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Case ID: 3289 | Stocks | 05/26/2004
Several class actions have been filed against the Lord Abbett family of mutual funds (various stock symbols) and certain of the officers and directors both Lord Abbett & Company, LLC by investors who purchased Lord Abbett mutual funds between February 6, 1999, to November 17, 2003. The actions claim that the defendants violated federal securities laws by drawing upon the assets of the Lord Abbett Funds to pay brokers to aggressively push Lord Abbett Funds over other funds, and then concealing the payments from investors by disguising them as brokerage commissions. The investors seek to recover compensatory damages for the loss of value of their stock.
The following Lord Abbett Funds are among those subject to this lawsuit: Lord Abbett All Value Fund (Nasdaq: LAVYX, LDFVX, GILAX, GILBX, LAVPX) The action alleges that Lord Abbett funds investors were induced to purchase Lord Abbett funds by brokers who received undisclosed payments from Lord Abbett and its partners to push Lord Abbett funds over other mutual funds and who therefore had an undisclosed conflict of interest. These payments were distinct from normal broker commissions, so the advice to invest in the Lord Abbett funds was allegedly given by brokers who, far from giving impartial advice based on the expected return to the investor, were motivated by the promise of bonuses above and beyond their normal commission into channeling their clients' money into the Lord Abbett funds regardless of the expected return. In addition, the action alleges that assets of the funds were improperly used to pay overhead and other marketing costs, costs which should have been paid by the fund advisor and its partners as a cost of doing business. In effect, Lord Abbett and its partners allegedly "skimmed" from the Lord Abbett funds to finance their ongoing marketing campaign in a manner which violated securities laws. These practices drained profits from the Lord Abbett funds which ought to have inured to the holders of the funds themselves. If you purchased any shares of Lord Abbett funds during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by May 7, 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 HCA, Inc. (HCA), certain of its officers and directors by stockholders who purchased the company's common stock between January 12, 2005 and July 12, 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 Smith Barney and its parent, Citigroup Inc., by investors who invested $100,000 or more in class B shares in one or more Smith Barney mutual funds between June 12, 1998, and June 12, 2003, where the investment could have otherwise qualified for the $100,000 "breakpoint" load reduction associated with investments in class A shares of the same fund. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of American Home Mortgage Investment Corp. ("AHM" or the “Company”) (NYSE:AHM - News) who purchased shares of the Company between July 26, 2006 and July 27, 2007 (the "Class Period"), including purchasers of stock pursuant to the Company’s May 4, 2007 Stock Offering, have only until October 1, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Eastern District of New York. No class has yet been certified in this action. The role of specialist trading firms on stock market floors has been largely unknown by the trading public for years. A class action has been filed against stock market operator New York Stock Exchange, Inc., and numerous specialist investment firms by investors who have traded on the exchange over the past five years. The action alleges that the defendants violated federal securities laws by utilizing illegal trading practices. A class action has been filed against Star Gas, LP (NYSE: SGU) and certain of its officers and directors by stockholders who purchased the company’s common stock between December 4, 2003 and October 18, 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 Brooks Automation, Inc. (BRKS), certain of its officers and directors by stockholders who purchased the company's common stock between July 25, 2001 and May 22, 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. |
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