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Monday, December 10, 2012

CORRECTED-Judge muzzles Goldman, lawyers at Dragon speech recognition trial, (NYSE: GS)

A U.S. federal judge on Monday ordered Goldman Sachs Group Inc to take down statements from its website related to its representation of Dragon Systems in a 2000 sale that blew up when acquirer Lernout & Hauspie went bankrupt after accounting irregularities emerged.A two-month jury trial in the civil case is expected to begin Monday afternoon in U.S. District Court in Boston. Lawyers for Dragon's founders are expected to accuse the iconic Wall Street bank of negligent misrepresentation and malpractice in their opening arguments.U.S. District Judge Patti Saris began Monday's proceedings by chastising attorney Alan Cotler for talking to a Boston Globe reporter on the eve of the trial. Cotler is representing Janet and James Baker, speech recognition pioneers who agreed to sell Dragon to Lernout & Hauspie in the $580 million all-stock deal that ultimately fell apart."You cannot talk to the press," Saris told Cotler, who made an apology to the court. "I don't know why you did."

The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS traded higher by 0.04% or $0.05/share to $116.62. In the past year, the shares have traded as low as $86.90 and as high as $128.72. On average, 4197490 shares of GS exchange hands on a given day and today's volume is recorded at 2268587.