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Case ID: 2621 | Stocks | 12/29/2004
A class action has been filed against electrical utility holding company FirstEnergy Corporation (NYSE: FE) and certain of its officers and directors by stockholders who purchased the company's common stock between April 24, 2002, and August 5, 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.
The action alleges that FirstEnergy had been improperly accounting for certain of its leased generation plants by assigning such assets inflated values, and had improperly accounted for costs incurred in connection with the deregulation of certain of its businesses by employing an inappropriately long amortization schedule, thereby artificially inflating its reported earnings by material amounts. The stockholders claim that these accounting irregularities had the effect of materially inflating the company's reported assets and income, thereby deceiving investors as to the company's true results and financial condition. On August 5, 2003, FirstEnergy issued a press release and posted a letter on its website announcing that it would be restating its previously reported financial results for all of 2002 and the first quarter of 2003 materially downward, reportedly "to reflect implementation of changed accounting treatments regarding the recovery of transition assets in Ohio and recognition of above-market values of certain leased generation facilities." In reaction to this announcement, the price of FirstEnergy common stock dropped materially, falling from $34.24 per share on August 4, 2003, to close at $31.33 per share on August 5, a one-day loss of 8.5% on unusually high trading volume of 5.4 million shares, which is more than four times the stock's average daily trading volume of 1.2 million shares. 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 against GlaxoSmithKline PLC (NYSE:GSK), certain of its officers and directors by stockholders who purchased the company's common stock between February 21, 2001 and August 05, 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. Unscrupulous venture capitalists can wreck small companies. A class action has been filed against the officers and directors of Internet holding company divine, Inc. (Pink Sheets: DVINQ) by stockholders who acquired the company's common stock in connection of divine’s acquisition of Delano Corporation and eshare Communications in October 2001. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market pursuant to the acquisitions, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages equal to the amount that they invested. InSPIRE Insurance Solutions and plaintiffs in three class actions against it have reached a consolidated settlement for 4.8 Million dollars. Under the terms of the settlement, InSPIRE will create an interest bearing 4.8 million dollar fund from which settlements will be disbursed to class action plaintiffs. The settlement will not become final until it has been reviewed and approved by the court at a fairness hearing scheduled for Match 9, 2005. Class members who want to participate in the settlement have until April 7, 2005 to file a proof of claim form. Proof of claim forms are available on the settlement site. According to a law firm press release, on May 22, 2008 a class action lawsuit was filed on behalf of persons who purchased Auction Rate Securities from Bank of America Corp. (NYSE: BAC), Banc of America Investment Services, Inc., and Banc of America Securities, LLC.
A class action has been filed against Navarre Corp. (NasdaqNM:NAVR), certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2003 and May 31, 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 Eastman Kodak Company (NYSE:EK), certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2003 and September 25, 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. |
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