Get more! Sign up for PLANSPONSOR newsletters.
Administration January 28, 2010
Law Firm Probes Potential Motorola Stock Drop Case
January 28, 2010
(PLANSPONSOR.com) – A Pennsylvania law firm has announced it is considering filing
a stock drop lawsuit against Motorola Inc.
Reported by Fred Schneyer
The Law Offices of Howard G. Smith allege the company misrepresented sales prospects for its RAZR2 phones and that the release of inaccurate information caused a nearly 19% price drop in its shares. The firm’s news release said it is trying to find out whether Motorola violated the Employee Retirement Income Security Act (ERISA) by continuing to offer company stock as part of the Motorola 401(k) Plan or its Employee Stock Purchase Plan of 1999 after it was no longer prudent to do so.
The firm claims that the share price decline took place in January 2008 after Motorola disclosed its problems with its RAZR2 sales and that the decline caused participants to lose money.
More information is available by phone at (215) 638-4847, toll-free at (888) 638-4847, by email to howardsmith@howardsmithlaw.com, or at the firm’s Web site at www.howardsmithlaw.com.
« PBGC Assists Multiemployer Plans for Construction, Food Service Workers