Lawsuit Alleges Lexmark Misled Investors and Cost Shareholders Millions

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BY CHERYL TRUMANLexmark “made false and misleading statements” about demand, inventory and growth prospects for its supplies business in 2014-15 that cost shareholders more than half a billion dollars, according to a class-action lawsuit filed July 20 in United States District Court for the southern district of New York.

The suit was filed by the Oklahoma Firefighters Pension and Retirement System. Various law firms are making online pitches to former Lexmark investors to join the lawsuit.

Defendants in the lawsuit are Lexmark International; Paul Rooke, former president and chief executive officer of Lexmark International; David Reeder, formerly Lexmark vice president and chief financial officer who made a quick departure in June after being Lexmark CEO for just six months; Gary Stromquist, who had been an interim chief financial officer; and Martin Canning, former executive vice president and president, imaging solutions and services at Lexmark.

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