As reported in The 10b-5 Daily back in November 2003, Telxon agreed to settle the securities class action pending against it in the N.D. of Ohio for $37 million. The company had also brought a separate, but related, suit against PricewaterhouseCoopers (its former auditors) alleging that it had been improperly audited. Telxon had agreed to pay to the shareholder class, under certain circumstances, up to $3 million of the proceeds of that suit.
The other shoe has finally fallen. Telxon announced yesterday that PwC will pay $18 million to settle the separate suit. As promised, $3 million of the proceeds will go to the shareholder class.Posted by Lyle Roberts at August 26, 2005 9:55 PM | TrackBack