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Case ID: 3121 | Stocks | 02/02/2004
Several class actions have been filed against book wholesaler Advanced Marketing Services, Inc. (NYSE: MKT) and certain of its officers and directors by stockholders who purchased the company's common stock between January 16, 1999, and January 13, 2004. 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.
During the applicable period, Advanced Marketing Services stock traded as high as $25.00 before it announced that it would restate its previously filed financial statements for each of the fiscal years in the five-year period ending March 31, 2003. The false and misleading statements the defendants are alleged to have issued concern the company's net income, advertising revenue and related costs. Advanced Marketing has announced that the amount of net income that was erroneously stated and will have to be reversed might be more than 10 percent of all net income reported during the affected period. If you bought Advanced Marketing Services publicly traded securities during the applicable period, and you wish to serve as lead plaintiff, you must request appointment by the Court no later than March 16, 2004. Any member of the purported class may request appointment as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. 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 tentative $11.7 million settlement of several class actions filed against networking solutions business FORE Systems, Inc. (formerly Nasdaq: FORE) and certain of its officers and directors by stockholders who purchased the company's common stock between July 19, 1996, and April 1, 1997. 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. To recover under the settlement, a completed proof of claim postmarked no later than January 14, 2004, must be mailed to the claims administrator. American Express Financial Advisors (AEFA), a division of American Express, was served August 1, 2005 with a motion that asked Federal Court in Arizona to certify a class of more than 500,000 former AEFA clients. The motion was filed by leading plaintiffs attorneys in Arizona. In the Class Certification motion, the former clients allege that AEFA violated fiduciary duties and perpetrated a scheme to defraud its investing clients through the Company's sale of Financial Plans. Several class actions have been filed against specialty chemical manufacturer Ferro Corporation (NYSE:FOE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003, and July 22, 2004. 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. A class action has been filed against Abatix Corporation, a supplier of safety, construction, restoration, and homeland security products, (NASDAQ: ABIX) and certain of its officers and directors by stockholders who purchased the company's common stock between 4/14/04 to 4/16/04. 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 Advanced Neuromodulation Systems, Inc. (NasdaqNM:ANSI), and certain of its officers and directors by stockholders who purchased the company's common stock between April 24, 2003 and February 16, 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 August 12, 2003, the parties announced a tentative $15 million settlement of a class action filed against safety services provider Rural/Metro Corporation (Nasdaq: RUREC, formerly RURL and RURLC) and certain of its officers and directors by stockholders who purchased the company's common stock between April 24, 1997, and June 11, 1998. To recover under the settlement, class members must mail a claim form to the settlement administrator postmarked no later than December 15, 2003.
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