United States District Court for the Eastern District of Pennsylvania
Donovan Searles actively participated in the litigation of this securities class action. The suit alleged that Corel and certain of its senior officers had misrepresented Corel’s financial condition and the likelihood of significant revenues from its Linux-based products. In July 2003, the federal district court granted preliminary approval of a $7 million settlement for persons who purchased Corel shares between December 7, 1999 and March 20, 2000. A final approval hearing is scheduled for September 12, 2003.