|Court:||United States District Court for the Northern District of California|
The $259 million cash settlement obtained in this case was granted final approval from the Court on February 23, 2001, at the time making it the largest cash settlement ever recovered from a corporate defendant in a securities fraud class action in the Ninth Circuit.
The lawsuit was filed on behalf of purchasers of 3Com common stock during the period May 19, 1997 through November 6, 1997, alleging that defendants knowingly and recklessly caused 3Com to issue materially false and misleading statements to the financial community regarding the Company's products, inventory and distribution. The Consolidated Amended Class Action Complaint further alleged insider trading on these publicly disseminated materially false and misleading statements.
In this action the firm represented Lead Plaintiffs the Louisiana School Employees' Retirement System and the Louisiana Municipal Police Employees' Retirement System.
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