At least two groups of shareholders have filed lawsuits alleging that the automated teller machine operator TRM Corp. misled investors about the condition of its finances.
Two law firms said last week that they had filed class actions against TRM and several current and former executives in the U.S. District Court for the District of Oregon.
One suit, filed by Coughlin, Stoia, Geller, Rudman, and Robbins LLP of New York, alleged that from March 2006 through May of last year TRM issued financial reports that overstated the value of some of its assets that the suit claims should have been written down sooner.
During that period TRM sold its photocopy operations and international ATM units to focus on its U.S. ATM business.
The suit also named as defendants Daniel E. O'Brien, TRM's chief financial officer, and two former chief executives, Ken Tepper, who resigned in March 2006, and Jeff Brottman, who resigned in June 2007. Mr. Tepper and Mr. Brottman were chairmen; Mr. Brottman remains TRM's nonexecutive chairman.
The other suit was filed by Federman and Sherman of Oklahoma City.
