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In re Dell, Inc. Securities
Litigation
USDC WD Texas
Restatement
Loss Causation
Background
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 Company
background
Litigation
background
- In re Dell, Inc. Securities Litigation
- USDC WD Texas (Austin) 1:06-cv-00726-SS
- Judge Sam Sparks
- Filed 9.13.06
Lead
plaintiffs
- Union Asset Management Holding AG
SEC
disclosure
- Form 10-Q
9.04.08 At page 16
Dell and several of its current and former directors and officers are parties to
securities, Employee Retirement Income Security Act of 1974 (ERISA), and
shareholder derivative lawsuits all arising out of the same events and facts.
Four putative securities class actions that were filed in the Western District
of Texas, Austin Division, against Dell and certain of its current and former
officers have been consolidated as In re Dell Securities Litigation, and
a lead plaintiff has been appointed by the court. The lead plaintiff has
asserted claims under sections 10(b), 20(a), and 20A of the Securities Exchange
Act of 1934 based on alleged false and misleading disclosures or omissions
regarding Dells financial statements, governmental investigations, internal
controls, known battery problems and business model, and based on insiders
sales of Dell securities. This action also includes Dells independent
registered public accounting firm, PricewaterhouseCoopers LLP, as a defendant.
Four other putative class actions that were also filed in the Western District,
Austin Division, by purported participants in the Dell 401(k) Plan have been
consolidated as In re Dell ERISA Litigation, and lead plaintiffs have
been appointed by the court. The lead plaintiffs have asserted claims under
ERISA based on allegations that Dell and certain current and former directors
and officers imprudently invested and managed participants funds and failed to
disclose information regarding its stock held in the 401(k) Plan. On June 23,
2008, the court granted the defendants motion to dismiss as to the plaintiffs
claims under ERISA based on allegations of imprudence, but the court denied the
motion to dismiss as to the claims under ERISA based on allegations of a failure
to accurately disclose information. In addition, seven shareholder derivative
lawsuits that were filed in three separate jurisdictions were consolidated as
In re Dell Derivative Litigation into three actions. One of those
consolidated actions was pending in the Western District of Texas, Austin
Division, but was dismissed without prejudice by an order filed October 9, 2007.
The two other consolidated shareholder derivative actions are pending in
Delaware Chancery Court and in state district court in Williamson County, Texas.
These shareholder derivative lawsuits name various current and former officers
and directors as defendants and Dell as a nominal defendant, and assert various
claims derivatively on behalf of Dell under state law, including breaches of
fiduciary duties.
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Claims
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Complaint
- Consolidated amended complaint
1.11.08
- Part 1, part 2, part 3, part 4, part 5, part 6, part 7,
- part 8, part 9, part 10, part 11, part 12,
and part 13
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Financial Restatement Announcement
SEC_CODE_REF_0090001192884
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Investigations
have indicated the possibility of misstatements in prior period financial
reports, including issues relating to accruals, reserves and other balance sheet
items that may affect the companys previously reported financial results
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Lead Plaintiff and Counsel Appointed
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Opinion
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Company Motion to Dismiss Granted
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Company
motion
to dismiss
- Metzler Investment GMBH v. Corinthian Colleges,
Inc.,
__ F.3d __, No. 06-55826,
2008 WL 2853402 (9th Cir. July 25, 2008)
- Indiana Electrical Workers Pension Trust Fund
IBEW v. Shaw Group, Inc.,
__ F.3d __, No. 06-30908,
2008 WL 2894793
(5th Cir. July 29, 2008)
- Catogas v. Cyberonics, Inc., No. 07-20787,
2008 WL 4158923 (5th Cir. Sept. 8, 2008)
Auditor
motion
Ruling
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Counsel
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Lead
plaintiff
Company
defense
- Fulbright & Jaworski
- Jones Day
Auditor
defense
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Related Topics
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