In the Eastern District of Pennsylvania’s largest securities settlement ever, IKON Office Solutions Inc. has agreed to pay $111 million to settle shareholder class action and derivative lawsuits that accuse the company of inflating its stock price for several years by making false financial statements.
Significantly, IKON also pledged to cooperate with the plaintiffs’ lawyers in their continuing litigation against the company’s auditors, Ernst & Young, according to plaintiffs’ co-lead counsel Daniel Berger of Berger & Montague.
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