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Case ID: 2788 | Stocks | 07/22/2004
A class action has been filed against lender MicroFinancial, Inc. (NYSE: MFI) and certain of its officers and directors by stockholders who purchased the company's common stock between February 5, 1999, and October 30, 2002. 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 overstated MicroFinancial's revenues by improperly recognizing millions of dollars of financing income, fees and other revenue arising from delinquent and defaulted commercial leasing, rental and finance contracts that the defendants knew, or recklessly disregarded, were uncollectable because the contracts were unenforceable. The action also alleges that the defendants materially understated MicroFinancial's credit losses on thousands of delinquent customer accounts and certain third-party "dealer receivables" that MicroFinancial never intended to collect. On August 14, 2002, MicroFinancial disclosed that it was the target of a combined federal and state inquiry into the company's leasing and credit collection practices, among other things. Then on October 11, 2002, MicroFinancial stunned the market by announcing that the company would cease any new loan originations as part of a "new business strategy."
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 Catalina Marketing Corporation (NYSE: POS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2002, and June 30, 2003. 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. A class action has been filed in the Southern District Court of New York against Jakks Pacific, Inc. (NYSE: JAKK), a California based toy company and certain of its officers and directors by stockholders who purchased the company's common stock between October 26, 1999 and October 19, 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. The mutual fund industry is under more scrutiny now than ever. Several class actions have been filed against investment broker Edward D. Jones & Company, LP, and certain of its officers and directors by investors who purchased Lord Abbett Funds, American Funds, Federated Funds, Goldman Sachs Funds, Hartford Mutual Funds, Putnam Funds, or Van Kampen Funds through the company between January 25, 1999, and January 9, 2004. The actions claim that the defendants violated federal securities laws by failing to disclose that it was steering its clients to purchase the funds because it was receiving huge incentive payments from the funds. A class action has been filed against Bank One Corporation (NYSE: ONE) and certain of its officers and directors by persons who exchanged their First Commerce Corporation (formerly Nasdaq: FCOM) common stock for shares of Banc One Corporation (as it was then known) common stock pursuant to the registration statement and merger proxy/prospectus issued in connection with the June 12, 1998, merger of First Commerce with, and into, Banc One, and who still owned their Bank One stock on August 24, 1999.
The parties have reached a tentative $2.3 million settlement of a class action filed against dietary supplements maker PharmaPrint, Inc. (Pink Sheets: PPRT, formerly OTCBB: PPRT) and certain of its officers and directors by stockholders who purchased the company's common stock between July 1 and November 15, 1999. |
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