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Case ID: 2761 | Stocks | 01/05/2005
A class action has been filed against entertainment software company Midway Games, Inc. (NYSE: MWY) and certain of its officers and directors by stockholders who purchased the company's common stock between December 11, 2001, and July 30, 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 the defendants' statements were materially false and misleading because they failed to disclose, or misrepresented, the following material adverse facts: 1. That the company was experiencing material disruptions in its internal studios such that it would be unable to meet the expected release dates for its major new game titles. 2. That the company's inability to develop new game titles in a timely manner was negatively impacting its ability to increase revenues and earnings. 3. That the company was experiencing decreased consumer demand for its released products. 4. That, as a result, the defendants lacked a reasonable basis for their earnings projections for the company, which were therefore materially false and misleading. 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 hospice operator Vistacare, Inc. (Nasdaq:VSTA), and certain of its officers and directors by stockholders who purchased the company's common stock between November 6, 2003, and August 5, 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 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. Custom Designed Compressor Systems, Inc. Issued Materially False And Misleading Financial Statements A class action has been filed against Custom Designed Compressor Systems, Inc. CPYJ.PK, certain of its officers and directors by stockholders who purchased the company's common stock between September 14, 2004 and October 22, 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. On March 11, 2008, a motion to appoint certain individual as lead plaintiff and to appoint Abraham Fruchter & Twersky LLP as lead counsel was filed. As a result, on March 14, 2007, the Court granted motion to name a certain individual as Lead Plaintiff and appointing Abraham Fruchter & Twersky LLP as Lead Counsel. An Amended Class Action Complaint For Violation Of Federal Securities Law was filed on March 24, 2008. On April 3, 2008, an order denying the motion for undertaking and directing amendment of the caption was denied as moot. The defendant filed motion to dismiss the Amended Complaint on April 25, 2008, which is currently pending before the court.
A class action has been filed against DreamWorks Animation SKG, Inc. (NYSE:DWA), certain of its officers and directors by stockholders who purchased the company's common stock between October 27, 2004 and May 10, 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 June 19, 2008, an Order in regards to early settlement was entered. A stipulation and Order was entered on July 02, 2008 and the case is closed. However, this matter is remanded to the Superior Court of Washington for King County.
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