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Case ID: 2998 | Stocks | 07/28/2004
A class action has been filed against hazardous waste management company Clean Harbors, Inc. (Nasdaq: CLHB) and certain of its officers and directors by stockholders who purchased the company's common stock between November 19, 2002, and August 14, 2003. 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 stockholders seek to recover compensatory damages for the loss of value of their stock.
The action alleges that by the start of the applicable period, unbeknownst to investors, Clean Harbors was experiencing difficulties integrating the operations of Safety-Kleen Corporation's Chemical Services Division, which it had just acquired. Moreover, the integration process was distracting the Company from its core business, thereby causing the company to experience declining results. Throughout the applicable period, the defendants allegedly projected increasing revenues and earnings for the company, which caused a dramatic increase in the price of Clean Harbors common stock. While the stock was trading at these levels, certain Clean Harbor insiders allegedly sold their personally-held Clean Harbors common stock to the unsuspecting public. In addition, defendant Alan S. McKim allegedly engaged in a forward sale of 200,000 shares of his stock which permitted him to lock in gains in his stock but not suffer from any decline in the price of Clean Harbors stock. On May 14, 2003, Clean Harbors surprised the market by announcing that its EBITDA for the first quarter of 2003 was below the quarterly minimum required by certain covenants in the company's loan agreements and that the company would have to renegotiate the terms of its agreements with its lenders. In response to this announcement, the price of Clean Harbors stock plummeted from $12.89 per share to $10.90 per share on extremely heavy trading volume. The true extent of the problems at Clean Harbors were not finally revealed until August 14, 2003, when it announced that it would miss its earnings targets for the second quarter of 2003 and that it was being negatively impacted by a variety of factors. Following this announcement, the price of Clean Harbors common stock declined further to $6.23 per share. If you bought Clean Harbors publicly traded securities between November 19, 2002 and August 14, 2003, and you wish to serve as lead plaintiff, you must ask the court no later than January 19, 2004. Any member of the proposed class may request to be appointed as lead plaintiff through any class counsel of their choice, or may choose to do nothing and remain an absent class member. 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 Tag-It Pacific, Inc. (TAG), certain of its officers and directors by stockholders who purchased the company's common stock between November 14, 2003 and August 12, 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 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"). InSPIRE Insurance Solutions and plaintiffs in three class actions against it have reached a consolidated settlement for 4.8 Million dollars. Under the terms of the settlement, InSPIRE will create an interest bearing 4.8 million dollar fund from which settlements will be disbursed to class action plaintiffs. The settlement will not become final until it has been reviewed and approved by the court at a fairness hearing scheduled for Match 9, 2005. Class members who want to participate in the settlement have until April 7, 2005 to file a proof of claim form. Proof of claim forms are available on the settlement site. A class action has been filed against LaBranche & Company, Inc. (NYSE: LAB) and certain of its officers and directors by stockholders who purchased the company's common stock between January 25, 2000, and October 15, 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. According to a law firm press release, a class action lawsuit was filed on behalf of all persons who purchased the securities of Fifth Third Bancorp against the Company and its president and chief executive officer, alleging violations under the Securities Exchange Act of 1934.
On March 14, 2008, a consolidation order was entered. As a result, an order closing consolidated cases for statistical purposes was entered on March 20, 2008. In addition, several motions to appoint lead plaintiffs and counsels were filed on April 08, 2008 by different groups and individuals. Just as quickly, several proposed orders in regards to the previous motions to appoint lead plaintiffs and counsels were also entered on April 08, 2008. The case continues with several responses in support of the existing motions to appoint lead plaintiffs and counsels by different groups and individuals, which were filed on April 25, 2008. At the same time, on April 25, 2008, a motion to continue and motion for administrative relief pursuant to civil local rule 7-11 was filed. Hence, a proposed order in response to the motion to continue and motion for administrative relief filed earlier was entered on April 25, 2008. On May 09, 2008, a deadline was set and an order was entered in the matter of allowing different groups to file a supplemental reply in regards to the continuous hearing on motions to appoint lead plaintiffs. As different notices and responses were filed continuously after the deadline has been set, the court made its final order on May 27, 2008, granting and denying different groups and individuals as lead plaintiffs and counsels.
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