Tuesday :: Dec 13, 2005

Class Action Securities Fraud Suit Filed Against Diebold


by Steve

From the Stupid Troll File:

This morning

Hello Kool Aid drinkers! Just stopped by this week because it was slow in the office and I had to check out this "Class Action Lawsuit" against Diebold. I was wondering where this Class Action suit is coming and from whom? I think (and I may be wrong) you have to actually have clients, file paper work, and allow for other to join the class action suit. I doubt that Brad Blog can start one all by himself and call it “class action.” There is a website dedicated to Class Action litigation (http://www.classactionlinks.com/) and strangely enough there is no mention of Diebold or any of the management of that company. Just wonder where Brad Blog got his information or is he just another LLL that forgot to take his meds? Hey, maybe I want to get in on this lawsuit and we can find out how certain liberal leaning (and high tech) counties count votes in California. Go ahead and go wild and call me names now. P.S. Merry Christmas.

Posted by Cyber Sarge at December 13, 2005 09:12 AM

Now

The BRAD BLOG can now report that a Securities Fraud Class Action suit has been filed against Diebold, Inc. (stock symbol: DBD) naming eight top executive officers in the company as co-defendants. The suit has been filed by plaintiff Janice Konkol, alleging securities fraud against the North Canton, Ohio-based manufacturer of Voting Systems and ATM machines on behalf of investors who owned shares of Diebold stock and lost money due to an alleged fraudulent scheme by the company and its executives to deceive shareholders during the "class period" of October 22, 2003 through September 21, 2005.
The suit was filed today in U.S. Federal District Court in Ohio and alleges the company "artificially inflated" stock prices through misleading public information designed to conceal the true nature of Diebold's financial and legal situation. The defendants are also alleged to have attempted to disguise well-known and ongoing problems with Diebold's Voting Machine equipment and software. Additionally, the suit alleges insider trading by defendants resulting in proceeds of $2.7 million. Remedies are sought under the Securities Exchange Act of 1934.
The suit, filed by the law firm SCOTT+SCOTT on behalf of Konkol and the plaintiff class, names former Diebold CEO and Chairman, Walden O'Dell as a co-defendant along with seven other current and former officers of the once-venerable company.
Steve :: 2:36 PM :: Comments (13) :: TrackBack (0) :: Digg It!