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Case ID: 3290 | Stocks | 04/01/2004
Several class actions have been filed against the Fremont Family of mutual funds (various stock symbols) and certain investment firms by investors who purchased fund shares between March 15, 1999, and March 1, 2004. The actions claim that the defendants violated federal securities laws by allowing the named investment firms to utilize market timing techniques to turn a quick profit to the disadvantage of all other fund investors. The investors seek to recover compensatory damages for the loss of value of their shares.
The funds named in the action and their respective symbols are as follows: Fremont Global Fund (NASDAQ: FMAFX) As used, "timing" is an investment technique involving short-term, "in and out" trading of mutual fund shares to turn a quick profit. The action in the alleges that timing injures ordinary mutual fund investors who are not allowed to engage in such practices and benefits the mutual fund companies. If you purchased any shares of the named Fremont funds during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by May 11, 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 Auditing firms that don’t report accounting errors are in trouble these days. A class action has been filed against law firm Ernst & Young, LLP, on behalf of NextCard, Inc. shareholders who purchased NextCard securities between April 19, 2000, and October 30, 2001. The shareholders allege that the law firm, acting as NextCard’s auditor, actively participated in a scheme to defraud them in violation of federal securities laws. Several class actions have been filed against industrial services provider SPX Corporation (NYSE: SPW) and certain of its officers and directors by stockholders who purchased the company's common stock between July 20, 2003, and February 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. On March 28, 2008, a motion to consolidate cases, to appoint lead plaintiffs and counsels was filed. Just as quickly, on April 14, 2008, a response to the previously mentioned motion was filed by WCI Communities, Inc. At the same time, a motion to reset trial was filed on April 11, 2008. The court granted its motion to reset trial on April 14, 2008. However, the court denied the motion to consolidate cases, to appoint lead plaintiffs and counsels and entered its order on May 28, 2008.
A class action lawsuit has been filed in the Northern District Court of Illinois against Peter S. Voss and others for violations of the Investment Company Act. Class members seek compensatory damages, disgorgement of the fees paid to the investment advisors and punitive damages. Several class actions have been filed against pet health company Virbac Corporation (Nasdaq: VBACE) and certain of its officers and directors by stockholders who purchased the company's common stock between May 3, 2001, and November 12, 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. According to a press release dated November 26, 2008, the complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements were materially false and misleading. |
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