TYCO’S LEGAL WOES MOUNT AS MORE DISGRUNTLED SHAREHOLDERS FILE CLASS-ACTION LAWSUITS
A class-action lawsuit has commenced in the United States District Court for the Southern District of Florida on behalf of purchasers of publicly traded securities of Tyco Intl. Ltd. during the period Dec. 10, 1998 to Dec. 9, 1999. The complaint charges that Tyco, its senior management and certain company directors violated the Securities Exchange Act of 1934 by issuing false and misleading statements and omissions concerning Tyco’s financial condition.
The complaint alleges that, among other things, Tyco misled investors by utilizing accounting methods that made it appear that companies Tyco acquired were experiencing healthier growth than they actually were. On Dec. 9, 1999, Tyco announced that the Securities and Exchange Commission was conducting an informal inquiry related to charges and reserves taken in connection with the company’s acquisitions.
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