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Short Take: Suit filed against Western Digital

A class-action lawsuit has been filed against Western Digital alleging that some company officers and directors failed to take timely charges for obsolete computer hard drive inventory and issued false and misleading statements about business prospects, financial results, and the valuation of the company's inventory. The suit also charged that some company insiders were able to profit from an artificially inflated stock price during the class period of July 25, 1996, to December 2, 1997.

A class-action lawsuit has been filed against Western Digital alleging that some company officers and directors failed to take timely charges for obsolete computer hard drive inventory and issued false and misleading statements about business prospects, financial results, and the valuation of the company's inventory. The suit also charged that some company insiders were able to profit from an artificially inflated stock price during the class period of July 25, 1996, to December 2, 1997.