NEW YORK, Jan. 22, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers Motorola, Inc. ("Motorola" or the "Company") (NYSE:MOT) stock during the period between December 6, 2007 and January 22, 2008, inclusive (the "Class Period") for violations of the federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Motorola common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by March 22, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint charges Motorola and certain of its officers and directors with violations of the federal securities laws for intentionally and knowingly misstating the 2007 fourth quarter earnings projections and sales demands for the RAZR2 during the 2007 holiday shopping season. Despite that fact that the RAZR2 was not attracting buyers in 2007 because it had not improved enough from the RAZR to earn the $299 price tag, numerous positive statements were made by Defendants. Motorola was losing significant market share to competitors for similar mobile handhelds. The Company reported 900,000 RAZR2s sold between August 2007 and September 31, 2007, on track to sell a total of 1.5 million RAZR2s between October 1, 2007 and December 31, 2007. With this information, the senior executives knew that the Company was not on track to hit the $0.12-$0.14 profits that they had promised on December 6, 2007.
The Brualdi Law Firm, P.C. is New York, New York based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm.
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.