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Case ID: 3225 | Stocks | 05/26/2004
Several class actions have been filed against utility company El Paso Corporation (NYSE: EP) and certain of its officers and directors by stockholders who purchased the company's common stock between February 22, 2000, and February 17, 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 during the applicable period, the defendants caused El Paso to report in its public filings, press releases and other public statements favorable financial results by artificially inflating the company's reported reserves as it relates to oil and natural gas. The plaintiffs allege that the defendants failed to disclose that the company's estimates were based on improperly manipulated reported reserve estimates that deviated from industry standards and resulted in a knowingly false high estimate of reported reserves. The plaintiffs further allege that on February 17, 2004, El Paso announced that the company had overstated its reported reserves by 41% or 1.8 trillion cubic feet and warned of a $1 billion pretax charge triggered by the revision. On this news, El Paso shares fell 18% and traded as low as $7.26 per share. As a result of the defendants' conduct, El Paso was allegedly able to inflate its stock price, maintain its credit rating, and maintain its status in the energy industry as a leader. 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 Concord Camera Corporation, a worldwide designer, developer, manufacturer and seller of image capture products (NASDAQ: LENS) and certain of its officers and directors by stockholders who purchased the company’s common stock between August 14, 2003 and May, 10, 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. Several class actions have been filed against liability insurer American Physicians Capital, Inc. (Nasdaq:ACAP) and certain of its officers and directors by stockholders who purchased the company's common stock between February 13, 2003, and November 6, 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. A class action has been filed against Internet security and Virtual Private Network solutions provider Check Point Software Technologies Ltd. (Nasdaq: CHKP) and certain of its officers and directors by stockholders who purchased the company's common stock between July 10, 2001, and April 4, 2002. The stockholders seek to recover compensatory damages for the loss of value of their stock. 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. A class action has been filed against Bernard L. Schwartz, chairman and chief executive officer of satellite communications company Loral Space & Communications Ltd. (Pink Sheets and OTCBB: LRLSQ, formerly NYSE: LOR) by stockholders who purchased the company's common stock between June 30 and July 15, 2003. A class action has been filed against Mannatech, Inc. (MTEX), certain of its officers and directors by stockholders who purchased the company's common stock between August 10, 2004 and May 8, 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. |
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