LITTLE ROCK, Ark., Jan. 22, 2003 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Motorola, Inc. ("Motorola" or the "Company") securities (NYSE:MOT) between February 3, 2000 and May 14, 2001, both dates inclusive (the "Class Period"). Carl F. Koenemann, the Company's CFO during the Class Period, is the named defendant in the action.
The Complaint alleges that defendant violated Section 10(b) of the Securities Exchange Act of 1934 and breached his fiduciary duty to the Class by issuing a series of materially false and misleading statements about the Company's financial results. In particular, it is alleged that Motorola's vendor financing commitments were never properly disclosed, including over $1.7 billion in vendor financing to a single customer in Turkey. The Complaint alleges that as a result of these false and misleading statements the price of Motorola common stock was artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.
If you purchased or otherwise acquired Motorola securities during the Class Period described above, you may, no later than March 1, 2003, move the Court to serve as lead plaintiff. If you are a member of this class, you may join this class action by contacting Emerson Poynter. Any member of the purported class may move the Court to serve as lead plaintiff through Emerson Poynter or other counsel of their choice.
Emerson Poynter has substantial experience representing investors in securities fraud class action lawsuits such as this. The Firm has offices in Houston, Texas and Little Rock, Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call toll free or e-mail the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.