June 7, 2004

Honeywell and Symbol Technologies Settle

Two large settlements from the end of last week:

Honeywell Int'l, Inc. (NYSE: HON), a New Jersey-based diversified manufacturer, has announced the preliminary settlement of the securities class action pending against the company in the D. of N.J. The suit, originally filed in 2002 and currently in discovery, alleges that Honeywell made false and misleading statements relating to the 1999 AlliedSignal/Honeywell merger and its financial performance. Under the terms of the settlement, Honeywell has agreed to pay $100 million into an escrow fund, with $85 million coming from its insurers.

Symbol Technologies, Inc. (NYSE: SBL), a New York-based manufacturer of bar scanner-integrated mobile and wireless information management systems, has announced the preliminary settlement of the securities class action pending against the company in the E.D.N.Y. (as well as settlements with the DOJ and SEC). The suit, originally filed in 2002, alleges that the company made false and misleading statements relating to accounting issues. The settlement is valued at $139 million, including $96.25 million in common stock, $5.75 million in cash (from the company and its ex-CEO), and $37 million in cash from the company as part of a joint compensation fund created in the DOJ settlement. Lead counsel for the class has also issued a press release.

Posted by Lyle Roberts at June 7, 2004 6:35 PM | TrackBack
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