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Case ID: 3119 | Stocks | 02/02/2004
The class has been certified in numerous consolidated class actions filed against clothier Abercrombie & Fitch Company (NYSE:ANF) and certain of its officers and directors by stockholders who purchased the company's common stock between October 8, 1999, and October 13, 1999. 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.
Wall Street expectations for A&F's same-store sales growth for the third quarter of 1999 were for a figure between 15 to 17 percent. On Friday, October 8, 1999, Fogel called Lazard Freres securities analyst Todd Slater and left a voice mail message warning that A&F's same-store sales growth would fall short of Wall Street expectations. During the afternoon of October 8, there was heavy trading in A&F stock. The price declined from a high of $39.75 per share to close at $34 per share. Beginning late in the afternoon on the same day and continuing through the weekend and into Monday and Tuesday, October 11 and 12, securities analysts called A&F seeking an explanation for the price drop and heavy trading of the 8th. The complaint alleged that subsequent reports and comments by securities analysts quoted "senior management" of A&F as stating that the price weakness of October 8 "was due to unfounded speculation, unfounded rumors, and fears that were untrue." The analysts also allegedly set forth their own estimates of growth in the same-store sales for the third quarter, and that these estimates ranged from 7 to 10 percent. On the morning of October 13, A&F issued a press release stating that in the current quarter, same-store sales had increased 12 percent. Following the issuance of this press release, A&F's share price dropped to a low of $23.3175 per share on October 13 and closed that day at $26.3125 in extremely heavy trading. 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 A class action has been filed against CSK Auto Corporation (CAO), certain of its officers and directors by stockholders who purchased the company's common stock between September 2, 2004 and March 24, 2006. 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 February 25, 2008, several motions to dismiss for lack of jurisdiction by certain individuals were filed. A motion for leave to file a first amended class action complaint and incorporate memorandum of law by certain individuals were filed on April 25, 2008. On May 27, 2008, the Court entered the Order signed by Judge Gregory A. Presnell denying as moot motions to dismiss for lack of jurisdiction and granting in part and denying in part motion for leave to file a First Amended Class Action Complaint.
A class action has been filed in the Eastern District Court of New York against OSI Pharmaceuticals, Inc.(NASDAQ: OSIP), a New York based biopharmaceutical company, and certain of its officers and directors by stockholders who purchased the company's common stock between April, 26 2004 and November 18, 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. A class action has been filed against American International Group, Inc. (AIG) : Shelf-Space Funds (AIG), certain of its officers and directors by stockholders who purchased the company's common stock between June 30, 2000 and June 8, 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 in the District Court of Massachusetts against Praecis Pharmaceuticals (NASDAQ:PRCS), a Massachusetts based pharmaceutical company, and certain of its officers and directors by stockholders who purchased the company's common stock between November 25, 2003 and December 6, 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. A class action has been filed against Herley Industries, Inc. (HRLY), certain of its officers and directors by stockholders who purchased the company's common stock between October 1, 2001 and June 14, 2006. 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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