Vodafone 2003 Annual Report Download - page 23

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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003 21
Legal proceedings
Save as disclosed below, the Company and its subsidiaries are not involved in any
legal or arbitration proceedings (including any governmental proceedings which
are pending or known to be contemplated) which are expected to have, or have
had in the twelve months preceding the date of this document, a significant effect
on the financial position or profitability of the Company and its subsidiaries.
The Company is a defendant in four actions in the United States alleging personal
injury, including brain cancer, from mobile phone use. In another pre-existing
action, based on similar allegations, the plaintiff has filed a motion to amend its
complaint to include the Company as a defendant. In each case, various other
carriers and mobile phone manufacturers are also named as defendants. These
actions are at an early stage and no accurate quantification of any losses which
may arise out of the claims can therefore be made at the date of this Annual
Report. The Company is not aware that the health risks alleged in such personal
injury claims have been substantiated and will be vigorously defending such
claims.
Between 18 September 2002 and 29 November 2002, nine complaints were filed
in the United States District Court for the Southern District of New York against the
Company and Lord MacLaurin, the Chairman of the Company, and Sir Christopher
Gent, Julian Horn-Smith and Ken Hydon, executive officers of the Company. The
complaints, filed as purported class actions, allege, among other things, that
certain public statements made by or attributed to the defendants and the timing
of the Company’s decision to write down the value of goodwill and certain
impaired assets in the financial year ended 31 March 2002 violated Sections
10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder. The complaints seek, among other things, unspecified damages on
behalf of the purchasers of the Company’s securities during the period between
7 March 2001 and 28 May 2002. The Court has consolidated these actions and
designated lead plaintiffs and lead plaintiffs’ counsel. The plaintiffs filed a
consolidated amended class action complaint on 6 June 2003, which contains
allegations and claims that are substantially similar to the original complaints. The
defendants intend to defend the actions vigorously.