Intervoice Strikes $4.8M Deal In Investors' Fraud Action

Law360, New York (June 23, 2011, 3:52 PM EDT) -- Intervoice-Brite Inc. on Thursday agreed to pay $4.75 million to settle a consolidated securities fraud class action in Texas from investors alleging the company artificially inflated its stock price by overhyping a 1999 merger.

In an unopposed motion, the plaintiffs asked U.S. District Judge Ed Kinkeade to sign off on the settlement, which would end their 10-year-old suit against Intervoice. The plaintiffs filed the suit in 2001, claiming the company falsely issued rosy financial forecasts despite knowing that its merger with another maker of interactive voice...
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