Shareholders filed several class action lawsuits against the building and installation communications and utility systems company alleging securities fraud. The lawsuits were filed in the United States District Court for the Southern District of Florida on behalf of a class consisting of purchasers of the publicly traded securities of MasTec between May 13, 2003 and April 12, 2004. The suits claimed executives made overly optimistic statements about the company's fortunes in order to boost the stock price. These complaints were settled without payment to the plaintiffs by MasTec. (Apr-13-06)
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Update
MasTec, Inc. and certain of its current and former officers and directors have agreed to settle all claims asserted against them in this Action for the sum of $10 million in cash. (Apr-17-06) [
