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Case ID: 2635 | Stocks | 12/11/2003
The parties have reached a tentative $4.88 million partial settlement of a class action filed against FPA Medical Management, Inc. and certain of its officers and directors by stockholders who purchased the company's securities between February 3, 1997, and May 14, 1998. 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. To recover under the settlement, a completed proof of claim postmarked no later than November 25, 2003, must be mailed to the claims administrator.
This settlement is with certain of FPA Medical Management's former officers, and its former largest stockholder. FPA Medical Management filed for bankruptcy and is no longer a defendant in this action. An earlier partial settlement for $4.4 million was reached with Deloitte & Touche LLP, FPA's former auditor. The settlement will not be effective until the court grants it final approval. The court has scheduled a hearing on the matter for October 14, 2003. 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 pharmaceutical company Taro Pharmaceutical Industries, Ltd. (Nasdaq:TARO) and certain of its officers and directors by stockholders who purchased the company's common stock between February 20, 2003, and July 29, 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. Several class actions have been filed against amorphous alloy manufacturer Liquidmetal Technologies, Inc. (Nasdaq:LQMTE) and certain of its officers and directors by stockholders who purchased the company's common stock between May 21, 2002, and March 30, 2004, including those who acquired shares pursuant to the company’s May 21, 2002, initial public offering. 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. It may be time for greater government oversight of mutual fund companies. Several class actions have been filed against the Lord Abbett family of mutual funds (various stock symbols) and certain of the officers and directors both Lord Abbett & Company, LLC by investors who purchased Lord Abbett mutual funds between February 6, 1999, to November 17, 2003. The actions claim that the defendants violated federal securities laws by drawing upon the assets of the Lord Abbett Funds to pay brokers to aggressively push Lord Abbett Funds over other funds, and then concealing the payments from investors by disguising them as brokerage commissions. A class action has been filed against Workstream, Inc. (WSTM), certain of its officers and directors by stockholders who purchased the company's common stock between January 14, 2005 and April 14, 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 lawsuit has been filed against Patterson Companies, Inc. (NasdaqNM:PDCO), certain of its officers and directors by stockholders who purchased the company's common stock between February 24, 2005 and May 25, 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. On April 28, 2008, a motion to appoint Plumbers’ Union Pension Fund as lead plaintiff was filed.
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