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Case ID: 3029 | Stocks | 01/02/2004
A class action has been filed against telecommunications company Allegiance Telecom, Inc. (OTC:ALGXQ) and certain of its officers and directors by stockholders who purchased the company's common stock between April 24, 2001, and February 19, 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. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The action alleges that the defendants artificially inflated the price of the company’s common stock by disseminating misleading statements concerning its business operations and financial performance. This was allegedly done by misstating the number of installed communications lines operated by the company, among other things. The action also alleges that the company filed erroneous 10-Q reports with the SEC during the applicable period, so that its problems would not become public knowledge. On February 19, 2002, Allegiance released a revised estimate of installed lines that was 125, 000 fewer than its earlier releases stated— allegedly no less than a 14% downward adjustment. After the February 19, 2002 informational release, Allegiance Telecom stock prices fell 28% by the next day. 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 FindWhat.com (NasdaqNM:FWHT), certain of its officers and directors by stockholders who purchased the company's common stock between January 05, 2004 and May 04, 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 accounting firm Ent & Imler Group, P.C. (ENTCPA) and certain of its officers and directors by stockholders who purchased investment notes offered by the firm on behalf of the Church Extension of the Chruch of God between April 30, 1998 and April 30, 2002. 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 securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against software company The Reynolds & Reynolds Company (NYSE:REY) and certain of its officers and directors by stockholders who purchased the company's common stock between January 22, 2003, and June 24, 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. A class action has been filed against Internet security and Virtual Private Network solutions provider Check Point Software Technologies Ltd. (Nasdaq: CHKP) and certain of its officers and directors by stockholders who purchased the company's common stock between July 10, 2001, and April 4, 2002. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Digimarc Corporation, a supplier of secure media solutions used in security, identification and digital media applications based in Tualatin, OR, (NASDAQ: DMRC) and certain of its officers and directors by stockholders who purchased the company’s common stock between April 17, 2002 and July 28, 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 settlement has been reached in a stockholder action filed against TransFinancial Holdings, Inc. with respect to its alleged mishandling of a management buyout. Under the proposed settlement, claimants will share from the proceeds of a 2.5 Million dollar fund. Claimants who wish to participate in the settlement have until February 8, 2005 to file claims. The settlement will not become final until it has been reviewed and approved by the court at a fairness hearing, which has been scheduled for February 8, 2005. |
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