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Case ID: 2792 | Stocks | 01/05/2005
A class action has been filed against privately-held Strong Financial Corporation and several related entities by investors who purchased shares in any Strong mutual fund between October 1, 1998, and July 3, 2003. The action claims that the defendants violated federal securities laws by failing to disclose that they improperly allowed certain hedge funds, including Canary Capital Partners and certain related entities to engage in "timing" of the funds' securities. The investors seek to recover compensatory damages for the loss of value of their securities.
Timing is excessive arbitrage trading undertaken to turn a quick profit. Timing injures ordinary mutual fund investors, who are not allowed to engage in this practice. The action alleges that, in return for receiving extra fees from Canary and other favored investors, Strong Financial Corporation and its subsidiaries allowed and facilitated Canary's timing activities, to the detriment of class members, who paid, dollar for dollar, for Canary's improper profits. These practices were undisclosed in the funds' prospectuses, which falsely represented that the funds actively policed against timing. The Strong funds involved are the following:Strong Advisor Bond Fund 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 Fox Entertainment Group, Inc. (NYSE:FOX), a entertainment company and certain of its officers and directors by stockholders who purchased the company's common stock between January 10, 2005, and the date that News Corp. consummates its purchase of Fox. 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 Sipex Corporation (NasdaqNM:SIPX), and certain of its officers and directors by stockholders who purchased the company's common stock between April 11, 2003 and January 20, 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. A class action lawsuit has been filed in the United States District Court for the District of New Jersey, on behalf of all persons who purchased the common stock of Pharmos Corp. ("Pharmos" or the "Company") [Nasdaq:PARS] between May 5, 2003 and December 17, 2004, inclusive, (the "Class Period") against defendants Pharmos and certain officers of the Company. The U.S. Securities and Exchange Commission and the New York Stock Exchange has reached a $241,823,257 settlement in an enforcement action against five NYSE specialist firms, on behalf of investors who were harmed by the firms’ activities. The five settling specialist firms are Bear Wagner Specialists LLC; Fleet Specialist, Inc.; LaBranche & Co., LLC; Spear, Leeds & Kellogg Specialists LLC; and Van der Moolen Specialists USA, LLC. Persons who think they may be eligible to take part in the settlement should contact the listed Securities and Exchange Commission officers. A class action has been filed against Lernout & Hauspie Speech Products, N.V. (LHSP), certain of its officers and directors by stockholders who purchased the company's common stock between April 28, 1998 and November 8, 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. Several class actions have been filed against entertainment broadcaster the Walt Disney Company (NYSE: DIS) and certain of its officers and directors by stockholders who sold the company's common stock on February 9, 2004, or February 10, 2004. The actions claim that the defendants violated federal securities laws by failing to disclose that Comcast Corporation’s CEO had approached Disney with an offer to merge Disney and Comcast. |
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