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Case ID: 3174 | Stocks | 02/20/2004
Several class actions have been filed against technology company Wave Systems Corporation (Nasdaq: WAVX) and certain of its officers and directors by stockholders who purchased the company's common stock between July 31, 2003, and February 2, 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.
On December 18, 2003, Wave announced that it was being investigated by the SEC for insider trading and making certain public statements in August 2003. The action alleges that the company made statements linking it to Intel and IBM that were intended to mislead investors into having greater confidence in it than was merited. The license agreements that the company referenced, though real, allegedly guaranteed it no additional income though the statements indicated that the agreements would help the company’s stability. The action also alleges that President and CEO of the company, Steven Sprague, made over $1.2 million on the sale of shares during the period, trading on information that only he and other insiders knew, in violation of securities laws. During the same period, defendant Feeney also sold $500,000 of his stock. 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 $100 million administrative settlement in several actions filed against Janus Capital Group, Inc. (NYSE:JNS) and certain of its officers and directors on behalf of shareholders. The agreement between Attorneys General of New York and Colorado, and the Colorado Division of Securities relates to the company’s previously disclosed market timing admissions. Persons eligible to take part in the settlement should contact the prosecuting attorneys. Several class actions have been filed against bank holding company Commerce Bancorp, Inc., (NYSE: CBH) and certain of its officers and directors by stockholders who purchased the company's common stock between June 1, 2002, and June 28, 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. According to a press release dated April 16, 2008, the complaint charges Walgreen and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Walgreen operates a chain of drugstores in the United States.
Several class actions have been filed against pet pharmaceutical company PetMed Express, Inc. (Nasdaq:PETS), and certain of its officers and directors by stockholders who purchased the company's common stock between June 18, 2003, and July 26, 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. According to a press release dated October 29, 2008, the Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning defendant's business, operations and prospects were materially false and misleading. Specifically, the Complaint alleges that defendants' public statements were false and misleading or failed to disclose or indicate the following:(1) that the defendant's orders and sales were slowing; (2) slowing sales were causing the defendant's inventory of outdated machinery to grow; (3) that the Company failed to timely record an impairment in the value of its inventory; (4) as a result, the Company's financial results were materially inflated; and (5) that the Company lacked adequate internal controls.
The parties have reached a final $8 million settlement in a class action filed against NTS Development Company. The action alleged that NTS and an affiliate company cheated investors out of millions of dollars by mismanaging limited partnerships and then repurchasing them from the investors at a deep discount, in violation of state law. Persons eligible to participate in this action should contact attorneys for the class as soon as possible. |
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