United States District Court for the District of New Jersey
Donovan Searles is co-lead counsel in this stockholder derivative suit brought on behalf of the current holders of Lucent Technologies, Inc. (NYSE:LU) securities. The stockholder derivative suit alleged, among other things, that certain officers and directors of Lucent had caused the company to engage in misleading accounting and financial reporting practices that exposed Lucent to liability in consolidated securities class actions. In March 2003, Lucent announced that the litigation had been settled in principle, with the insurance carriers of the directors’ and officers’ liability insurance agreeing to fund a substantial portion of the multimillion dollar proposed settlement. In addition, Lucent implemented a number of corporate governance changes.