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 securities between February 3, 2000 and May 14, 2001, both dates inclusive. Carl F. Koenemann, the Company's CFO during the Class Period, is the named defendant in the action.
The Complaint alleges that defendant 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. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
