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Case ID: 2691 | Stocks | 12/29/2004
A class action has been filed against healthcare finance company DVI, Inc. (Pink Sheets: DVIXQ, formerly Pink Sheets: DVIX and NYSE: DVI) and certain of its former officers by stockholders who purchased the company's common stock between November 7, 2001, and August 13, 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 individual defendants are Michael A. O'Hanlon, former president and chief executive officer of DVI, and Steven R. Garfinkel, DVI's former chief financial officer. The action alleges that, throughout this time period, the defendants engaged in a fraudulent scheme to deceive the public as to DVI's true financial condition. The defendants allegedly failed to disclose material adverse facts, including the company's failure to write down the value of certain impaired assets; its failure to properly account for and report non-recurring transactions; its failure to adopt adequate internal controls; and its material overstatement of its assets and earnings. On August 13, 2003, after the market closed, the defendants issued a press release revealing that DVI intended to file for Chapter 11 bankruptcy protection but it had not yet secured debtor-in-possession financing. The company blamed its dire situation on the "recent discovery of apparent improprieties in its prior dealings with lenders involving misrepresentations as to the amount and nature of collateral pledged to lenders." In the same release, the defendants announced that DVI's Chief Financial Officer, defendant Steven Garfinkel, had been placed on administrative leave. This revelation came after the defendants announced that DVI's auditor, Deloitte & Touche LLP, had resigned over a dispute concerning the company's accounting for certain transactions; that the company had depleted all availability on its credit facilities; that DVI failed make interest payments on its 9 7/8 percent senior notes due to severe liquidity constraints; and that the SEC had rejected the company's filing of its quarterly report for the third quarter of 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 On July 23, 2003, the court granted final approval to the parties' $2 million settlement of several class actions filed against financial services company Towne Services, Inc. (formerly Nasdaq: TWNE) and certain of its officers and directors by stockholders who purchased the company's common stock between June 23 and October 13, 1999. To recover under the settlement, a completed proof of claim postmarked no later than September 15, 2003, must be mailed to the claims administrator. According to a law firm press release, the complaint charges BankUnited and certain of its officers and directors with violations of the Securities Exchange Act of 1934. BankUnited is the holding company for BankUnited, FSB, which provides consumer and commercial banking products and services to consumers and businesses located primarily in Florida.
On October 09, 2008, an order scheduling an initial pre-trial conference was entered.
According to a press release dated October 9, 2008, the complaint charges Biovail and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Biovail is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. The case was removed from the State Supreme Court by the Defendants to the U.S. Federal District Court in the Southern District of New York on October 22, 2008.
A class action has been filed against LaBranche & Company, Inc. (NYSE: LAB) and certain of its officers and directors by stockholders who purchased the company's common stock between January 25, 2000, and October 15, 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. Several class actions have been filed against telecommunications provider Global Crossing, Ltd. (Nasdaq:GLBC) and certain of its officers and directors by stockholders who purchased the company's common stock between December 24, 2003, and April 26, 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. |
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