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Case ID: 3151 | Stocks | 02/12/2004
Several class actions have been filed against AOL Time Warner, Inc. and certain of its officers and directors by stockholders who purchased Purchase Pro, Inc., (Pink sheets: PROEQ) (now known as Pro-After, Inc.) common stock between March 20, 2000, and May 21, 2001. 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 AOL, America Online, and certain of AOL's officers violated the federal securities laws and state laws by vastly overstating Purchase Pro's revenues and earnings through a series of fraudulent transactions between Purchase Pro and AOL. After the truth was revealed about the fraudulent deals, the prices of Purchase Pro’s securities collapsed and PPRO filed for bankruptcy protection. If you purchased the securities issued by Purchase Pro, Inc., you may request appointment by the court as a lead plaintiff if you do so by April 3, 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 your claim is typical of the claims of other class members, and that you 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 affected by the decision whether or not to serve as a lead plaintiff. You may retain any counsel of your choice to serve as you in this action, or you may choose to do nothing, and remain in the class as a silent 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 Who will look out for stockholders if corporate executives and boards don’t? Several class actions have been filed against the directors of petroleum companies Pennzoil-Quaker State Company by stockholders who allege that the directors breached their fiduciary duties to them in agreeing to the 2002 Pennzoil-Quaker State and Shell Oil Company merger. The parties have reached a final $7.5 million settlement in an action filed against Internet World Media, Inc. and Penton Media, Inc. on behalf of stockholders who tendered their shares of Mecklermedia Corporation to Internet World Media in the tender offer commenced by Penton Media in October 1998, or exchanged their shares of Mecklermedia stock in the subsequent merger of Mecklermedia and Internet World Media. Claims forms must be postmarked on or before August 30, 2004, to be considered valid. Several class actions have been filed against Italian dairy giant Parmalat Finanziaria S.p.A (Pink: PARAF.PK, formerly OTCBB: PARAF) and certain of its officers and directors by stockholders who purchased the company's common stock between January 5, 1999, and December 29, 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 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. According to a press release dated October 4, 2008, the complaint charges GE and certain of its officers with violations of Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934. The complaint asserts that during an investor conference call on September 25, 2008, defendants falsely stated that GE would not require any additional fund raising through debt, equity, or otherwise during the fourth quarter-ended December 31, 2008. A class action has been filed against DRDGOLD Limited (f/k/a Durban Roodepoort Deep, Limited) (NasdaqSC:DROOY), certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2003 and February 24, 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. |
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