BellSouth Corp. has agreed to settle a consolidated class action securities fraud suit for $35 million, according to federal court pleadings. In doing so, the telecommunications company has admitted no wrongdoing in the case, which originally accused company executives of artificially inflating stock prices and then selling their own holdings, leaving unwitting stockholders with greatly devalued shares. U.S. District Court Judge William C. Duffey Jr. signed off on the preliminary agreement on Sept. 28.
October 02, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
BellSouth Corp. has agreed to settle a consolidated class action securities fraud suit for $35 million, according to federal court pleadings.
In doing so, the telecommunications company has admitted no wrongdoing in the case, which originally accused company executives of artificially inflating stock prices and then selling their own holdings, leaving unwitting stockholders with greatly devalued shares.
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