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Case ID: 2626 | Stocks | 12/29/2004
A class action has been filed against Bernard L. Schwartz, chairman and chief executive officer of satellite communications company Loral Space & Communications Ltd. (Pink Sheets and OTCBB: LRLSQ, formerly NYSE: LOR) by stockholders who purchased the company's common stock between June 30 and July 15, 2003. The action claims that the defendant 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.
On July 15, 2003, Loral announced that it had reached an agreement to sell its six North American telecommunications satellites to Intelsat for up to $1.1 billion in cash. In conjunction with this sale, Loral and certain of its subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code. 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 online trader Ameritrade, as well as the American Stock Exchange and certain Amex specialist firms on behalf of investors who sought to execute direct access limit orders to buy or sell options listed at the American Stock Exchange by certain specialist firms and who were wrongfully refused executions and suffered damages between April 2, 2001 and December 3, 2004 inclusive (the "Class Period"). American Express Financial Advisors (AEFA), a division of American Express, was served August 1, 2005 with a motion that asked Federal Court in Arizona to certify a class of more than 500,000 former AEFA clients. The motion was filed by leading plaintiffs attorneys in Arizona. In the Class Certification motion, the former clients allege that AEFA violated fiduciary duties and perpetrated a scheme to defraud its investing clients through the Company's sale of Financial Plans. A class action has been filed against Alliance Capital Management Holding L.P. (NYSE: AC) and certain of its subsidiaries, officers and directors by investors who purchased shares in any AllianceBernstein mutual fund between October 2, 1998 and September 29, 2003.
Several class actions have been filed against dental laser system manufacturer Biolase Technology, Inc. (Nasdaq:BLTI), and certain of its officers and directors by stockholders who purchased the company's common stock between October 29, 2003, and July 16, 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. On April 28, 2008, a motion to appoint Plumbers’ Union Pension Fund as lead plaintiff was filed.
A class action has been filed against PEMSTAR, Inc. (NasdaqNM:PMTR), certain of its officers and directors by stockholders who purchased the company's common stock between January 29, 2003 and January 24, 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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