Events Calendar
In This Section
Can DNA tests free ex-Akron captain?
Zips' Porter creates culture of success
Health reform passes hurdle in Senate
Lawyers compare four cases to Prade's
Visiting new Navy ship brings back memories for Doylestown man serves on USS New York in 1930s
Green High senior goes extra mile for those who walk and jog the park trails
Most Read Stories
Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Dad accused of forcing son into field, killing him
Man found dead in North Akron home is identified
Victim of beating in Kent last week is declared dead at Akron hospital
Coventry man killed in crash at I-77 ramp
Browns' roster nearly devoid of consistent players
NFL star Chris Spielman's wife loses cancer battle
College student mistaken for deer, shot to death
Blogs:
Pets:
Cat-loving chihuahua suckles seven abandoned kittens
The Heldenfiles:
Friday Night Notebook
Patrick McManamon:
For your Saturday entertainment …
Akron Zips:
Hitchens leads Zips in second-half comeback
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Holmgren expresses interest in Browns position
Kent State Sports:
Kent State blown out in second half, loses to Temple 47-13
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
Buckeye Blogging:
OSU – Michigan college football rivals meet in Baghdad
Varsity Letters:
Four area football teams play tonight
All Da King's Men:
Headed For Disaster
Blog of Mass Destruction:
Will Health Care Reform Pass?
Akron Law Café:
Health Care Financing Reform: (69) The Brookings Institute Study on "Bending the Curve" – Four General Strategies
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Silverdome Potentially SOLD!
Ohio Travels with Betty:
George is looking for a Thanksgiving buffet in Akron.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
Colloquium at University of Akron
Akron Gamer:
Nintendo's Mario endures even as games come and go
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.
