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Case ID: 2872 | Stocks | 11/10/2003
A class action has been filed against Fred Alger Management, Inc. and certain related companies on behalf of investors who purchased shares in any Alger mutual fund between November 1, 1998, and September 3, 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 funds' securities. The investors seek to recover compensatory damages for the loss of value of their fund shares.
The action alleges that, throughout this time period, the defendants failed to disclose that they improperly allowed certain favored investors, such as defendant Veras Investment Partners, to engage in the "timing" of their transactions in the funds' 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 such practices. In return for receiving extra fees from Veras Investment Partners and other favored investors, Fred Alger Management and the other Alger defendants allegedly allowed and facilitated timing activities by Veras Investment Partners and others, to the detriment of class members, who paid, dollar for dollar, for these favored investors' improper profits. These practices were undisclosed in the prospectuses of the Funds. Funds InvolvedAlger SmallCap Portfolio 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 Veeco Instruments Inc. (NasdaqNM:VECO), and certain of its officers and directors by stockholders who purchased the company's common stock between November 03, 2003 and February 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. A class action has been filed against StockerYale, Inc. (NasdaqNM:STKR), certain of its officers and directors by stockholders who purchased the company's common stock between April 19, 2004 and November 09, 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 securities class action lawsuit was commenced in the United States District Court for the District of Minnesota, on behalf of all persons who purchased Gander Mountain Company securities ("Gander Mountain" or the "Company") (NASDAQ: GMTN) pursuant to the Company's Registration Statement/Prospectus for its Initial Public Offering ("IPO") and on behalf of those who purchased their shares in the open market between April 20, 2004 and January 13, 2005, inclusive (the "Class Period"). A class action has been filed against UnitedHealth Group, Inc. (UNH), certain of its officers and directors by stockholders who purchased the company's common stock between May 4, 2001 and April 7, 2006. 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 April 7, 2008, the case was transferred from the Supreme Court of the State of New York to the U.S. District Court for the Eastern District of New York.
Several class actions have been filed against postsecondary education provider ITT Educational Services, Inc. (NYSE:ESI) and certain of its officers and directors by stockholders who purchased the company's common stock between October 16, 2003, and February 25, 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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