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Case ID: 3178 | Stocks | 02/20/2004
The parties have submitted to an arbitration agreement valued at approximately $7,184,561 in a class action filed against Columbian bank Bancolumbia SA (NYSE: CIB) (formerly known as the Banco de Colombia) and certain of its officers and directors by minority stockholders who purchased the company's common stock. The action claims that the defendants harmed the minority stockholders by violating federal securities laws. Minority stockholders should contact the class attorneys for information on how to participate in the action.
The Arbitration Court considered that the fact of not having obtained the total amount offered by the bank in its stock issuance of 1998 (of the $150 million offered, only US$91 million was purchased by investors) resulted in damages to the minority shareholders of the former Banco de Colombia. In connection with the stock exchange ratio used in the merger process to compensate shareholders of the former Banco de Colombia, the Arbitration Court declared that it would order the amount of remuneration in Columbian Pesos rather than U.S. currency because it was in no position to make a judgment that involved current currency exchange rates. For that reason, the actual amount named in the arbitration judgment was COP $19,213,670,222. 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 Pegasus Communications Corporation (PGTV), certain of its officers and directors by stockholders who purchased the company's common stock between November 10, 2000 and June 2, 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 Navarre Corp. (NasdaqNM:NAVR), certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2003 and May 31, 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 May 12, 2008, a motion to appoint lead plaintiff and lead counsel was filed.
A class action lawsuit was filed in the United States District Court for the District of Minnesota on behalf of all securities purchasers of Nash Finch Company between February 24, 2005 and October 20, 2005, inclusive. A class action has been filed against Fox Entertainment Group, Inc. (NYSE:FOX), a entertainment company and certain of its officers and directors by stockholders who purchased the company's common stock between January 10, 2005, and the date that News Corp. consummates its purchase of Fox. 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 energy holding company Progress Energy, Inc. (NYSE: PGN) and certain of its officers and directors on behalf of investors who obtained Contingent Value Obligations (CVOs) in exchange for their Florida Progress common stock pursuant to the closing of the merger of CP&L Energy and Florida Progress Corporation and who purchased the CVOs between November 30, 2000, and February 12, 2002. The actions claim that the defendants violated federal securities laws by failing to inform prospective CVO holders that the tax benefits represented as being made available to synthetic fuel producers, which were critical to the imputed value of the CVOs, would be adversely affected by the application of the alternative minimum tax. |
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