Law Firm Probes Potential Motorola Stock Drop Case
January 28, 2010
(PLANSPONSOR.com) – A Pennsylvania law firm has announced it is considering filing
a stock drop lawsuit against Motorola Inc.
The Law
Offices of Howard G. Smith allege the company
misrepresented sales prospects for its RAZR2 phones and that the release of
inaccurate information caused a nearly 19% price drop in its shares. The firm's news release said it is trying to find out whether Motorola
violated the Employee Retirement Income Security Act (ERISA) by continuing to
offer company stock as part of the Motorola 401(k) Plan or its Employee Stock
Purchase Plan of 1999 after it was no longer prudent to do so.
The firm claims that the share price decline took place in January 2008 after
Motorola disclosed its problems with its RAZR2 sales and that the decline
caused participants to lose money.
More
information is available by phone at (215) 638-4847, toll-free at (888) 638-4847, by email to howardsmith@howardsmithlaw.com, or at the firm’s Web site at www.howardsmithlaw.com.
Fred Schneyer
editors@plansponsor.com