|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 3032 | Stocks | 01/02/2004
Several class actions have been filed against the Excelsior family of funds (various stock symbols) by stockholders who purchased the company's common stock between December 12, 1998, and November 16, 2003. The actions claim that the defendants violated federal securities laws by allowing certain persons and entities to engage in timed trading in the shares of the funds, in violation of federal securities laws. The stockholders seek to recover compensatory damages for the loss of value of their stock.
The action alleges that, throughout the applicable period, certain of the defendants failed to disclose that they improperly allowed certain favored investors to engage in timed trading in the shares of the funds. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and are acknowledged as improper practices by the funds. The defendants allegedly allowed and facilitated timing activities in the funds, to the detriment of class members, who paid for improper profits made by those favored investors. These practices were undisclosed in the prospectuses of the funds, which falsely represented that the funds actively police against timing and discourage it using a number of tools. If you bought the securities of any of the funds between December 12, 1998, and November 16, 2003, you may, no later than January 20, 2004, request that the court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. The funds named in the action, and their respective symbols, are as follows: Excelsior California Tax Exempt Income Fund (UMCAX) 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 Southern District Court of New York against Royal Group Technologies, Ltd, (NYSE: RYG) a global manufacturer of polymer-based home improvement, consumer and construction products, and certain of its officers and directors by stockholders who purchased the company's common stock between February 11, 2004 and October 13, 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. Several class actions have been filed against computer technology giant Hewlett-Packard Company (NYSE:HPQ) and certain of its officers and directors by stockholders who sold the company's common stock between September 4 and November 5, 2001. The actions claim that the defendants violated federal securities laws by failing to disclose Director Walter Hewlett's opposition to the 2001 merger with Compaq Computer Corporation, thereby artificially deflating the price of the company's securities. A class action has been filed against Brocade Communication Systems, Inc. (NasdaqNM:BRCD), certain of its officers and directors by stockholders who purchased the company's common stock between February 21, 2001 and May 15, 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. Several class actions have been filed against energy holding company TECO Energy, Inc. (NYSE:TE), and certain of its officers and directors by stockholders who purchased the company's common stock between October 30, 2001, and February 4, 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. A class action has been filed against lender MicroFinancial, Inc. (NYSE: MFI) and certain of its officers and directors by stockholders who purchased the company's common stock between February 5, 1999, and October 30, 2002. The stockholders seek to recover compensatory damages for the loss of value of their stock.
A class action has been filed against Fox Entertainment Group, Inc. (NYSE:FOX), a entertainment company and certain of its officers and directors by stockholders who purchased the company's common stock between January 10, 2005, and the date that News Corp. consummates its purchase of Fox. 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. |
IT'S FREE
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
