Saturday, December 29, 2007

BT&T Timelife

On 2007-12-27 came this announcement from BT&T Timelife AG:
Successful CHF 30 million class action suit against Lernout & Hauspie / KPMG
BT&T TIMELIFE AG is receiving an amount of about CHF 30 million from a successful class action suit against the Belgian software company Lernout & Hauspie, which filed for bankruptcy in 2001 due to accounting fraud, as well as against their auditing firm KPMG.
The Net Asset Value of BT&T TIMELIFE AG will be adjusted as of December 28, 2007 – proportional to the value increase through the financial returns from the class action suit – by CHF 1.53 per share from CHF 1.43 per share to newly CHF 2.96 per share.
On 2007-12-28 there was an insider transaction purchase of 182'480 securities amounting to CHF 179'378.00 (CHF 0.98 / security).

The share price later on closed at CHF 1.50 for a nice 53 % intraday profit. For the whole day the stock increased a whopping 89 %. Thought the whole market capitalization is still less than CHF 21 million.

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