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DALLAS Less than three weeks after correcting circulation figures for its flagship Dallas Morning News, Belo Corp. is facing shareholder lawsuits that accuse the company of fraud.
Shareholders are seeking class-action status for the lawsuits filed in U.S. District Court for the Northern District of Texas. The suits seek damages for shareholders who owned stock between May 12, 2003 and Aug. 6, 2004.
In one of the suits filed by the San Diego-based firm of Lerach Coughlin Stoia Geller Rudman & Robbins, Belo and its officers are accused of developing an incentive scheme in 2003 that led to lax oversight of third-party vendors.
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