EASDAQ Investors File Suit Against Lernout & Hauspie

Law360, New York (October 19, 2005, 12:00 AM EDT) -- Shareholders of the now-bankrupt Lernout & Hauspie Speech Products N.V. have filed a class-action lawsuit alleging the company’s executives engaged in massive accounting fraud that led to its eventual downfall.

The suit is the only one filed on behalf of shareholders who invested in the company on the EASDAQ stock market and also names L&H’s auditors, including KPMG, and its underwriters, including Dexia Bank Belgium, as defendants.

The suit claims that L&H, a Belgian maker of speech recognition software, overstated revenues from 1998 to 2000, inflating...
To view the full article, register now.