U.S. District Court Dismisses Shareholder Suits Against Tyco
PEMBROKE, Bermuda
The U.S. District Court, District of New Hampshire has granted a motion to dismiss all 38 claims declared in shareholder suits brought against Tyco Int’l Ltd. and certain officers and directors under the federal securities laws. The allegations in the suits were based on criticisms of Tyco’s disclosures and accounting practices.
Tyco says the consolidated suits are considered identical class-action lawsuits filed in different federal courts beginning in December 1999. The suits allege violations of the federal securities laws from Oct. 1, 1998 to Dec. 8, 1999.
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