Virgin Mobile USA has agreed to settle a class-action lawsuit over its initial public offering (IPO) for $19.5 million, the law firm behind the litigation announced today.
The suit dates back to Virgin Mobile’s 2007 IPO, which was set to raise up $467.5 million but netted just $412.5 million, according to news reports.
The law firm of Kahn Swick & Foti landed the settlement with Virgin Mobile in July. The deal covers shares held between Oct. 10, 2007, and March 12, 2008.
Litigants covered under the terms of the class action must submit a claim by the end of the year. Litigants who want to be excluded from the class have to submit a request for exclusion that must be received before Nov. 15.
