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Case ID: 2512 | Stocks | 07/12/2004
A class action has been filed against biopharmaceutical company InterMune, Inc. (Nasdaq: ITMN) and certain of its officers and directors by stockholders who purchased the company's common stock between January 6 and June 11, 2003. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Specifically, the action alleges that the defendants were aware that demand for Actimmune was declining because: (1) the most recent clinical study showed that Actimmune was not effective in the treatment of certain pulmonary diseases, (2) Actimmune inventory levels were increasing, and (3) doctor demand was falling due, in part, to the company's decision to curtail physician education, the lifeblood of InterMune's off-label sales of Actimmune. Allegedly, despite this knowledge, the company falsely stated during the class period that it was on course to meet projected revenue figures, which had not been previously reduced to reflect lowered demand for the drug. On June 11, 2003, the company announced that it was cutting its 2003 revenue guidance figures and slashing projected earnings from Actimmune. The company also announced it had overstated the number of patients using Actimmune and that, contrary to its earlier representations, demand for Actimmune from physicians was flat. These disclosures sent the company's stock price plummeting to $16.74, a 33% one-day fall. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Several class actions have been filed against Central Freight Lines, Inc. (Nasdaq: CENF) and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to its December 12, 2003, initial public offering. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of the company's securities. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Telik, Inc. ("Telik" or the “Company”) (Nasdaq:TELK - News) who purchased shares of the Company between March 27, 2003 and June 4, 2007 (the "Class Period"), including purchasers of shares pursuant to Telik’s November 5, 2003 and January 28, 2005 stock offerings, have 60 days, or until August 6, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Southern District of New York. No class has yet been certified in this action.
Several class actions have been filed against network solutions company Descartes Systems Group, Inc. (Nasdaq:DSGX, TSE:DSG) and certain of its officers and directors by stockholders who purchased the company's common stock between June 4, 2003, and May 6, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The complaint charges MF Global and certain of its officers and directors with violations of the Securities Exchange Act of 1934. MF Global is a broker of exchange-listed futures and options.
A class action has been filed against Avaya, Inc. (NYSE:AV), certain of its officers and directors by stockholders who purchased the company's common stock between October 05, 2004 and April 19, 2005. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. According to a press release dated April 16, 2008, the complaint charges Walgreen and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Walgreen operates a chain of drugstores in the United States.
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