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Case ID: 2583 | Stocks | 12/29/2004
A class action has been filed against Tripos, Inc. (Nasdaq: TRPS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 9 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. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The action alleges that the defendants' statements were materially false and misleading because they failed to disclose, or misrepresented, the following adverse facts, among others: 1. That Tripos was experiencing weakening demand for its products and services as its customers were delaying, deferring or canceling purchases. 2. That the company was experiencing severe and material problems with a certain contract and therefore would not be able to recognize revenue on that contract as anticipated. 3. As a result, the defendants lacked a reasonable basis for their earnings projections and positive statements about Tripos. On July 1, 2002, Tripos shocked the market when it announced that, contrary to its repeated representations throughout the time period involved, it would not meet its earnings guidance for the second quarter of 2002, and it was reducing its earnings guidance for fiscal year 2002. Furthermore, the company stated that it now expected to have a loss from operations of $1.8 million to $2.1 million for the quarter. In response to this announcement, the price of Tripos common stock dropped precipitously, falling from $21.80 per share to $8.53 per share--a drop of 60%--on extremely heavy trading volume. 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 in the District Court of New Jersey against Conexant Systems, Inc., (NASDAQ:CNXT) a New Jersey based semiconductor company, and certain of its officers and directors by stockholders who purchased the company's common stock between March 1, 2004 and November 4, 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. The market timing scandal is affecting some of the largest mutual funds in the market. Several class actions have been filed against mutual fund manager Massachusetts Financial Services Company, its parent, Sun Life Financial, Inc. (NYSE:SLF) and certain of its officers and directors by all purchasers of shares of the MFS Mutual Funds during the period between December 15, 1998 and December 8, 2003. The actions claim that the defendants violated federal securities laws by allowing market timing sales by certain persons and entities. A class action has been filed against Veeco Instruments Inc. (NasdaqNM:VECO), and certain of its officers and directors by stockholders who purchased the company's common stock between November 03, 2003 and February 10, 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. Debt securities are sold to investors with the promise that they will be paid with or without interest at the end of a specified period. The parties have reached a tentative $3.75 million settlement of several class actions filed against technology company Lucent Technologies, Inc. (NYSE:LU) and certain of its officers and directors by security holders who purchased the following debt securities: (1) 6.9% notes due July 15, 2001; (2) 7.25% notes due July 15, 2006; (3) 6.5% debenture due January 15, 2028; (4) 5.5% notes due November 15, 2008; and (5) 6.45% Debentures due March 15, 2029, during the period from December 20, 2000 through March 27, 2001. To recover under the settlement, a completed proof of claim postmarked no later than March 31, 2004, must be mailed to the claims administrator. Several class actions have been filed against budget-line health, beauty aid and cosmetic products provider Sel-Leb Marketing, Inc., (OTC BB: SELB.PK) and certain of its officers and directors by stockholders who purchased the company's common stock between April 5, 2002, and February 25, 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. A class action has been filed against GMH Communities Trust (GCT), certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2004 and March 10, 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. |
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