Wolf Popper LLP
TyCom Securities Litigation
Wolf Popper LLP is co-lead counsel in a securities class action against Tyco International, Ltd., TyCom, Ltd., L. Dennis Kozlowski, certain of TyCom’s other senior officers, and the three co-lead underwriters of TyCom’s July 26, 2000 Initial Public Offering (“IPO”). The Action is pending in the U.S. District Court for the District of New Jersey (03-cv-03540 (D. N.J.)).
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 is October 1, 2010. More information on the settlement can be obtained at www.tycomsecuritieslitigation.com.
