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Case ID: 3155 | Stocks | 02/13/2004
Several class actions have been filed against mutual fund Columbia Acorn Trust (Fund: ACRNX) and its management company, Columbia Wanger Asset Management, LP, by investors who owned the company's shares at any time for a continuous period of 14 days or more. The actions claim that the defendants violated federal securities laws by allowing market timing traders to take advantage of its failure to properly update net asset values per share. The investors seek to recover compensatory damages for the loss of value of their stock.
The action alleges that Acorn, in failing to make sufficient daily adjustments to the net asset value per share, breached its fiduciary duties to shareholders in violation of federal securities laws. More specifically, the action alleges that, by failing to make adjustments based upon positive correlations between movements in the U.S. domestic securities markets and foreign securities markets, thereby creating opportunities for market timing traders to purchase fund shares at a discount, and redeem them at a premium. As a result of trading by market timers, fund assets are reduced, the fund incurs increased trading and transaction costs, and its investment strategies are disrupted. 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 March 18, 2008, the complaint charges WellPoint and certain of its officers and directors with violations of the Securities Exchange Act of 1934. According to a press release dated April 15, 2008, a class action has been commenced on behalf of purchasers of the common stock of The Blackstone Group L.Ppursuant and/or traceable to the Company’s initial public offering on or about June 25, 2007 seeking to pursue remedies under the Securities Act of 1933.
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 A class action has been filed against SureBeam Corporation (Nasdaq: SUREE, formerly SURE), which provides electronic irradiation systems and services for the food industry, and certain of its officers and directors by stockholders who purchased the company's common stock between March 16, 2001 and August 20, 2003. The stockholders seek to recover compensatory damages for the loss of value of their stock. The class has been certified in an action filed against Kmart Corporation board members and executives on behalf of current and former Kmart employees who had more than $100 million of the discount chain's stock in their 401(k) retirement plans when the company went bankrupt. The action alleges that the defendants violated the federal Employee Retirement Income Security Act by abrogating their fiduciary duties to plan participants. Persons eligible to take part in the action should contact attorneys for the class. According to a news article published June 10, 2008, Universal Food & Beverage Co. is facing a class-action complaint alleging its directors sold $20 million of their preferred stock while artificially propping up the share price.
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