Gainey & McKenna Announces Analog Devices, Inc. 401(k) ERISA Class Action Litigation Update

Fri. October 10, 2008; Posted: 05:16 PM

NEW YORK, Oct 10, 2008 (GlobeNewswire via COMTEX) -- ADI | Quote | Chart | News | PowerRating -- Gainey & McKenna and Squiteri & Fearon, LLP are counsel to the Plaintiff and the proposed class of all participants in the Analog Devices, Inc. ("ADI") Investment Partnership Plan (the 401(k) "Plan") who purchased or held shares of Analog stock in the Plan at any time between October 5, 2000 and the present. They have filed a class action in the United States District Court for District of Massachusetts which arises from the options backdating at Analog and alleges that Analog and other fiduciaries of the Plan violated their fiduciary duties to the Plan's participants. The lawsuit alleges that Analog and certain individuals who were responsible for managing and administering the Plan failed to disclose important information to the participants of the Plan, including information about Analog's improper backdating of stock options, and violated their fiduciary duties. The lawsuit alleges that the violations of fiduciary duty caused losses to the Plan and to the participants who invested in Analog stock.

Recently, the Court issued an important decision which denied the Company's attempt to dismiss the lawsuit. In particular, the decision denied Defendants' Rule 12(b)(1) motion to dismiss and sustained most of the claims in the action except for the claims against three of the individuals who had been named as fiduciaries -- Defendants Fuller, Johnsen and McAloon.

If you participated in the Analog 401(k) Plan and held Analog stock in your Plan account at any time between October 5, 2000 and the present and would like more information about the lawsuit, please contact Thomas J. McKenna at Gainey & McKenna, 295 Madison Avenue, 4th Floor New York, New York 10017 by telephone at (212) 983-1300 and/or via e-mail at tjmckenna@gaineyandmckenna.com.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Gainey & McKenna

Gainey & McKenna (212) 983-1300

For full details on Analog Devices Inc (ADI) click here. Analog Devices Inc (ADI) has Short Term PowerRatings of 5. Details on Analog Devices Inc (ADI) Short Term PowerRatings is available at This Link.

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