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Case ID: 3037 | Stocks | 05/26/2004
Several class actions have been filed against the officers and directors of telecommunications networking equipment provider Redback Networks, Inc. (Nasdaq: RBAKQ) by stockholders who purchased the company's common stock between April 12, 2000, and October 10, 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.
Redback stock traded as high as $179.02 during the applicable period before the company announced bankruptcy. During the that period, the defendants allegedly issued, or caused to be issued, a series of materially false and misleading statements to the marketplace concerning the company's relationship with Qwest Communications International, Inc. The defendants allegedly knew, but failed to disclose, that the only reason Redback was able to report increasing revenues and earnings was through a scheme in which they gave shares of Redback stock to Qwest insiders in exchange for Qwest purchasing large quantities of Redback products. The senior officers named as defendants in the action are Joel M. Arnold, Thomas L. Cronan III, Kevin A. DeNuccio, Pierre R. Lamond, Vinod Khosla, Vivek Ragavan and Dennis P. Wolf. If you acquired Redback common stock between April 12, 2000, and October 10, 2003, and would like to serve as lead plaintiff in the action, you must request appointment by the court no later than February 21, 2004. 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 your claim is typical of the claims of other class members, and that you will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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 Northwest Airlines Corporation (NWACQ.PK), certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2005 and September 14, 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. The complaint charges MF Global and certain of its officers and directors with violations of the Securities Exchange Act of 1934. MF Global is a broker of exchange-listed futures and options.
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. The parties have reached a $100 million administrative settlement in several actions filed against Janus Capital Group, Inc. (NYSE:JNS) and certain of its officers and directors on behalf of shareholders. The agreement between Attorneys General of New York and Colorado, and the Colorado Division of Securities relates to the company’s previously disclosed market timing admissions. Persons eligible to take part in the settlement should contact the prosecuting attorneys. Kahn Gauthier Swick, LLC ("KGS") announces that it has filed suit against Sourcefire, Inc. ("Sourcefire" or the “Company”) (NasdaqGM:FIRE - News), in the United States District Court for the District of Maryland, on behalf of shareholders who purchased shares of the Company in connection with its Initial Public Offering ("IPO") on or about March 9, 2007, or thereafter in the open market. KGS has expanded the lawsuit’s defendants beyond the Company, Board of Directors and CFO, to include the underwriters involved in the Offering (including, Morgan Stanley, Lehman Bros., UBS Securities and Jeffries & Co.), who are each charged with including or allowing the inclusion of materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in direct violation of the Securities Act of 1933. 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. |
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