If You Purchased BearingPoint, Inc. Common Stock During The Period August 14, 2003 Through April 20, 2005, Your Rights May Be Affected By A Class Action Settlement.
A class action settlement has been reached in a class action lawsuit pending against BearingPoint, Inc. (“BearingPoint”) a publicly traded management and technology consulting company headquartered in Virginia whose stock was traded on the New York Stock Exchange and certain of its officers and directors (collectively the “Defendants”) in the United States District Court for the Eastern District of Virginia (styled In re BearingPoint, Inc. Securities Litigation II, Case No. 1:05-cv-00454 (LO/TCB)) alleging that Defendants disseminated a series of materially false and misleading statements in violation of federal securities laws during the Class Period which caused BearingPoint common stock to trade at artificially inflated prices, thereby causing damage to purchasers of BearingPoint common stock upon the announcement by BearingPoint on April 20, 2005 that certain previously issued financial statements could not be relied upon, and a goodwill impairment charge between $250-$400 million would be recorded for the year ended December 31, 2004, according to the securities class action settlement notice.
The BearingPoint securities class action settlement, if finally approved, reportedly will result in the creation of a cash settlement fund in the aggregate principal amount of $7,500,000 which, subject to deduction for costs of notice and administration, and for attorneys’ fees, costs and expenses as approved by the Court, will be available for distribution to BearingPoint Class Members.
A BearingPoint class action settlement hearing is scheduled to be held before the Honorable Liam O’Grady, in the United States District Court for the Eastern District of Virginia, Albert V. Bryan U.S. Courthouse, 401 Courthouse Square, Alexandria, Virginia 22314, at 10:00 a.m., on September 10, 2010 (the “Settlement Fairness Hearing”) to determine, among other things, whether the Settlement should be approved as fair, reasonable and adequate.
For more information on the BearingPoint securities fraud class action lawsuit settlement and potential settlement benefits and settlement updates, visit the BearingPoint securities litigation website.
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