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Wed, Jul 12, 2006

EADS Faces Class-Action Suit Over A380 Delays

And More May Be Coming

As if things weren't bad enough over at EADS right now... here come the lawyers.

Attorneys for French investors in Airbus's parent company EADS have filed suit against the aerospace giant after their stock took a nosedive back in June. Share values dropped more than 25-percent after word that the Airbus A380 project would be delayed for a second time... for at least six months.

The Times in London reports the initial suit was filed in the Netherlands... but more lawsuits could be on the way in London, Rome and New York.

EADS is already under investigation in France, where government regulators want to know more about communications with investors -- communications that lawsuit says were deliberately misleading.

The probe into insider trading on the part of EADS executives continues, even after co-CEO Noel Forgeard and Airbus chief Gustav Humbert were tossed out.

And, as ANN reported Monday, EADS investor BAE Systems in the UK wants an audit of the company's finances... saying the offer it's received for a 20-percent stake in EADS was way undervalued.

FMI: www.eads.com, www.airbus.com

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