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Case ID: 3059 | Stocks | 01/15/2004
The parties have reached a tentative $32 million settlment of several class actions filed against CBT Group, PLC, a subsidiary of e-learning company Skillsoft, PLC (Nasdaq: SKIL) and certain of its current and former officers and directors by persons who purchased American depositary shares issued by CBT Group during the period from April 14, 1998, through October 1, 1998. 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 depositary shares. A claims deadline apparently has not yet been set at this time.
When the truth regarding CBT's financial and business prospects became known, the price of its depositary shares dropped precipitously. Indeed, in the fourteen trading days prior to the filing of this action, the Company's depositary shares, which trade on NASDAQ, lost more than eighty-five percent (85%) of their value. On October 1, 1998, following the dramatic collapse of CBT stock, the company announced that its chairman, president and CEO James J. Buckley and CFO Richard Y. Okumoto had been ousted from their positions at the company and replaced by a management team consisting of former board chairman and CEO William McCabe, former CFO Gregory Priest and John Grillos, a member of the CBT board. On that date, McCabe was quoted as saying that recent events had "created a crisis of confidence" in the company and that the board had to "move quickly to address the concerns that have arisen surrounding the company." Following the issuance of the October 1, 1998 press release, the price of CBT's depositary shares traded as low as $6-7/8, well below the $60-plus price they had just a few weeks earlier. Under the terms of the settlement, the Skillsoft will make a $10 million cash payment within 30 days and an additional $6 million payment in mid-2004. The company's insurance carriers will pay an additional $16 million for total settlement payments of $32 million. The settlement will not be effective until the court grants it final approval. The court has scheduled a hearing on the matter for February 27, 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 It was supposed to be the deal of a lifetime -- put down less than $30,000 in cash and get a tax receipt for $100,000. Today, the young Oakville couple who bought that dream are the lead names in a Hamilton law firm's planned nationwide class action suit looking for more than $50 million in damages. A class action has been filed against American International Group, Inc. (AIG) (NYSE:AIG), certain of its officers and directors by stockholders who purchased the company's common stock between October 01, 1999 and March 30, 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 Molina Healthcare, Inc. (NYSE:MOH), certain of its officers and directors by stockholders who purchased the company's common stock between November 03, 2004 and July 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 press release dated September 19, 2008, the complaint charges Oshkosh and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that, during the Class Period, defendants materially misled the investing public, thereby inflating the price of Oshkosh’s common stock, by publicly issuing materially false and misleading statements and omitting to disclose material facts necessary to make defendants’ statements not false and misleading. As alleged in the complaint, these statements and omissions were materially false and misleading in that they failed to disclose the following adverse facts which were known to defendants, or recklessly disregarded by them: (a) that synergies related to Oshkosh’s European facility rationalization program for its refuse business, the Geesink Norba Group, were lower and the cost of such rationalization was higher than represented; (b) that the value of Oshkosh’s European refuse business was impaired and overstated and should have been written down; (c) that Oshkosh’s JLG access-equipment division was experiencing a dramatic decrease in demand; and (d) that, as a result of the foregoing, Oshkosh lacked any reasonable basis to maintain its financial guidance for fiscal 2008.
According to a law firm press release, a class action was filed alleging violations of the federal securities laws on behalf of purchasers of FCStone Group, Inc. The defendants include the Company and members of senior management. The suit is pending in the United States District Court for the Western District of Missouri.
A class action has been filed against The Goodyear Tire & Rubber Company (NYSE: GT) and certain of its officers and directors by stockholders who purchased the company's common stock between March 26, 1999, and October 22, 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. |
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