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Case ID: 3049 | Stocks | 01/21/2005
Several class actions have been filed against mutual fund manager Massachusetts Financial Services Company, its parent, Sun Life Financial, Inc. (NYSE:SLF) and certain of its officers and directors by all purchasers of shares of the MFS Mutual Funds during the period between December 15, 1998 and December 8, 2003. The actions claim that the defendants violated federal securities laws by allowing market timing sales by certain persons and entities. The stockholders seek to recover compensatory damages for the loss of value of their mutual funds.
The wrongful conduct alleged in the lawsuit relates to “timing.' As used, “timing' is an investment technique involving short-term, “in and out'' trading of mutual fund shares to turn a quick profit. The action alleges that timing injures ordinary mutual fund investors who are not allowed to engage in such practices and benefits the mutual fund companies. If you are a member of the proposed class, meaning you are one who purchased any of the mutual funds referenced herein during the applicable period, you may be eligible to serve as a lead plaintiff. To do so, you must request that the Court appoint you no later than February 9, 2004. The funds subject to the lawsuit are as follows: MFS Capital Opportunities Fund 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 According to a press release dated March 25, 2008, a group of investors sued Morgan Stanley on Tuesday over the brokerage's alleged deceptive marketing of auction-rate securities. A class action has been filed against Eastman Kodak Company (NYSE:EK), certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2003 and September 25, 2003. 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. Centro Properties is fighting a $1 billion-plus joint class actions launched by disgruntled investors who bought in when the stock was riding high, only to find it was near collapse.
A class action has been filed against Catalina Marketing Corporation (NYSE: POS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2002, and June 30, 2003. A class action has been filed against Tripos, Inc. (Nasdaq: TRPS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 9 and July 1, 2002. A class action has been filed against crude oil marketer and transporter EOTT Energy Partners, L.P. (OTCBB: EOTTV, formerly NYSE: EOT and Pink Sheets: EOTPQ) and certain of its officers and directors by investors who purchased the company's units between July 2, 2001, and January 22, 2002. |
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