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Case ID: 2729 | Stocks | 07/19/2004
A class action has been filed against clothing manufacturer Warnaco Group, Inc. (Nasdaq: WRNC) and certain of its officers and directors by stockholders who purchased the company's common stock between December 11, 1997, and July 20, 2000. 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 the defendants made false and misleading statements about the strong sales of Warnaco's existing Calvin Klein products, and its purported strong revenues and earnings, together with the quality and value of its inventory. According to the stockholders, the defendants engaged in a fraudulent scheme and course of business that (1) deceived the investing public regarding Warnaco's prospects and business; (2) artificially inflated the prices of Warnaco's common stock; (3) allowed the defendants to sell over 1 million shares of their Warnaco stock for $14.6 million in insider trading proceeds; (4) allowed the defendants to use Warnaco stock as currency to fund its stock-for-stock acquisitions; and (5) caused class members to purchase Warnaco common stock at inflated prices. Although the trial court dismissed the case on April 25, 2002, the United States Court of Appeals for the Second Circuit reversed that decision and reinstated the action on July 7, 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 A class action has been filed against ConAgra Foods, Inc. (NYSE:CAG), certain of its officers and directors by stockholders who purchased the company's common stock between September 18, 2003 and June 07, 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. According to a press release dated March 19, 2008, a class action lawsuit was filed on behalf of persons who purchased Auction Rate Securities from TD Ameritrade Holding Corporation and TD Ameritrade, Inc., formerly known as TD Waterhouse Investor Services, Inc. during the Class Period and who continued to hold such securities as of February 13, 2008. Several class actions have been filed against biopharmaceutical research company Allos Therapeutics, Inc., (Nasdaq:ALTH) and certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2003, and April 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. A class action has been filed against neonatal and perinatal physician services provider Pediatrix Medical Group, Inc. (NYSE: PDX) and certain of its officers and directors by stockholders who purchased the company's common stock between April 17, 2002, and June 23, 2003. The parties have reached a tentative $3 million settlement in several consolidated actions filed against manufacturer and distributor of digital subscriber line (DSL) products Paradyne Networks, Inc. (Nasdaq:PDYN) and certain of its officers and directors by stockholders who purchased the company's common stock between March 20, 2000, and September 28, 2000. The actions allege that the defendants misled stockholders about its future earnings in violation of federal securities laws. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than July 12, 2004. Several class actions have been filed against retail clothing giant Tommy Hilfiger Corporation (NYSE: TOM) and certain of its officers and directors by stockholders who purchased the company's common stock between November 3, 1999 and September 24, 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.
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