|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 2875 | Stocks | 09/20/2005
A class action has been filed against Janus Capital Group Inc. and certain related firms by investors who purchased shares in any of the Janus Group of mutual funds between October 1, 1998, and July 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 fund shares. The investors seek to recover compensatory damages for the loss of value of their securities.
The action charges that, throughout this time period, the defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary Capital Partners, to engage in "late trading" and "timing" of the funds' securities. Late trades are trades received after 4:00 p.m. EST that are filled based on that day's net asset value, as opposed to being filled based on the next day's net asset value, which is the proper procedure under Securities and Exchange Commission regulations. Late trading allows favored investors to make use of market-moving information that only becomes available after 4 p.m. and has been compared to betting on a horse race that already has been run. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Late trading and timing injure ordinary mutual fund investors--who are not allowed to engage in such practices--and are acknowledged as improper practices by the funds. In return for receiving extra fees from Canary and other favored investors, Janus Capital Group and its subsidiaries allegedly allowed and facilitated Canary's timing and late trading 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 and represented that post-4 p.m. EST trades would be priced based on the next day's net asset value, and that premature redemptions would be assessed a charge.
Funds InvolvedJanus 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 in the Northern District Court of California against Tripath Technology, Inc., a California based technology company, (NASDAQ: TRPH) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 29, 2004 and October 22, 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 in the Middle District Court of Florida against Anchor Glass Container Corporation (NASDAQ: AGCC) and certain of its officers and directors by stockholders who purchased the company's common stock between September 25, 2003 and November 4, 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 $37 million settlement in an SEC administrative proceeding filed against Symbol Technologies, Inc. (NYSE:SBL) on behalf of stockholders who purchased the company's common stock between February 15, 2000, to October 17, 2002. 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. Persons eligible to take part in the settlement should contact the prosecuting attorneys for more information.
According to the complaint, throughout the Class Period defendants issued public statements which they knew or recklessly disregarded were materially false and misleading I and failed to fully disclose material adverse facts concerning Fremont General's business, operations and prospects. A class action lawsuit was filed on behalf of more than 44,000 borrowers in eight states who took part in a second-mortgage program handled by Guaranty National and Commonwealth Bank of Northern Virginia. The lawsuit alleged the banks and Residential Funding Crop., a former subsidiary of General Motors Acceptance Corp., conspired to mislead borrowers about loan costs, interest rates and the loan's actual value.
A class action has been filed against certain of the officers and directors of now-bankrupt magnetic recording head supplier Read-Rite Corporation (Pink Sheets: RDRTQ, formerly Nasdaq: RDRT) by stockholders who purchased the company's common stock between October 30, 2001, and June 6, 2003. |
IT'S FREE
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
