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Case ID: 3212 | Stocks | 03/02/2004
Several class actions have been filed against jewelry retailer Whitehall Jewelers, Inc. (NYSE: JWL) and certain of its officers and directors by stockholders who purchased the company's common stock between November 19, 2001, and December 10, 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.
On November 6, 2003, it was announced that Whitehall had received a subpoena from the U.S. Securities and Exchange Commission as part of a formal investigation into a complaint that Whitehall aided a former supplier in an accounting fraud. On December 11, 2003, it was announced that Whitehall had fired its Chief Financial Officer and would delay reporting results for its fiscal third quarter, and later that month that Whitehall would be restating its financial statements for fiscal 2000, 2001 and 2002, including the 2002 quarters then ended, and the first two quarters ended July 31, 2003. The complaint alleges that during the applicable period, the defendants caused Whitehall’s shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. As a result of this inflation, the defendants were able to complete an insider trading scheme, raising proceeds of $5.3 million. If you purchased the securities issued by Whitehall Jewelers, Inc., you may request appointment by the court as a lead plaintiff if you do so within 60 days of the date of filing of the action. 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 Several class actions have been filed against specialty chemical manufacturer Ferro Corporation (NYSE:FOE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003, and July 22, 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. A class action has been filed against Comverse Technology, Inc. (CMVT), certain of its officers and directors by stockholders who purchased the company's common stock between April 30, 2001 and April 16, 2006. 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 DRDGOLD Limited (f/k/a Durban Roodepoort Deep, Limited) (NasdaqSC:DROOY), certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2003 and February 24, 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 BearingPoint, Inc. (NYSE:BE), certain of its officers and directors by stockholders who purchased the company's common stock between August 14, 2003 and April 20, 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. According to a press release dated May 1, 2008, a class action has been commenced on behalf of all persons or entities who purchased or otherwise acquired shares of MAT Five LLC (“MAT Five”) pursuant and/or traceable to a false and misleading Private Placement Memorandum (“PPM”) on or about December 18, 2006 and/or its Supplements and who were damaged thereby.
The parties have reached a tentative $1,303,750 settlement of an action filed against auto insurer Symons International Group, Inc. (Pink Sheet: SIGC.PK) or its parent company, Goran Capital, Inc. (OTCBB:GNCNF) and certain of its officers and directors by stockholders who purchased the company's common stock between February 27, 1998 and November 18, 1999. 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. To recover under the settlement, a completed proof of claim postmarked no later than February 20, 2004, must be mailed to the claims administrator. |
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