Symbol Technologies Inc. announced that its subsidiary, Telxon Corp., has settled a lawsuit against former auditor PricewaterhouseCoopers for $18 million.
Symbol, a maker of bar-code scanners, acquired Telxon in 2000, and sued PricewaterhouseCoopers a year later after it discovered that Telxon's audits from 1996 through 1999 did not meet the standards of generally accepted accounting principles. When Telxon later restated its financial results for those years, a shareholder class-action lawsuit was brought, charging Telxon with misleading investors.
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