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Short Take: Class-action suit filed against Iomega

A class-action suit has been filed on behalf of purchasers of Iomega common stock between September 22, 1997, and January 22, alleging that two of the storage company's most senior executives issued misrepresentations and omissions on the release date of Iomega's 2GB Jaz drive. The complaint further alleges that the executives took advantage of a dramatic increase in the company's stock price by selling more than $11.5 million in Iomega shares.

    A class-action suit has been filed on behalf of purchasers of Iomega common stock between September 22, 1997, and January 22, alleging that two of the storage company's most senior executives issued misrepresentations and omissions on the release date of Iomega's 2GB Jaz drive. The complaint further alleges that the executives took advantage of a dramatic increase in the company's stock price by selling more than $11.5 million in Iomega shares.