 19, 2006 and January 4, 2007, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
If you wish to serve as lead plaintiff, you must move the Court no later than October 14, 2007. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. 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.
The complaint alleges that Motorola, its CEO Edward Zander and other officers, Ronald Garriques, David Devonshire, Gregory Brown, Daniel Moloney, Richard Nottenburg and Padmasree Warrior, issued statements concerning the Company's sales and revenues while knowing that certain customers had deferred significant orders awaiting the development of new products and product lines. Additionally, Motorola was facing pricing pressures affecting margins and revenues. During the Class Period, six of the Individual Defendants sold over 3 million shares of MOT common stock for proceeds in excess of $26 million.
On January 4, 2007, MOT surprised the market and announced that its fourth quarter sales and earnings were below that previously estimated by the Company. In response to this announcement, the price of MOT common stock declined from $20.55 to $18.60 in two trading days on heavy trading volume.
Plaintiff seeks to recover damages on behalf of all those who purchased the common stock of MOT between July 19, 2006 and January 4, 2007. The plaintiff is represented by Law Offices Bernard M. Gross P.C., a Philadelphia law firm, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
This firm also recently filed a securities class action against RAIT Financial Trust, (RAS-NYSE), class period, 01/10/07 - 07/31/07; Radian Group, Inc., (RDN-NYSE), class period, 01/23/07 - 07/31/07; Limelight Networks, Inc. (LLNW-NASDAQ), class period, 7/8/07 - 8/8/07.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca