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Case ID: 3047 | Stocks | 01/07/2004
Several class actions have been filed against jewelry retailer Friedman's, Inc. Friedman's, Inc. (NYSE: FRM, formerly Nasdaq: FRDM) and certain of its officers and directors by stockholders who purchased the company's common stock between January 26, 2000, through November 17, 2003, and all those who purchased Friedman's shares in its offering on February 11, 2002, for $9.50 per share and its offering on September 18, 2003, for $15.00 per share. 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 failed to disclose that Friedman's understated its allowance for doubtful accounts and credit losses. In addition, the defendants allegedly failed to write off receivables that they knew were worthless in order to artificially inflate the company's operating results. As a result, Friedman's financial results reported during the class period were allegedly misstated. On November 11, 2003, Friedman's announced that it would increase its allowance for doubtful accounts resulting in a charge of as much as $0.43 per share for 2003. The company also announced that its CFO had been placed on "leave" as a result of government investigations. On this news, shares of Friedman's fell approximately 40%. On November 17, 2003, Friedman's admitted that it would restate its financial statements for fiscal years 2000 through 2002, and for the first three quarters of fiscal year 2003. In response to this news, its stock price dropped as low as $5.38 on November 18, 2003, and closed at $6.07 per share, down an additional 18% from the previous day's close. During the applicable period, Friedman's had traded as high as $17.50 per share. If you purchased or otherwise acquired Friedman's securities during the applicable period and wish to act as a lead plaintiff, you must request appointment by the court to act in that capacity no later than January 13, 2004. 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 GMH Communities Trust (GCT), certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2004 and March 10, 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. 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"). A class action has been filed against Lazard Ltd. (NYSE:LAZ), certain of its officers and directors by stockholders who purchased the company's common stock between May 04, 2005 and May 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 class action has been filed against online sports information provider Sportsline.com Inc. (Nasdaq: SPLN) and certain of its officers and directors by stockholders who purchased the company's common stock between May 15, 2001, and September 25, 2003.
Market timing scandals are sweeping the marketplace. 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 parties have reached a tentative $750,000 settlement of a class action filed against adult entertainment and multimedia enterprise Metro Global Media, Inc. (Pink Sheets: MGMA, formerly OTCBB: MGMA) and certain of its officers and directors by stockholders who purchased the company's common stock between September 13, 1996, and September 13, 1999. To recover under the settlement, a completed proof of claim postmarked no later than October 27, 2003, must be mailed to the claims administrator.
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