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Case ID: 2569 | Stocks | 12/10/2003
The parties have reached a tentative $1,810,000 settlement of a class action filed against professional employer services provider Staff Leasing, Inc. (Nasdaq: STFF) and certain of its officers and directors by stockholders who owned the company's common stock between March 17 and April 20, 1999. The action claims that the defendants violated their fiduciary duties to the stockholders by rejecting the March 17, 1999, tender offer by Paribas Principal Partners. To recover under the settlement, a completed proof of claim postmarked no later than October 10, 2003, must be mailed to the claims administrator.
Staff Leasing is now known as Gevity HR, Inc. (Nasdaq: GVHR). The settlement will not be effective until the court grants it final approval. The court has scheduled a hearing on the matter for September 26, 2003. 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 Kahn Gauthier Swick, LLC ("KGS") announces that it has filed a class action lawsuit in the United States District Court for the Central District of California, Western Division on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock and other securities of Broadcom Corporation ("Broadcom'' or the "Company'') (Nasdaq: BRCM -News) between July 21, 2005 and July 13, 2006.
Broadcom and certain of its offices and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. On July 14, 2006, Broadcom announced that it would record more than $750 million in added expenses and restate its past earnings related to the illegal backdating of stock options. Prior to any news of options backdating reaching in the market, shares of Broadcom traded at slightly above $40.00 per share and, thereafter, shares traded down to approximately $27.50 per share - - a rapid decline of over 31%.
Options pricing backdating occurs when options grants to senior officers or directors of public companies are made at prices lower than the trading price of the stock on the date such options are granted. The undisclosed backdating of options violates generally accepted accounting principles.
If you wish to serve as lead plaintiff, you must move the Court no later October 12, 2006. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you would like to discuss your legal rights, you may e-mail or call KGS, without obligation or cost to you, or you may submit your information on this webpage to be reviewed by a lawyer. You may contact Managing Partner Lewis Kahn of KGS direct, toll free 1-866-467-1400, ext., 100, or 504-648-1850, or by email at lewis.kahn@kglg.com. On June 23, 2008, the Judge Victor Marrero granted the motion to appoint Iowa Public Employees' Retirement System; Policemen's Annuity & Benefit Fund of Chicago; Central States, Southeast, Southwest Areas Pension Fund; and State-Boston Retirement System as lead plaintiffs. Further, according to the order, the law firms of Barrack, Rodos & Bacine and Cohen, Milstein, Hausfeld & Toll, P.L.L.C. are approved to serve as co-lead counsel.
A class action has been filed against Emerson Radio Corporation (AMEX: MSN) and certain of its officers and directors by stockholders who purchased the company's common stock between January 29 and August 12, 2003.
A class action has been filed against ATI Technologies Inc. (ATYT), certain of its officers and directors by stockholders who purchased the company's common stock between October 7, 2004 and June 23, 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 Vertex Pharmaceuticals Inc. (Nasdaq: VRTX) and certain of its officers and directors by stockholders who purchased the company's common stock between March 27, 2000, and September 24, 2001. According to a law firm press release, a class action was filed on May 16, 2008 by an institutional investor on behalf of purchasers of Downey Financial Corp. common stock during the period between October 16, 2006 and March 14, 2008.
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