Cases & Investigations
TyCom. Ltd. Securities Litigation
Type: Notable Cases
Case Number: 03-cv-03540
Court: United States District Court for the District of New Jersey
Claim Deadline: 10/01/2010
Settlement Amount: $79,000,000
The Action alleges that TyCom, in the Prospectus for the IPO, made materially false and misleading statements and omissions regarding the business operations of TyCom and the prospects of TyCom’s new global network of undersea cable (the “TGN”), in particular concerning the demand for undersea bandwidth and the oversupply of undersea bandwidth that existed for the foreseeable future. TyCom’s common stock price declined from $32.00 per share on the IPO to $17.48 (when the shares were acquired by Tyco in December 2001).
Plaintiff’s claims against all defendants (other than defendants L. Dennis Kozlowski and Mark H. Swartz) have been settled for $79 million. The Court approved the Settlement on August 25, 2010. The Claim Filing Deadline was October 1, 2010.
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