Electronics Production | October 23, 2006
Lawsuit filed against Jabil
The law firm of Finkelstein, Thompson & Loughran (FTL) has filed a lawsuit seeking class action status in the United States District Court for the Middle District of Florida against Jabil Circuit, Inc.
FTL welcomes inquiries from investors concerning their rights and interests in this matter. The putative class action alleges that Jabil Circuit and certain officers and directors committed certain violations of the federal securities laws related to the backdating of stock options. Specifically, the complaint asserts that Jabil Circuit violated the federal securities laws by issuing false or misleading public statements regarding its financial results, and that the Company omitted to disclose that it was engaging in the backdating of stock option grants to executives and other employees. On May 3, 2006, the Company disclosed that it had been contacted by the SEC and that the SEC would be requesting information regarding past stock option grant practices. On June 21, 2006, Jabil Circuit announced that it had received a subpoena from the U.S. Attorney's office for the Southern District of New York requesting stock option related material. The market responded sharply to this news with Jabil Circuit's share price plummeting approximately 39% from a closing price of $40.78 per share on May 3, 2006 to a closing price of $24.79 on June 22, 2006. If you purchased Jabil Circuit securities between September 19, 2001 and June 21, 2006, inclusive, you may, no later than November 20, 2006, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member appointed by the Court to direct the litigation on behalf of the class. Although a class member need not be appointed as a lead plaintiff to receive a proportionate share of any proceeds of the litigation, lead plaintiffs make important decisions that could affect the prosecution of the class claims, including decisions concerning settlement. The securities laws create a rebuttable presumption that the plaintiff with the largest financial interest in the litigation is the most adequate to serve as a lead plaintiff. FTL has spent almost three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, in the past ten years, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.
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