Pembroke, Bermuda: 25 February 2002 - Tyco International Ltd. (NYSE-TYC, LSE-TYI, BSX-TYC) reported today that the United States District Court, District of New Hampshire, has granted Tyco's motion to dismiss all of the claims asserted in shareholder suits brought against the company and certain of its officers and directors under the federal securities laws. The allegations in the suits were based on criticisms of Tyco's disclosures and accounting practices. The suit consolidated thirty-eight substantially identical class action lawsuits filed in various federal courts beginning December 1999, and alleging violations of the federal securities laws during the period from October 1, 1998 to December 8, 1999.
Finding that the plaintiffs had fallen well short of stating a viable securities fraud claim, despite having been given three opportunities to do so, the Court dismissed all of the plaintiffs' claims against Tyco and the other defendants.
"We are very pleased that the Court granted Tyco's motion," said L. Dennis Kozlowski, Chairman and Chief Executive Officer of Tyco. "The dismissal of these lawsuits should help allay concerns that have been raised about Tyco's accounting practices. We remain focused on the key task of unlocking shareholder value."