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News / Newsletter |
| Wolf Popper LLP, On Behalf of Lead Plaintiff, the State of New Jersey, Defeats Defendants' Motion to Dismiss in the Motorola Securities Class Action |
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NEW YORK, NY, August 26, 2004 /PR Newswire/ Wolf Popper LLP is pleased to announce that the Honorable Rebecca R. Pallmeyer, a United States District Court Judge for the Northern District of Illinois, has sustained the Consolidated Class Action Complaint against Motorola, Inc. (NYSE: MOT), filed by Lead Plaintiff the State of New Jersey, Department of Treasury, Division of Investment. Wolf Popper LLP and Lite DePalma Greenberg & Rivas, LLP are co-lead counsel for New Jersey. This is a consolidated securities fraud class action which alleges, among other things, that Motorola made false and misleading statements to investors, including misstating Motorola’s financial statements, primarily relating to Motorola’s $2 billion in vendor financing to Turkish wireless telephone provider Telsim Mobil Telekomunikayshon Hizmetleri A.S. The class action covers investors who purchased Motorola securities during the period February 3, 2000 through May 14, 2001. Lester L. Levy, the Chairman of Wolf Popper’s Executive Committee, stated that "We are pleased that the Court recognized that this case should proceed based on the strength of the allegations in the Complaint." Persons seeking additional information concerning the prosecution of this lawsuit should contact: Wolf Popper LLP • James A. Harrod, Esq.
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