FOR IMMEDIATE RELEASE: December 14, 2007
Labaton Sucharow LLP Settles Stock Options Backdating Class Action Against American Tower Corporation for $14 Million NEW YORK (December 14, 2007) - Labaton Sucharow LLP, as lead counsel in the securities class action titled
In re American Tower Corporation Securities Litigation, No. 06 CV 10933 (MLW) (D. Mass.), and the Law Offices of Peter G. Angelos, P.C., as counsel to Lead Plaintiff Steamship Trade Association-International Longshoreman's Association Pension Fund (STA-ILA) announced today they have reached a $14 million settlement agreement in principle on behalf of the STA-ILA Fund and other class members. The settlement is subject to formal documentation and Court approval.
In this litigation, plaintiffs alleged that certain of American Tower Corporation's current and former officers and directors improperly backdated the Company's stock option grants and made materially false and misleading statements to the public concerning the Company's financial results and option grant policies and accounting, causing damages to investors.
Labaton Sucharow LLP is one of the country's premier national law firms that represents institutional and individual investors in class action, complex securities and corporate governance litigation. Labaton Sucharow has been appointed as lead or co-lead counsel for the class in more than 25 percent of all securities fraud class actions alleging options backdating, including litigations against Mercury Interactive Corp. and Monster Worldwide, Inc.
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Stacey Szluka
Labaton Sucharow LLP
212-907-0664
sszluka@labaton.com
