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Case ID: 2533 | Stocks | 08/19/2004
A class action has been filed against karaoke equipment maker The Singing Machine Company, Inc. (AMEX: SMD), certain of its officers and directors, and its auditor, Salberg & Company, P.A., by stockholders who purchased the company's common stock between August 9, 2001, and June 27, 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.
The action alleges that Singing Machine emerged from bankruptcy in 1998 and thereafter issued a series of press releases emphasizing "record" net income to foster the impression that the company had profitably emerged from bankruptcy and had successfully completed its corporate turnaround. In response to the company's barrage of press release and public filings reporting strong financial results, Singing Machine's stock price soared to over $26 per share in March 2002. On June 27, 2003, Singing Machine shocked the market by announcing it would restate 2002 and possibly 2001 financial results, and would not be able to timely file its Annual Report on Form 10-K for the fiscal year ended March 31, 2003. The company said these measures were necessary in order to properly account for income tax provisions for fiscal 2003 and to report an inventory reserve for fiscal 2003. As a results, the defendants revealed that the company's net income for fiscal 2003 will be significantly below prior expectations. Singing Machine further announced that the restatement would have the effect of reducing net income for fiscal 2002 and possibly fiscal 2001. On June 27, 2003, in late afternoon trading alone, Singing Machine stock lost over 30% of its value on enormous trading volumes of over 460,000 shares traded--in contrast to average trading volumes of around 50,000 shares. 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 Deregulation of the market has done stockholders no favors. Several class actions have been filed against jewelry retailer Friedman's, Inc. Friedman's, Inc. (NYSE: FRM, formerly Nasdaq: FRDM) and certain of its officers and directors by stockholders who purchased the company's common stock between January 26, 2000, through November 17, 2003, and all those who purchased Friedman's shares in its offering on February 11, 2002, for $9.50 per share and its offering on September 18, 2003, for $15.00 per share. 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. Kahn Gauthier Swick, LLC hereby gives notice that it has filed a class action lawsuit in the United States District Court for the District of New Jersey on behalf of purchasers of the common stock of Vonage Holdings Corp. ("Vonage" or the "Company") (NYSE: VG). If you would like to discuss this action or have any questions about this notice or your rights, please contact us via telephone at (866) 467-1400. A class action lawsuit has been filed on behalf of all persons who on or about August 1, 2002, tendered for redemption their 8 1/4% Senior Debentures Due August 1, 2022, pursuant to a Notice of Redemption sent by The Bank of New York and dated July 1, 2002. The Debentures were originally issued in 1986 by Gulf + Western, Inc. and, at the time of the purported redemption, were the obligation of Viacom International, Inc. Stockholders who purchased World Wrestling Entertainment, Inc. (NYSE: WWE) common stock in its initial public offering (IPO) on October 19, 1999, have filed several class actions against the company, certain of its officers and directors, and certain of the underwriters of the IPO. Several class actions have been filed against onshore oil well services company Key Energy Services, Inc., (NYSE:KEG) and certain of its officers and directors by stockholders who purchased the company's common stock between April 29, 2003, and June 4, 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. Several class actions have been filed against human genome mining company deCODE genetics, Inc. (Nasdaq:DCGN) and certain of its officers and directors by stockholders who purchased the company's common stock between October 29, 2003, and August 26, 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. |
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