Securities Fraud Lawyer - Lotus Development Corp. Securities Litigation
Shapiro Haber & Urmy LLP was co-lead counsel in a class action suit brought against Lotus Development Corporation for alleged securities fraud. The complaint alleged that Lotus made false and misleading statements concerning inventory levels maintained by its European distributors, and about the anticipated favorable financial performance for the second quarter and the 1994 fiscal year. These statements caused the price of Lotus stock to be artificially inflated. Lotus denied reports that it had excessive inventory levels, even though Lotus was aware of excessive inventory levels among its European distributors. The case was settled for $7.5 million.