Brad Friedman of
Brad Blog is staying
on top of Diebold and this time it comes with an exclusive detailing a federal
class-action lawsuit filed against the maker of voting machines today in Ohio.
Eight Current and Former Executives Named as Co-Defendants, Including
former CEO O’Dell and New CEO Swidarski Class Action Suit Alleges Fraud,
Insider Trading, Manipulation of Stock Prices, Concealment of Known Flaws in
Voting Machines and Company Structural ProblemsThe BRAD BLOG can now report that a Securities Fraud Class Action suit
has been filed against Diebold, Inc. (stock symbol: DBD ) naming eight top
executive officers in the…The BRAD BLOG can now report that a Securities Fraud Class Action suit
has been filed against Diebold, Inc. (stock symbol: DBD) naming eight top
executive officers in the company as co-defendants. The suit has been filed
by plaintiff Janice Konkol, alleging securities fraud against the North
Canton, Ohio-based manufacturer of Voting Systems and ATM machines on behalf
of investors who owned shares of Diebold stock and lost money due to an
alleged fraudulent scheme by the company and its executives to deceive
shareholders during the “class period” of October 22, 2003 through September
21, 2005.The suit was filed today in U.S. Federal District Court in Ohio and
alleges the company “artificially inflated” stock prices through misleading
public information designed to conceal the true nature of Diebold’s
financial and legal situation. The defendants are also alleged to have
attempted to disguise well-known and ongoing problems with Diebold’s Voting
Machine equipment and software. Additionally, the suit alleges insider
trading by defendants resulting in proceeds of $2.7 million. Remedies are
sought under the Securities Exchange Act of 1934.The suit, filed by the law firm SCOTT+SCOTT on behalf of Konkol and the
plaintiff class, names former Diebold CEO and Chairman, Walden O’Dell as a
co-defendant along with seven other current and former officers of the
once-venerable company.
View complete article
here.
This should open the door to more investigation and questioning into the
companies “questionable” operations. Be sure to check out
Brad Blog for all
the details.