On January 5, 2010, Judge Clarence Cooper of the United States District Court for the Northern District of Georgia (Atlanta Division) granted final approval to the settlement proposed by the parties in the securities fraud class action, In re Cbeyond, Inc. Securities Litigation, No.1:08-CV-1666 (CC) (N.D. Ga.).
Labaton Sucharow is the court-appointed lead counsel for lead plaintiffs Genesee County Employees' Retirement System and the Essex Regional Retirement Board.
The action alleged that certain of Cbeyond's officers issued false and misleading statements to the public concerning its customer churn rates and financial results, causing damages to investors. Investors who acquired the common stock of Cbeyond during the period from November 1, 2007 through February 21, 2008 may be eligible to participate in the settlement. The settlement is currently valued at approximately $2.3 million in cash, plus interest. The deadline for submitting a claim was January 11, 2010.
Please see the links to the Judgment, Stipulation of Settlement, Class Notice, and Class Proof of Claim for details and instructions about making a claim.