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Case ID: 3057 | Stocks | 01/15/2004
Several class actions have been filed against the Nasdaq Stock Market, Inc. (OTCB: NDAQ) and its President and CEO on behalf of all persons who traded the stock of Corinthian Colleges, Inc. (Nasdaq: COCO) between 10:46 a.m. and approximately 12:30 p.m. on December 5, 2003. The action alleges that the market operators allowed investors to rely on trading decisions for 12 hours only to wrongly cancel all trades at the end of the period. The stockholders seek to recover compensatory damages for the loss of value of the trades they made during the time period.
Beginning at approximately 10:46 a.m. on December 5, 2003, the market price of Corinthian Colleges fell precipitously from $57.45 to as low as $38.97 per share within 12 minutes. At 10:58 a.m., Nasdaq halted trading in the stock, stating that the plunge was caused by misuse or malfunction of an electronic trading system. Nasdaq permitted trading to resume approximately one hour later at 11:55 a.m. When the stock reopened at 11:55 a.m., its price recovered quickly. Approximately 30 minutes after trading resumed, Nasdaq belatedly announced that it would cancel all trades in Corinthian Colleges made between 10:46 a.m. and 10:58:08 a.m. The action alleges that at no time prior to approximately 12:30 p.m. did Nasdaq inform investors that it would cancel all trades in Corinthian Colleges between 10:46 a.m. and 10:58:08 a.m. Therefore, during the period between the time the stock resumed trading at 11:55 a.m. and the time Nasdaq announced the cancellation of such trades at approximately 12:30 p.m., investors made trading decisions in reliance on Nasdaq's statement that trading had resumed and without knowing that Nasdaq would cancel the trades. Nasdaq's belated cancellation of such trades caused injury to those investors. If you traded Corinthian Colleges securities during the applicable time period, you may request that the court appoint you as lead plaintiff, but you must do so on or before February 9, 2004. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs courts to assume that the class members with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class members have the largest financial interest, and have appointed lead plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth. 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 On June 23, 2008, the Judge Victor Marrero granted the motion to appoint Iowa Public Employees' Retirement System; Policemen's Annuity & Benefit Fund of Chicago; Central States, Southeast, Southwest Areas Pension Fund; and State-Boston Retirement System as lead plaintiffs. Further, according to the order, the law firms of Barrack, Rodos & Bacine and Cohen, Milstein, Hausfeld & Toll, P.L.L.C. are approved to serve as co-lead counsel.
A class action has been filed against Viisage Technology, Inc. (NasdaqNM:VISG), certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2004 and March 02, 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. On March 31, 2008, several motions were filed by different groups and individuals to be appointed as lead plaintiffs, lead counsels as well as to consolidate cases. A response to the above mentioned motion was filed on April 17, 2008 by SLM Venture. Just as quickly, a memorandum of law in opposition of consolidating cases, to appoint lead plaintiffs and counsels was filed by Sheet Metal Workers Pension Fund Trust at the same time. A class action has been filed against Morgan Stanley DW, Inc., and certain of its officers and directors by stockholders who purchased the company's common stock between January 01, 1990 and January 20, 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. According to a law firm press release dated June 12, 2008 a class action has been commenced on behalf of an institutional investor on behalf of U.S. citizens who purchased the publicly traded stock of European Aeronautic Defence & Space Co. ("EADS" or the "Company") on the Frankfurt (Frankfurt: EAD.F), Madrid (Mercado Continuo: EAD.MC) and/or Paris (Paris: EAD.PA) stock exchanges.
A class action has been filed against jewelry chain story operator Friedman's Inc. (NYSE: FRM) and certain of its officers and directors by stockholders who purchased the company's common stock between January 26, 2000 and November 11, 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. |
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