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Motorola Reaches $200M Settlement in Securities Lawsuit

New York, NY: A $200 million settlement has been reached with Motorola Solutions Inc, bringing to an end a securities lawsuit filed in 2007 by company shareholders. Motorola has denied any wrongdoing.

The securities lawsuit, filed before Motorola split into two companies last year, alleged the electronics manufacturer had artificially inflated its stock by making misrepresentations about the company's projected revenues for the third and fourth quarters of 2006.

Lead plaintiffs in the lawsuit are Macomb County Employees' Retirement System and St. Clair Shores Police and Fire Pension System.

Lawyers representing all plaintiffs said the settlement represents an extraordinary recovery for investors in a case where there was no financial restatement or (Securities and Exchange Commission) investigation.

Shareholders who acquired stock between July 19, 2006, and January 4, 2007, may be eligible for a recovery.

According to the terms of the proposed settlement, the plaintiffs' attorneys are seeking fees of 27.5 percent of the settlement, or $55 million, and expenses of up to $4.95 million.

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Last updated on Feb-3-12