Telematics International Inc, Fort Lauderdale, Florida and four of its officers are at the receiving end of one of those time wasting nuisance suits from shareholders – alleged shareholders in this case, according to the manufacturer of data communications processors: the suit alleges that the plaintiffs incurred damages due to the price decrease of Telematics’ stock following its announcement on December 30, 1988, that 1988 turnover and profit would be lower than generally expected, and the pair are seeking class action status for the suit on behalf of anyone who bought shares in the company between September 27 and December 29, 1988, and Telematics believes the allegations are baseless and that the suit is totally without merit, and says it will conduct a vigorous defence.
