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Case ID: 2607 | Stocks | 07/12/2004
A class action has been filed against Catalina Marketing Corporation (NYSE: POS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2002, and June 30, 2003. 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.
Throughout the time period involved, the defendants issued highly positive statements in an effort to create the impression that Catalina' revenues were growing and the company was well positioned to generate strong profitability. In response, Catalina stock traded at over $36 per share during April 2002. In particular, the defendants repeatedly emphasized the success of the company's Health Resource division, which the defendants touted as a strong revenue contributor. On April 13, 2003, the defendants partially disclosed material problems at Health Resource, including the fact that Catalina would miss revenue and earnings targets because of "disappointing" results for the Health Resource division. Prior to revealing this information, the individual defendants sold over $10,000,000 worth of their Catalina holdings. The magnitude of the problems within Health Resource again came partially to light on June 30, 2003. After the close of trading, the defendants revealed that Catalina would not be able to timely file its Annual Report on Form 10-K, because of certain "revenue recognition issues" at Health Resource. As a result of the defendants' allegedly improper revenue recognition, the press release revealed that Catalina would have to restate its financial results for fiscal 2003. As a result, the company's stock price dropped to slightly over $16 per share on unusually large trading volumes--a far cry from the stock's time-period high of over $39. On July 15, 2003, the defendants revealed that the accounting issues were not limited to Health Resource. In a press release that day, the defendants announced that "(t)he company is now also reviewing certain other revenue recognition timing matters in its core domestic business as well as with Catalina Health Resources." 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 The court has dismissed the class-action lawsuit filed against transportation company Interpool, Inc. (Pink:IPLI)) and certain of its officers and directors by stockholders who purchased the company's common stock between March 27, 2001, and December 29, 2003. The actions claimed 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. According to the docket, the case was removed from the State Court to the Federal District Court system on April 25, 2008 after being filed on March 26, 2008.
The parties have reached a tentative $12,026,000 settlement of a class action filed against software company Allaire Corporation (formerly Nasdaq: ALLR) and certain of its officers and directors by stockholders who purchased the company's common stock between December 7, 1999, and September 18, 2000. To recover under the settlement, a completed proof of claim postmarked no later than December 18, 2003, must be mailed to the claims administrator. If you've purchased FAO stock, you may be entitled to claim money in a settlement for $2,225,000. A hearing will be held before the Honorable Michael W. Baylson, United States District Court for the Eastern District of Pennsylvania, 601 Market Street, in a courtroom posted on the Court's schedule, Philadelphia, PA 19106 at 4:00 p.m., on May 16, 2005 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the motion of Plaintiffs' Counsel for attorneys' fees and reimbursement of expenses. According to a press release dated March 27, 2008, the Complaint alleges that Citigroup violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic "auctions." Auction rate securities generally have long-term maturities or no maturity dates.
A class action has been filed against Spectrum Brands, Inc. (SPC), certain of its officers and directors by stockholders who purchased the company's common stock between January 4, 2005 and September 6, 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. |
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