Tyco Reports Shareholder Suits DismissedFebruary 24, 2002 by Jeff Shepard
Tyco International Ltd. (Pembroke, Bermuda) reported that a federal court has dismissed shareholder charges of improper disclosure and accounting practices. The company announced that the US District Court in New Hampshire found the plaintiffs “had fallen well short of stating a viable securities fraud claim.”
The suit had consolidated 38 class-action suits filed in various federal courts beginning in December 1999. The suits alleged violations occurred between October 1, 1998, and December 8, 1999. “The dismissal of these lawsuits should help allay concerns that have been raised about Tyco's accounting practices,” said Dennis Kozlowski in a statement.