Novell Settles

Novell, Inc. (NASDAQ: NOVL), a Massachusetts-based information solutions provider, has obtained preliminary court approval for a settlement of the securities class action pending against the company in the D. of Utah. The case was filed nearly five years ago and alleges that Novell engaged in accounting fraud. Although the case was initially dismissed, the U.S. Court of Appeals for the 10th Circuit partially overturned the decision in 2003 (see this post). The settlement is for $13.9 million.

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