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Case ID: 2558 | Stocks | 08/30/2004
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. The actions claim that the defendants violated federal securities laws by filing a misleading prospectus in connection with the IPO. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The actions allege that the prospectus was materially false and misleading because it failed to disclose, among other things, that (1) the underwriters had solicited and received excessive and undisclosed commissions from certain investors in exchange for which the underwriters allocated to those investors material portions of the restricted number of shares issued in connection with the IPO, and (2) the underwriters had entered into agreements with customers whereby the underwriters agreed to allocate shares to those customers in the IPO in exchange for which the customers agreed to purchase additional shares in the aftermarket at pre-determined prices. 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 A class action has been filed against SureBeam Corporation (Nasdaq: SUREE, formerly SURE), which provides electronic irradiation systems and services for the food industry, and certain of its officers and directors by stockholders who purchased the company's common stock between March 16, 2001 and August 20, 2003. The stockholders seek to recover compensatory damages for the loss of value of their stock. The parties have reached a tentative $2.5 million settlement of a class action filed against respiratory therapy manufacturer Nellcor Puritan Bennett, Inc. (formerly Nasdaq: NELL), subsidiary of Tyco Healthcare/Mallinckrodt, and certain of its officers and directors by stockholders who purchased the company's common stock between September 29, 1995, and April 16, 1996. The actions claim that the defendants violated the California Corporations Code by issuing a series of material misrepresentations to the market over this time period for the purpose of inducing investors to buy the company’s stock. To recover under the settlement, a completed proof of claim postmarked no later than February 18, 2004, must be mailed to the claims administrator. A class action has been filed against Brocade Communication Systems, Inc. (NasdaqNM:BRCD), certain of its officers and directors by stockholders who purchased the company's common stock between February 21, 2001 and May 15, 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. A class action has been filed against ConAgra Foods, Inc. (NYSE:CAG), certain of its officers and directors by stockholders who purchased the company's common stock between September 18, 2003 and June 07, 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. Two law firms representing Diebold Inc. investors are suing Diebold Inc., claiming the Ohio company made misleading comments about its electronic voting machine business that led to artificially high share prices. Both lawsuits seek class-action status. Both lawsuits were filed in U.S. District Court in Cleveland and claim Diebold was "unable to assure the quality and working order of its voting machine products."
The parties have reached a final $7.5 million settlement in an action filed against Internet World Media, Inc. and Penton Media, Inc. on behalf of stockholders who tendered their shares of Mecklermedia Corporation to Internet World Media in the tender offer commenced by Penton Media in October 1998, or exchanged their shares of Mecklermedia stock in the subsequent merger of Mecklermedia and Internet World Media. Claims forms must be postmarked on or before August 30, 2004, to be considered valid. |
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