Xerox Corp receives approval to settle securities lawsuit
Xerox Corp receives approval to settle securities lawsuit
Xerox Corporation (NYSE: XRX) has got preliminary court approval to settle a $670-million-worth financial lawsuit.
The global document management company was sued in 2000 for misleading investors about the corporation’s financial state. By employing several "accounting maneuvers," Xerox managed to hide information about the stock that fell from a high of $63.69 to a low of $4.43 during 1998-2000. Xerox didn’t admit guilt.
Xerox will continue its dividend payments and its stock buyback program as the financial state is improved.
Photo: www.bloomberg.com
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