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GlobeTel Agrees To $2.3M Settlement

Law360, New York (November 20, 2007, 12:00 AM EST) -- GlobeTel Communications Corp. announced on Tuesday that it has preliminary approval for a $2.3 million settlement of a securities fraud class action and for a settlement of a derivative shareholder action against several of its officers.

Both settlements were submitted on Oct. 26 and received preliminary approval on Nov. 1. They are still awaiting final approval.

GlobeTel and its officers were accused of misleading shareholders into thinking that the company had secured a lucrative deal with a Russian company, inflating the company’s stock, and then failing...
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