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Case ID: 2932 | Stocks | 06/30/2004
A class action has been filed against Boston Communications Group, Inc. (Nasdaq: BCGI) and certain of its officers and directors by stockholders who purchased the company's common stock between June 12 and July 16, 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 company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The action alleges that the defendants issued false and misleading statements, and had a duty to correct these statements, concerning Boston Communications' relationship with Verizon Wireless. Analysts had raised concerns regarding Boston Communications' ability to maintain relationships with its primary customers, which accounted for the majority of its revenue. These concerns included the propensity for Boston Communications' customers to take in-house services formerly outsourced to Boston Communications. To allay investor fears concerning Boston Communications' customer concentration, the company attempted to reassure investors that contract negotiations with Verizon Wireless, and other customers, were continuing as planned, despite a company policy not to do so. On July 17, 2003, however, Verizon Wireless announced its intention to "insource" the services formerly provided by Boston Communications. This announcement caused the price of shares of Boston Communications to plummet, falling 40% on heavy volume. 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 Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Threshold Pharmaceuticals, Inc. ("Threshold" or the “Company”) (Nasdaq:THLD - News) who purchased shares of the Company between February 4, 2005 and July 14, 2006 (the "Class Period"), including purchasers of shares pursuant to Threshold’s February 4, 2005 Initial Public Offering (“IPO”) and its October 12, 2005 follow-on offering, have until September 4, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Southern District of New York. No class has yet been certified in this action. The parties have reached a tentative $4.5 million settlement in several actions filed against PHP Healthcare Corporation and certain of its officers and directors by stockholders who purchased the company's common stock between July 27, 1995, and November 19, 1998. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than May 13, 2004. On May 13, 2008, a motion to appoint Ropeta Group as lead plaintiff and to approve the selection of lead counsel was filed. Just as quickly, a stipulation and order was entered and signed by Judge Julian Abele Cook on May 19, 2008.
A class action has been filed in the Northern District Court of California against Utstarcom, Inc. (NASDAQ: UTSI), a California based communications services company, and certain of its officers and directors by stockholders who purchased the company's common stock between April 16, 2003 and September 20, 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 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 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. A class action has been filed against content management software provider Stellent, Inc. (Nasdaq: STEL) and certain of its officers and directors by stockholders who purchased the company's common stock between October 2, 2001, and April 1, 2002. |
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