Jabil Circuit (JBL) announced yesterday that on Monday, the U.S. District Court for the Middle District of Florida, Tampa Division dismissed with prejudice the securities class action that was previously filed against Jabil, KPMG LLP, and Jabil’s directors and certain of its current and former officers. The company stated that the litigation initially arose as a result of a Wall Street Journal article relating to certain companies alleged backdating of stock option grants.
Timothy Main, Jabil’s President and CEO, stated that “[t]he completion of two independent internal investigations; the prior settlement and dismissal of the derivative actions; the recent recommendation of no enforcement action by the SEC and this class action dismissal, seem to indicate that we have reached the end of this trying period for the company. We are pleased to have these issues behind us and have our full focus on growing our business and responding to, and navigating through, a challenging global economic environment.”
