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Case ID: 3061 | Stocks | 01/15/2004
Several class actions have been filed against pet health company Virbac Corporation (Nasdaq: VBACE) and certain of its officers and directors by stockholders who purchased the company's common stock between May 3, 2001, and November 12, 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 action alleges that the defendants issued misleading statements about Virbac’s financial health throughout the applicable period. On November 12, 2003, after the markets closed, the company announced that it would delay the release of its results for the quarter and nine months ended September 20, 2003, as well as the filing of its corresponding quarterly SEC 10-Q report, pending completion of an internal investigation being conducted by the company’s audit committee. The company also stated that during the course of their quarterly review, Virbac’s outside auditors, Pricewaterhouse Coopers, raised questions relating to certain of the company’s revenue recognition and inventory accounting practices. As a result, the auditing committee has retained outside counsel to conduct an internal inquiry in response to the issues raised by Pricewaterhouse. The market reacted swiftly to the news, Virbac stock taking a beating with a 22% fall, or $1.85 per share, before being halted by Nasdaq at 10:46 a.m. the day of the press release. The stock was $6.50 per share at the time trading was halted. As of January 2004, trading has not resumed. 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 April 16, 2008, the complaint charges Walgreen and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Walgreen operates a chain of drugstores in the United States.
According to a press release dated April 14, 2008, a class action has been commenced on behalf of purchasers of the common stock of iStar Financial Inc. pursuant and/or traceable to the Company’s secondary public offering on or about December 13, 2007, seeking to pursue remedies under the Securities Act of 1933.
According to a press release dated March 25, 2008, the Complaint alleges that Merrill Lynch violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic “auctions.” Auction rate securities generally have long-term maturities or no maturity dates.
On February 20, 2008, a motion to consolidate cases was filed by National City Corporation and certain individuals. As a result, a partial opposition to the above mentioned motion was filed on March 07, 2008. In response to the partial opposition, a reply in support of the motion to consolidate cases was filed by National City Corporation on March 19, 2008. The case continues with a motion to appoint lead plaintiffs and counsels filed by Skandia Life Insurance on March 24, 2008. As a response to the motion mentioned above, an order granting the appointment of lead plaintiffs and counsels was entered on April 01, 2008. In addition, two orders denying the motion to appoint lead plaintiffs and counsels of certain groups were entered on April 04, 2008. Last but not least, on May 06, 2008, the court granted an order on the withdrawal of Skandia Life Insurance Company LTD as counsel.
A class action has been filed against Molex Incorporated (NasdaqNM:MOLXE), certain of its officers and directors by stockholders who purchased the company's common stock between July 27, 2004 and February 14, 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 GlaxoSmithKline PLC (NYSE:GSK), certain of its officers and directors by stockholders who purchased the company's common stock between February 21, 2001 and August 05, 2004. 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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