Any info about Iomega (IOM)? Message Board

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Non-Tech : Any info about Iomega (IOM)?

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To: KM who wrote (41236)	12/22/1997 12:11:00 PM
From: Gregory Cole Brock	Read Replies (1) of 58324

Trufflette, OT I would appreciate your opinion on the WDC lawsuit. Your posts on the legal aspects regarding IOM have been very helpful. I have never involved myself with this type of thing so I don't know what to expect. I have listed below a yahoo announcement on the subject. There are additional articles on how to get intouch with the lawfirm about joining the suit. Greg Sunday December 14, 2:08 pm Eastern Time Western Digital target of lawsuit - lawyers NEW YORK, Dec 14 (Reuters) - Attorneys for investors who bought shares in Western Digital Corp [NYSE:WDC - news] during a year-long period said they filed a class action lawsuit against the company. The complaint, filed in U.S. District Court for the Central District of California, alleges that the information storage products company issued false and misleading press releases and financial statements for 1996 and 1997. The suit also alleges the company improperly deferred the write down of its obsolete computer hard drive inventory. As a result, the suit alleges the price of Western Digital's stock was ''substantially artificially'' inflated between December 28, 1996 through December 2, 1997. The complaint also alleges that high-ranking Western Digital insiders disposed of thousands of their own shares of company stock at artificially inflated prices, raising millions of dollars from the sales. Western Digital was not immediately available for comment. The plaintiffs seek to recover damages. They are represented by the New York law firm of Wechsler Harwood Halebian & Feffer LLP. The attorneys said that at the end of the class period, when the company announced plans to take up to $95 million in charges for write-down of inventories, the price of its stock fell about 10 percent from the previous day's closing price.

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