(DALLAS) Kendall Law Group, led by a former federal judge, announces that a lawsuit has been filed against Motorola, Inc. (NYSE: MOT) alleging securities violations related to public statements made by the company between December 6, 2007 and January 22, 2008 concerning the RAZR2 mobile handheld.
Any shareholder who purchased Motorola stock during the above time period may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by March 22, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff.
The complaint, filed in the Northern District of Illinois, charges Motorola and certain of its officers and directors with violations of the federal securities laws for intentionally and knowingly misstating the 2007 fourth quarter earnings projections and sales demands for the RAZR2 during the 2007 holiday shopping season. The RAZR2 was not attracting buyers in 2007 because it had not improved enough from the RAZR to earn the $299 price tag. Numerous positive statements were made by Defendants while Motorola was losing significant market share to competitors.
Motorola issued a press release on January 22, 2008 reporting their fourth quarter 2007 financial results. They also held an earnings conference later that day where the senior executives admitted that they knew the demand for the RAZR2 was lacking as early as Thanksgiving 2007. Motorola also downgraded their first quarter 2008 earnings guidance. On this news, Motorola common stock fell almost 19% to close at $10.01 per share on January 23, 2008.
If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com. Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation.