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Case ID: 3209 | Stocks | 03/02/2004
Several class actions have been filed against drug company aaiPharma, Inc. (Nasdaq: AAII) and certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2003, through Feb. 4, 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.
The action alleges that the defendants issued statements concerning the company's financial results, which failed to disclose or misrepresented the following facts: (1) that the company's core business plan was deteriorating; (2) that the company was unloading inventory onto wholesalers in order to make sales; (3) that the aforementioned practice was necessary because the company needed to keep its stock price up in order to fend off a third-party suitor; (4) that the company was improperly recognizing revenue, in violation of generally accepted accounting principles from sales that were not complete; and (5) as a result, the company's financial results were artificially inflated at all relevant times. The action names the company, CEO Philip S. Tabbiner and CFO William L. Ginna, Jr. as defendants. If you purchased the securities issued by aaiPharma, Inc., during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by April 14, 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 A class action has been filed against Pixar (PIXR), certain of its officers and directors by stockholders who purchased the company's common stock between January 18, 2005 and June 30, 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. A class action has been filed against IT Group, Inc.(ITXG.PK), and certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 1998 and December 23, 2000. 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 electrical and technology contracting company Integrated Electrical Services, Inc. (NYSE:IES), and certain of its officers and directors by stockholders who purchased the company's common stock between November 10, 2003, and August 13, 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. 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. The parties have reached a tentative $8 million partial settlement in an action filed against AMF Bowling, Inc. (Pink Sheets: AMBWQ.PK) and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to the registration statement for the November 1997 initial public offering before February 26, 1999. The action continues against the remaining institutional defendants. Proof of claim documents must be postmarked on or before October 29, 2004, to be considered valid. Market timing is a controversial issue among traders. 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. |
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