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Case ID: 2784 | Stocks | 07/19/2004
A class action has been filed against online sports information provider Sportsline.com Inc. (Nasdaq: SPLN) and certain of its officers and directors by stockholders who purchased the company's common stock between May 15, 2001, and September 25, 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 issued a series of false and misleading statements regarding Sportsline's (1) advertising base and its ability to mitigate overall diminished media spending; (2) ability to reach positive EBITDA in the fourth quarter of 2002; (3) successful integration of its fantasy products and their positive impact on the company's overall growth and presence in the Internet sports media industry; and (4) ability to increase the company's value through the acquisition of the MVP.com store. In fact, according to the stockholders, the defendants knew and failed to disclose (1) the company's fantasy sports business was not as significant a revenue source as the company portrayed it to be; (2) revenue derived from advertising sales was diminishing and CBS was contributing significantly less advertising revenue than disclosed; (3) a positive EBITDA could only be achieved by hiding expenses and improperly classifying discontinued operations; and (4) MVP.com's assets did not yield promised value. On September 26, 2003, Sportsline shocked the market by revealing that the company was reducing its previous revenue and earnings forecasts for the third quarter and full year 2003 and that it was restating its reported financial results for the past two and a half years. In response to the company's devastating news, Sportsline's stock price plummeted by more than 30% on volumes of about eight times the daily average.
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 SureBeam Corporation (Nasdaq: SUREE, formerly SURE), which provides electronic irradiation systems and services for the food industry, and certain of its officers and directors by stockholders who purchased the company's common stock between March 16, 2001 and August 20, 2003. The stockholders seek to recover compensatory damages for the loss of value of their stock. The parties have reached a tentative $10.2 million settlement of a class action filed against managed healthcare company Physician Corporation of America (Nasdaq: PCAM) and certain of its officers and directors by stockholders who purchased the company's common stock between March 31, 1996, and March 31, 1997, and still owned the stock on the latter date. To recover under the settlement, a completed proof of claim postmarked no later than December 22, 2003, must be mailed to the claims administrator.
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.
A class action has been filed against Constar International Inc. (Nasdaq: CNST), a global producer of polyethylene terephthalate (PET) plastic containers for food and beverages, and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to Constar's November 2002 Initial Public Offering.
Several class actions have been filed against pharmacy benefit management company Express Scripts, Inc., (Nasdaq:ESRX) and certain of its officers and directors by stockholders who purchased the company's common stock between October 29, 2003, and August 3, 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 21, 2008, a motion to appoint J & J Productions Pension Plan and certain individuals as lead plaintiffs and lead counsels was filed.
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