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Case ID: 2516 | Stocks | 07/12/2004
A class action has been filed against certain of the former officers and directors of now-bankrupt Stockwalk Group, Inc. (formerly Nasdaq: STOK, OTCBB: STOK, STOKQ), and its former independent auditor, Ernst & Young, LLP, by stockholders who purchased Stockwalk Group common stock between May 8 and September 25, 2001. 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.
The action alleges that certain former officers of Stockwalk issued materially false statements and omitted material facts concerning Stockwalk's financial condition during the time period involved. Generally, the defendants represented that Stockwalk's internal controls were sufficiently adequate to permit the issuance of a report on the company's financials statements for the period ending March 31, 2001; that the company was not in violation of certain net capital requirements; and that the company was not at risk with respect to its stock lending activities. The action alleges that purchasers of Stockwalk securities were unaware that a significant activity that the company was engaged in was stock lending. The stockholders further assert that defendant Ernst & Young lacked independence in conducting its auditing and accounting activities, was negligent in performing its services, and should have objected to the issuance in June and July 2001, of its prior, unqualified opinion on the March 31, 2001 financial statements. 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 On March 03, 2008, a stipulation and order was entered. Just as quickly, a motion to consolidate cases and to appoint certain groups as lead plaintiffs and counsels was filed on March 18, 2008. However, on March 20, 2008, a stipulation and order substituting counsels was entered. Hence, on April 04, 2008, several responses in regards to the different motions of appointing lead plaintiffs and counsels were filed. As a result, an order granting and denying the appointment of certain groups as lead plaintiffs and counsels was entered on May 05, 2008.
A class action has been filed against Chicago Bridge & Iron Co. NV (CBI), certain of its officers and directors by stockholders who purchased the company's common stock between March 9, 2005 and February 3, 2006. 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. A class action has been filed in the Southern District Court of New York against the Open Joint Stock Company (NYSE: VIP) and certain of its officers and directors by stockholders who purchased the company's common stock between March 24, 2004 and December 8, 2004. The Company, also known as Vimpel Communications or Vympel Communicatii, operates under the 'Bee Line GSM' brand in Russia and 'K-mobile' and 'EXCESS' brands in Kazakhstan. VimpelCom is recognized for introducing two digital cellular communications standards in Russia.
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. A class action has been filed against Catalina Marketing Corporation (NYSE: POS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2002, and June 30, 2003. A class action has been filed against entertainment software company Midway Games, Inc. (NYSE: MWY) and certain of its officers and directors by stockholders who purchased the company's common stock between December 11, 2001, and July 30, 2003. On February 27, 2008, a stipulation and order was entered. As the case proceeds, a motion to consolidate cases 08-913, 08-1842, to appoint lead plaintiffs and counsels was filed on March 25, 2008. Hence, an order setting hearing and briefing schedules for the above mentioned motion was entered on April 01, 2008. As a result, the court entered its order granting the appointment of certain individuals and groups as lead plaintiffs, counsels and in the matter of consolidating cases on May 19, 2008.
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