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Do IT this week: Layering
Shareholders charged investors were misled
By Jim Mackinnon
Beacon Journal business writer
Published on Wednesday, Sep 03, 2008
A federal judge dismissed a class-action lawsuit filed in 2005 against ATM and voting machine maker Diebold Inc. of Green, saying that shareholders failed to prove the company lied about its financial health and misled investors.
Five shareholder lawsuits were filed in late 2005 against Diebold and some current and former officers and directors, alleging federal securities laws were violated, the company said in a short statement.
The suits contended in part that executives misled shareholders about problems with the company's electronic voting machines, and that the company schemed to recognize revenue prematurely in violation of generally accepted accounting procedures and its own accounting procedures.
Shares fell 50 cents to $39.15. Shares are up 38.2 percent, including reinvested dividends, since Jan. 1 and are down 8.1 percent from a year ago.
Diebold on Sept. 21, 2005, lowered its earnings guidance for the third quarter and fiscal year. The news sent share prices tumbling, with shareholders filing related lawsuits shortly afterward.
The cases were consolidated into a single class-action suit in U.S. District Court in Akron. Judge Peter Economus on Aug. 22 granted the company's motion to dismiss the consolidated cases.
Diebold issued a statement saying a separate class-action suit remains against the company and some of its current and former officers and directors. The remaining suit was filed by participants in the company's 401(k) plan and alleges breaches of duties under the Employee Retirement Income Security Act of 1974, the company said.
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
A federal judge dismissed a class-action lawsuit filed in 2005 against ATM and voting machine maker Diebold Inc. of Green, saying that shareholders failed to prove the company lied about its financial health and misled investors.
Get the full article here.
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