|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 2605 | Stocks | 12/29/2004
A class action has been filed against chemical-based materials manufacturer Solutia Inc. (NYSE: SOI) and certain of its officers and directors by stockholders who purchased the company's common stock between December 16, 1998, and October 10, 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.
Solutia manufactures and markets a wide variety of high-performance chemical-based materials. Solutia maintained a 50% interest in Flexsys (a supplier of process chemicals to the rubber industry) for which Solutia used the equity method of accounting. The action alleges that the defendants were able to recognize equity interest and control over Flexsys. Solutia's equity earnings from Flexsys were as follows: $11 million in 2002, $12 million in 2001 and $12 million in 2000. During the time period involved, the defendants allegedly caused Solutia's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements via their control over Flexsys by: (1) agreeing to charge prices at certain levels and otherwise to fix, increase, maintain or stabilize prices of rubber chemicals sold in the U.S.; (2) selling rubber chemicals at the agreed-upon prices; and (3) inflating their profits via these acts. 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 Several class actions have been filed against temporary nurse staffing company Cross Country Healthcare, Inc., (Nasdaq:CCRN) and certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2001, and August 6, 2002. 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 in the District Court of New Jersey against MedQuist, Inc., a New Jersey based transcription service provider, (MEDQ.PK) and certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2002 and November 2, 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 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. Several class actions have been filed against analytical software provider SPSS, Inc. (Nasdaq:SPSSE) and certain of its officers and directors by stockholders who purchased the company's common stock between May 2, 2001, and March 30, 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 Newmont Mining Corporation (NYSE:NEM), certain of its officers and directors by stockholders who purchased the company's common stock between July 28, 2004 and April 26, 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 Antigenics Inc. (AGEN), certain of its officers and directors by stockholders who purchased the company's common stock between September 3, 2003 and March 23, 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. |
|
© 2000 - 2009 Copyright. All rights reserved nola3, llc.
