What's going on at Diebold?

Last week, Brad Friedman reported on pending class action securities litigation against Diebold. Now it seems that Diebold CEO Wally O'Dell, the man who pledged to do whatever was necessary to deliver Ohio's electoral votes to George W. Bush last year, has resigned, with the filing of court papers imminent:

As The BRAD BLOG reported exclusively late last week, the filing of a securities fraud class action litigation against the company, O'Dell and other current and former members of their Board of Directors is now imminent. The BRAD BLOG has learned that the case may be filed in Ohio Federal District court as early as today or tomorrow. We will, of course, have more details when that occurs.

O'Dell has faced a great deal of criticism for his statement to Republican fundraisers, prior to the 2004 Presidential Election, that Diebold he (see correction explanation below) was committed to delivering the electoral vote of the state of Ohio to George W. Bush. O'Dell was part of Bush's "Rangers and Pioneers," a group of individuals who had raised at least $100,000 each for Bush/Cheney's 2004 re-election campaign.

[snip]

Diebold, along with Election Systems & Software, Inc. (ES&S) are the two largest Voting Machine Companies in America. Between them, they account for equipment which tallies more than 80% of America's votes.

The North Canton, Ohio-based company has faced several recent financial and upper-level management problems. A recent plummet of 15.5% in the once-venerable company's stock price occurred just days after another BRAD BLOG exclusive in which we reported on a company insider, dubbed "DIEB-THROAT", who had drawn comparisons in the companies management to the now-bankrupt Enron.

A source (not DIEB-THROAT) familiar with the company is intrigued by the news and expressed amazement that O'Dell is stepping down as both CEO and Chairman of the Board. "This was his baby," commented the source to BRAD BLOG. The source suggests this move "has the earmarks of an internal coup d'etat" given the dearth of other explanations beyond "personal reasons" as given by the company for O'Dell's departure.

John Gideon of VotersUnite.org has much, much more at Bradblog with what's going on nationwide in the race against the clock to restore democracy to this country in time for the 2006 elections.

12/14/2005 UPDATE: The lawsuit has been filed.