Stock Option Fraud

New York, NY: (Dec-17-07) A class action lawsuit was filed against American Tower Corp., a telecoms infrastructure firm, regarding its historical stock option granting and accounting practices. The consolidated securities class action was filed against the company in May 2006. Sources close to the case revealed that the company agreed to resolve litigation by agreeing, in principle, to settle the securities class action suit. Under the settlement agreement, the company agreed to pay $14 million, which will lead to the dismissal of all claims against all defendants in the litigation. Company spokespersons stated that the company expects to record a related charge in the fourth quarter. [REUTERS: STOCK OPTION FRAUD]