Infonet Services Corp. (NYSE: IN), a California-based provider of managed network communications services, has announced the preliminary settlement of the securities class action pending against the company in the C.D. of Cal. The case, originally filed in December 2001, alleges that the company made misrepresentations as part of an initial public offering of Class B common stock. The settlement is for $18 million ($13 million from insurance coverage and $5 million from the company).
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This blog is for informational purposes only. In other words, it does not constitute legal advice and is not intended to create an attorney-client relationship. Online readers should not act upon any information presented on this blog without seeking professional legal counsel. Finally, the posts on this blog represent the personal views of Lyle Roberts, not the views of his law firm or clients.
The author apologizes for any factual errors in this blog. Although he will act quickly to correct errors pointed out to him, he declines to take responsibility for the mischief that may result in the interim.
The 10b-5 Daily · News and events related to securities class action litigation. Containing all facts, with particularity, and an occasional dose of commentary.
