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Edited on Wed Dec-14-05 07:05 PM by Ojai Person
And yeah, some of those other blog sites are annoyingly lame when it comes to what matters.
Stull, Stull & Brody Announces Class Action Against Diebold Inc.
NEW YORK, NY -- (MARKET WIRE) -- 12/14/2005 -- Notice is hereby given that a class action has been commenced in the United States District Court for the Northern District of Ohio on behalf of all persons who purchased the securities of Diebold Inc. (NYSE: DBD) ("Diebold" or the "Company") during the period between October 22, 2003 and September 21, 2005 (the "Class Period") against Diebold and individual defendants.
Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought Diebold's stock through your Diebold retirement account and have information or would like to learn more about these claims, please contact us.
The complaint alleges that defendants violated provisions of the United States securities laws causing artificial inflation of the Company's stock price. According to the complaint, during the Class Period, the Company lacked a credible state of internal controls and corporate compliance and remained unable to assure the quality and working order of its voting machine products. It is further alleged that the Company's false and misleading statements served to conceal the dimensions and scope of internal problems at the Company, impacting product quality, strategic planning, forecasting and guidance and culminating in false representations of astonishingly low and incredibly inaccurate restructuring charges for the 2005 fiscal year, which grossly understated the true costs and problems defendants faced to restructure the Company. The complaint also alleges over $2.7 million of insider trading proceeds obtained by individual defendants during the Class Period.
Finally, investors learned the truth about the adverse impact of the Company's alleged defective and deficient inventory-related controls and systems on Diebold's financial performance. As a result of defendants' shocking news and disclosures of September 21, 2005, the price of Diebold shares plunged 15.5% on unusually high volume, falling from $44.37 per share on September 20, 2005, to $37.47 per share on September 21, 2005, for a one-day drop of $6.90 per share on volume of 6.1 million shares -- nearly eight times the average daily trading volume.
If you are a member of the class, you may request that the Court appoint you as lead plaintiff by no later than 60 days from December 13, 2005. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.
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 Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
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