The Perfect Storm Moves On

Class certification has been granted in the Interpublic Group (“IPG”) securities class action pending in the S.D.N.Y. The case is the result of a restatement IPG announced in August 2002 for the five years from 1997 to 2001, which corrected inter-company charges that had been wrongly declared as income for the European offices of one of IPG’s agencies. The only dispute on class certification was the length of the class period, which the court resolved in favor of the plaintiffs.

The 10b-5 Daily has previously discussed (in a post entitled “The Perfect Storm”), the court’s May 2003 denial of the motion to dismiss in this case.

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