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Motorola bid to dismiss 3G phones lawsuit fails

Motorola bid to dismiss 3G phones lawsuit fails

Motorola bid to dismiss 3G phones lawsuit fails
News from Times of India:
NEW YORK: Motorola Solutions Inc lost a bid to dismiss a class-action lawsuit accusing it of misleading shareholders about deteriorating prospects for its cellphone business, resulting in investment losses.

In a decision on Monday, US District Judge Amy St. Eve in Chicago said there is a “genuine dispute” as to whether predecessor company Motorola Inc in 2006 and early 2007 hid key information about its ability to compete with such rivals as Nokia Oyj and Samsung Electronics Co Ltd.

The plaintiffs, led by two Michigan pension funds, said they bought Motorola stock at inflated prices, only to see it lose more than one-fourth of its value from October 2006 to early January 2007, when the company warned of lower-than-expected quarterl…………… continues on Times of India
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