Tycom Pays $79M To Settle Securities Suit Over IPO

Law360, New York (April 16, 2010, 4:00 PM EDT) -- Tycom Ltd. has agreed to pay $79 million to settle a securities class action arising from its $2.2 billion initial public offering, during which the company allegedly made misleading statements about business operations and developments with its new network of undersea cables.

Lead plaintiff Mark Newby submitted the settlement agreement with the defendants Tuesday in the U.S. District Court for the District of New Jersey.

Though both sides said they believed they would prevail on recently filed summary judgment motions, the $79 million settlement will allow...
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