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Case ID: 3098 | Stocks | 01/26/2004
Several class actions have been filed against interactive toy- and book-maker LeapFrog Enterprises, Inc. (NYSE:LF) and certain of its officers and directors by stockholders who purchased the company's common stock between August 20, 2003, and October 21, 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' statements about its sales projections were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts: (1) that LeapFrog was aware that its retail customers' orders were less than LeapFrog had forecast; (2) that the company was aware that Mattel's PowerTouch was outperforming LeapFrog's LeapPad line because LeapFrog's retail customers had decreased or not placed additional orders for LeapFrog products; (3) that LeapFrog was aware that its third quarter 2003 projections would not be met because retail customers' orders were less than expected and some retail customers had delayed shipment until the fourth quarter 2003; and (4) that as a result of the foregoing, the defendants lacked a reasonable basis for their sale projections for the company. On October 21, 2003, LeapFrog announced that it missed its third quarter 2003 sales projection of $225 to $235 million with net sales for the third quarter of $203.9 million. The company indicated that sales projections were not met because retail customers' orders were less than expected, and some retail customers had delayed shipment until the fourth quarter 2003. The market reacted swiftly to this news, with LeapFrog stock falling 25%, or $11.65 per share, to close at $34.89 per share on October 22, 2003. If you bought LeapFrog common stock between August 20, 2003, and October 21, 2003, and sustained damages, you may request appointment by the court as a lead plaintiff no later than February 2, 2004. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain other counsel of your choice, to serve as your counsel in this action. Alternatively, you may choose not to take any action and remain a silent member of the class. 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 The parties have reached a proposed $5 million settlement in a class action against First Union National Bank on behalf of investors in Cyprus Funds, a company that ran a multimillion-dollar securities investment scheme. First Union was accused of aiding and abetting the fraud.
According to a press release dated December 13, 2008, the complaint alleges on December 4, 2008, the Company announced that it would restate its quarterly financial results for the first and second fiscal quarters of 2008. According to a press release dated April 10, 2008, the complaint charges Inverness Medical and certain of its officers and directors with violations of the Securities Act. Inverness Medical engages in the development, manufacture, and marketing of consumer and professional medical diagnostic products, as well as a range of vitamins and nutritional supplements worldwide.
A $4 billion class action lawsuit was filed on behalf of shareholders of Biovail Corporation against a variety of defendants including SAC Capital Management LLC and its founder, Gradient Analytics (formerly known as Camelback Research Alliance), and Banc of America Securities LLC, New York, as well as one of its securities analysts. Specifically, the lawsuit states that the action arises from a massive, illegal and continuing stock market manipulation scheme, which targeted the common stock of Biovail and severely harmed its investors, and which has resulted in immense ill-gotten profits for S.A.C. Capital and other extremely powerful hedge funds According to a press release dated August 7, 2008, a class action has been commenced on behalf of all persons who acquired KKR Financial Holdings, LLC (“KFN”) (NYSE:KFN) common stock pursuant or traceable to the Company’s false and misleading Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with its May 4, 2007 merger and share issuance (“Merger”).
A class action has been filed against Citadel Security Software Inc. (NASDAQ: CDSS), a TX based provider of technology for security systems, and certain of its officers and directors by stockholders who purchased the company’s common stock between February 12 2004 and December 16, 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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