On June 11, 2008, the Honorable Mark L. Wolf of the United States District Court for the District of Massachusetts approved a $14 million cash settlement in the securities class action In re American Tower Corporation Securities Litigation, No. 06-CV-10933 (MLW) (D. Mass.), on behalf of investors who purchased or acquired American Tower Corporation ("American Tower") common stock between April 1, 2002 and May 22, 2006. The deadline for filing a Proof of Claim has passed. The Court approved the distribution of the settlement to eligible claimants on August 26, 2009 and checks have been mailed.
Labaton Sucharow was appointed lead counsel for lead plaintiff Steamship Trade Association-International Longshoremen's Association Pension Fund. Defendants are American Tower, Steven B. Dodge, James D. Taiclet, Jr., Bradley E. Singer, Jean A. Bua, Timothy F. Allen, Justin D. Benincasa, Pamela D.A. Reeve, Carolyn F. Katz, and Mary Agnes Wilderotter.
The Class 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.
A copy of the Notice of Pendency and Proposed Settlement of Class Action and other documents filed with the Court can be accessed by clicking on the links to the right.