Iridium World Communications Securities Litigation
Keller Rohrback L.L.P. represented shareholders in a securities fraud suit against Iridium World Communications, Inc., some of its officers and directors, and Motorola, Inc., alleging violations of the Securities Exchange Act of 1934, in a lawsuit filed in the United States District Court in and for the District of Columbia. Specifically, Plaintiffs alleged that the defendants falsely reported achievable subscriber levels and revenue figures and failed to disclose material facts relating to technical and production problems, thereby resulting in artificially high stock prices from September 8, 1998 and May 13, 1999 (the “Class Period”). A settlement was achieved on October 23, 2008, providing $43.1 million for the benefit of the Class.