Tyco International Ltd.
On April 17, 2006, the SEC filed a settled civil action against Tyco International Ltd. alleging that from 1996 through 2002, Tyco engaged in various improper accounting practices.† According to the complaint, Tyco overstated its reported financial results, improperly used reserve accounts to enhance and smooth reported financial results, engaged in improper acquisition accounting practices and concealed from investors substantial amounts of senior executive compensation and a large number of related party transactions.†
On April 27, 2006, the Court entered a final judgment against Tyco ordering, among other things, that Tyco pay disgorgement of $1 and a civil penalty of $50,000,000.† According to a Court-approved Plan of Distribution, a Fair Fund containing the $50 million will be distributed to eligible investors.
For more information on the SECís action, you can read Litigation Release No. 19657 (Apr. 17, 2006)
The Court appointed the Garden City Group, Inc. as Fund Administrator.† Investors can obtain additional information about the distribution by calling the Garden City Group at 1-800-810-5638 or by visiting the Fair Fund website.† Investors also can review the Plan of Distribution Notice and the Plan of Distribution.