Time Warner resolves securities litigation involving AOL's revenues
Clients Time Warner, Inc.
Jones Day, along with other firms, settled and obtained dismissal of client Time Warner Inc. in a $2.5 billion securities litigation case brought by five Ohio public employee retirement pension funds. Plaintiffs alleged that Time Warner Inc. and America Online made false statements regarding America Online's financial condition, advertising revenues, and subscriber revenues during the time before and after the merger of the two entities into AOL Time Warner.
Ohio Public Retirement System, et al. v. Richard Parsons, Time Warner Inc., et al., Case No. 03CVH-07-7932 (Franklin County Court of Common Pleas, Ohio) (2007)