Court Dismisses Case against Highland Capital.DALLAS -- Highland Capital Management, L.P. today announced the U.S. District Court for the Northern District of Texas has granted Highland's Motion to Dismiss in a lawsuit filed by Motient Corporation (PINK: MNCP) against Highland. Highland filed the motion on December 12, 2005. Motient's complaint alleged that Highland made false or misleading statements regarding the company. The Court found that Motient offered "no convincing reason" to rule in favor of its claim for damages against Highland. The Court also ruled that Motient's allegations did not meet the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act's heightened pleading Asking a court to grant relief. The formal presentation of claims and defenses by parties to a lawsuit. The specific papers by which the allegations of parties to a lawsuit are presented in proper form; specifically the complaint of a plaintiff and the answer of a defendant plus any standard, which requires a plaintiff to specify the reason or reasons why a statement is misleading. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the ruling, Motient failed to provide such facts. In response to the ruling, Highland said, "Highland is extremely gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the Court's decision to grant this Motion to Dismiss. This ruling further underscores our belief that Motient's management has not acted in the best interests of its stockholders and has not adequately explained to investors many of its actions. Moreover, we believe this is another example of Motient's lack of transparency. Despite efforts to extract information from the company, Motient remains unwilling to provide details. We remain dedicated to safeguarding the rights of all Motient stockholders and committed to protecting the value of our investment for the benefit of our own investors, which include retail investors Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. , teachers' pension funds and endowments." About Highland Capital Management, L.P. Based in Dallas, with offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London, Highland Capital Management, L.P. is an SEC-registered investment adviser specializing in credit and alternative investment investing. Highland Capital currently manages over $25 billion in leveraged loans, high yield bonds, structured products and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. for banks, insurance companies, pension plans, foundations, and high net worth individuals. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion