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Case ID: 3175 | Stocks | 02/20/2004
Several class actions have been filed against technology company Datatec Systems, Inc. (Nasdaq: DATCE) and certain of its officers and directors by stockholders who purchased the company's common stock between June 26 and December 16, 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.
CEO Isaac Gaon allegedly told investors that Datatec was on track to earn $0.14 to $0.16 per share for fiscal 2004—in fact, Datatec was hiding its true financial condition so that it could obtain continued financing from IBM Credit, an important company lender. On December 5, 2003, Datatec surprised investors with the news that CEO Gaon had been thrown out and replaced by a new CEO, Raul Pupo. On December 17, 2003, Datatec told investors it would suffer a $10 million loss for the fiscal quarter ended October 31, 2003, and that Datatec's Audit Committee had hired outside counsel to review Datatec's valuation of its long-term contracts. IBM Credit has since refused to waive Datatec's non-compliance with financial covenants. Datatec's stock price fell substantially on large volume. 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 IAC/Interactive, a company which acts as intermediary between suppliers and consumers, aggregating large blocks of consumer goods and services (primarily travel-related products such as hotel rooms and airline tickets) from suppliers and selling them to consumers over the Internet (NASDAQ: IACI) and certain of its officers and directors by stockholders who purchased the company’s common stock between March 19, 2003 and August 4, 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 Refco, Inc. (RFX), certain of its officers and directors by stockholders who purchased the company's common stock between August 11, 2005 and October 7, 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. Several class actions have been filed against pharmaceuticals and healthcare supply wholesaler D&K Healthcare Resources, Inc. (Nasdaq:DKHR) and certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2001, and September 16, 2002. 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. Teaching people news skills is big business these days. Several class actions have been filed against postsecondary education provider Career Education Corporation (Nasdaq: CECO) and certain of its officers and directors by stockholders who purchased the company's common stock between January 28, 2003, and December 2, 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. An anti-trust class-action lawsuit has been filed against Visa, Mastercard and several major U.S. banks on behalf of merchants, alleging the fixing of credit card fees. A class action has been filed against crude oil marketer and transporter EOTT Energy Partners, L.P. (OTCBB: EOTTV, formerly NYSE: EOT and Pink Sheets: EOTPQ) and certain of its officers and directors by investors who purchased the company's units between July 2, 2001, and January 22, 2002. |
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