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Case ID: 3038 | Stocks | 01/21/2005
Several class actions have been filed against jewelry manufacturer and seller Topaz Group, Inc. (Amex: TPZ) and certain of its officers and directors by stockholders who purchased the company's common stock between March 21, 2002, and August 20, 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 Complaint alleges that Defendants issued a series of false and misleading financial statements which did not comply with generally accepted accounting principles. Specifically, the defendants allegedly reported Topaz' financial position incorrectly by overstating inventory, understating allowances for doubtful accounts, and improperly recognizing revenue. As a result of the defendants' conduct, stockholders who purchased Topaz shares during the applicable period allegedly did so at artificially inflated prices. If you are a member of the class described above, and would like to serve as a lead plaintiff in the action, you must place your request with the court no later than no later than February 16, 2004. Alternately, you may do nothing and remain a member of the class. 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 Several class actions have been filed against specialty finance company NovaStar Financial, Inc. (NYSE:NFI) and certain of its officers and directors by stockholders who purchased the company's common stock between October 29, 2003, and April 8, 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. Several class actions have been filed against Eaton Vance Corporation, Inc. (NYSE: EV), Eaton Vance Management, Boston Management and Research, Lloyd George Investment Management (B.V.I.) Limited, and Lloyd George Investment Management (Bermuda) Limited and certain individuals by investors who purchased the shares of Eaton Vance mutual funds between January 30, 1999, to November 17, 2003. The actions claim that the defendants violated federal securities laws by drawing upon the assets of the Eaton Vance Funds to pay brokers to aggressively push Eaton Vance Funds over other funds, and concealing those payments from investors by disguising them as brokerage commissions. A class action has been filed against Zale Corporation (ZLC), certain of its officers and directors by stockholders who purchased the company's common stock between February 18, 2005 and May 5, 2006. 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. On March 17, 2008, two motions to appoint certain individuals as lead plaintiffs were filed. While an order denying motion to appoint Inter-Local Pension Fund GCC/IBT as lead plaintiff, it granted motion to appoint U.S. Public Pension Fund instead as lead plaintiff on May 09, 2008.
The parties have reached a tentative settlement apparently valued at approximately $611,000 in action filed against Tengasco CEO M.E. Ratliff and Tengasco, Inc. (Amex:TGC) on behalf of stockholders who purchased the company's common stock between August 1, 2001, and April 22, 2002. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than July 16, 2004. According to the docket, a class action was filed on May 20, 2008 on behalf of all current and former National City Corporation ("National City" or the "Company") employees who acquired National City common stock pursuant and/or traceable to a registration statement filed with the Securities and Exchange Commission ("SEC") on December 1, 2006.
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