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Case ID: 2619 | Stocks | 07/12/2004
A class action has been filed against lifestyle community developer Avatar Holdings Inc. (Nasdaq: AVTR) and certain of its officers and directors by investors who purchased the company's 7% convertible subordinated notes due April 1, 2005 (Nasdaq: AVTRG). The action claims that the defendants violated federal securities laws. The stockholders seek to recover compensatory damages for the loss of value of their notes.
The case is brought in connection with Avatar's July 1, 2003, announcement of its redemption of $60 million of the $94,429 million in aggregate principal amount of notes outstanding. The notes are convertible, at any time prior to maturity, to shares of Avatar common stock at a conversion price of $31.80 per share, or Avatar can redeem the notes at its option at specified prices. Because Avatar is a real estate company, the true value of its real estate holdings is critical to noteholders in making a decision whether to have their notes redeemed for cash, or whether to exchange those notes for shares of Avatar's common stock. The company's public documents state that its real estate is valued at the lower of cost or market value. The action alleges that noteholders are unable to make an informed decision whether to convert their notes to Avatar common stock or allow them to be redeemed because the defendants failed to disclose the basis on which the company's land inventories are valued. The action seeks disclosure of this material information or damages that flow from the failure to disclose it. 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 Eastern District Court of Michigan against Valassis Communications, Inc., a Michigan based company that markets and distributes coupons and newspaper advertising inserts (NYSE:VCI), and certain of its officers and directors by stockholders who purchased the company's common stock between April 25, 2002 and October 23, 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.
A class action has been filed against Tempur-Pedic International, Inc. (TPX), certain of its officers and directors by stockholders who purchased the company's common stock between April 22, 2005 and September 19, 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 Willbros Group, Inc. (NYSE:WG), certain of its officers and directors by stockholders who purchased the company's common stock between May 06, 2002 and May 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 Par Pharmaceutical Companies, Inc. (PRX), certain of its officers and directors by stockholders who purchased the company's common stock between April 29, 2004 and July 5, 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. 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. A securities class action lawsuit was commenced in the United States District Court for the District of Minnesota, on behalf of all persons who purchased Gander Mountain Company securities ("Gander Mountain" or the "Company") (NASDAQ: GMTN) pursuant to the Company's Registration Statement/Prospectus for its Initial Public Offering ("IPO") and on behalf of those who purchased their shares in the open market between April 20, 2004 and January 13, 2005, inclusive (the "Class Period"). |
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