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Diebold sued by investors
Key Excerpts from Article on Website of Boston Globe/Associated Press
Posted: November 11th, 2006
http://www.boston.com/news/local/connecticut/articles/2005/1...
Two law firms representing investors are suing Diebold Inc., claiming the Ohio company made misleading comments about its electronic voting machine business that led to artificially high share prices. The lawsuits filed this week in U.S. District Court in Cleveland claim Diebold was "unable to assure the quality and working order of its voting machine products." The plaintiff claims the company tried to conceal the problems from investors. Both lawsuits seek class-action status. Both firms allege that Diebold violated federal securities laws by making misleading statements about the health of its voting machine business, causing Diebold stock to artificially rise. The resignation came after several years of controversy surrounding the security and reliability of Diebold's touch-screen voting machines and O'Dell's ties to President Bush. Besides concerns about security and reliability of the touch-screens, O'Dell was criticized in 2003 when he invited people to a fundraiser for Bush with a letter stating he planned to help "Ohio deliver its electoral votes to the president." Ohio turned out to be the state that clinched Bush's re-election in 2004.
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