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Case ID: 2568 | Stocks | 11/17/2004
A class action has been filed against chemical and polymer company Crompton Corporation (NYSE: CK) and certain of its officers and directors by stockholders who purchased the company's common stock (or the common stock of its predecessor, Crompton & Knowles Corporation) between October 26, 1998, and October 8, 2002. The action claims that the defendants artificially inflated the price of the company's securities by illegally manipulating the price of rubber chemicals in the United States. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Crompton Corporation was formed by the September 1, 1999, merger of Crompton & Knowles Corporation and Witco Corporation. Until mid-2000, the company was known as CK Witco Corporation. The class includes persons who exchanged the stock of either Crompton & Knowles or Witco, pursuant to the merger, for Crompton Corporation stock. Specifically, the stockholders charge Crompton with (a) agreeing to charge prices at certain levels and otherwise to fix, increase, maintain or stabilize prices of rubber chemicals sold in the United States; (b) selling rubber chemicals at the agreed upon prices; and (c) inflating the company's profits through these acts. The stockholders claim that, as a result, the company's shares traded at inflated prices, enabling the company to refinance its debt and consummate a major acquisition using its inflated securities as currency. 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 General Motors Corporation (GM), certain of its officers and directors by stockholders who purchased the company's common stock between February 25, 2002 and March 16, 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 Concord Camera Corporation, a worldwide designer, developer, manufacturer and seller of image capture products (NASDAQ: LENS) and certain of its officers and directors by stockholders who purchased the company’s common stock between August 14, 2003 and May, 10, 2004. 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 biopharmaceutical company Alkermes, Inc. (Nasdaq: ALKS) and certain of its officers and directors by stockholders who purchased the company's common stock between April 22, 1999, and July 1, 2002. 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. Enterasys Networks Inc. (NYSE: ETS) announced today that it has entered into an agreement in principle to settle shareholder litigation filed in 1997 against its predecessor, Cabletron Systems, Inc., and certain Cabletron directors and officers. The settlement, which is subject to execution of a final settlement agreement and subsequent court approval, is expected to be signed by the parties on or before January 25, 2005. The parties have reached a $10 million settlement in an SEC enforcement action filed against Gemstar-TV Guide International, Inc., (Nasdaq:GMST) on behalf of stockholders who purchased the company's common stock between 1999 and 2002. 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. Persons eligible to take part in the settlement should contact the attorneys who prosecuted the action for more information. According to a press release dated March 18, 2008, the complaint charges WellPoint and certain of its officers and directors with violations of the Securities Exchange Act of 1934. |
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