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Case ID: 2790 | Stocks | 07/22/2004
A class action has been filed against National Australia Bank, Ltd. (NYSE: NAB) and certain of its officers and directors by stockholders who purchased the bank's ADRs between April 1, 1999, and September 3, 2001. 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 ADRs.
The action alleges that bank subsidiary HomeSide Lending, Inc. knowingly used unreasonably optimistic valuation methodologies in connection with financial modeling of its $180 billion mortgage servicing portfolio. As a result, the stockholders claim, the bank's financial condition was materially overstated during the time period involved. These unreasonably optimistic valuation methodologies were revealed on September 3, 2001, when the bank announced that it would write off $1.75 billion due to problems at HomeSide. In reaction to this news, when trading resumed on September 4, 2001, the price of the bank's ADRs fell to $78.40 from $88.64. The action names as defendants National Australia Bank; HomeSide Lending, Inc.; Frank Cicutto; Hugh Harris; Kevin Race; and W. Blake Wilson. 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 The class has been certified in a class action filed against food processor Tyson Foods, Inc., and certain of its officers and directors, consisting of all persons who purchased IBP, Inc., common stock on or before March 29, 2001, and subsequently sold them between March 30, 2001, and June 15, 2001. 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. The court has dismissed the class-action lawsuit filed against transportation company Interpool, Inc. (Pink:IPLI)) and certain of its officers and directors by stockholders who purchased the company's common stock between March 27, 2001, and December 29, 2003. The actions claimed 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 LeapFrog Enterprises, Inc. (NYSE:LF), certain of its officers and directors by stockholders who purchased the company's common stock between February 11, 2004 and October 18, 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 parties have reached a $90 million settlement in an enforcement action filed by the SEC against mutual fund manager Pilgrim Baxter & Associates, Ltd., on behalf of stockholders who purchased the company’s mutual funds between 1996 and December 2001. 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 March 25, 2008, a motion to appoint lead plaintiff and counsel was filed by Robotti & Company. As a result, a response to the above mentioned motion to appoint lead plaintiff and counsel was filed on April 11, 2008 by several individuals. As this case proceeds, the court has not made its order to appoint lead plaintiffs and counsels yet.
Several class actions have been filed against medical information technology systems company IMPAC Medical Systems, Inc. (Nasdaq:IMPCE), and certain of its officers and directors by stockholders who purchased the company's common stock between November 20, 2002, and May 13, 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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