|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 3295 | Stocks | 10/07/2004
Several class actions have been filed against software company Quovadx, Inc. (Nasdaq:QVDX) and certain of its officers and directors by stockholders who purchased the company's common stock between October 22, 2003, and March 15, 2004. The actions claim that the defendants iolated 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 which failed to disclose that the company had materially overstated its net income and earnings per share, and that the defendants prematurely recognized revenue from contracts with Infotech Network Group. It is possible that, after investigation, the class period may be expanded back to October 22, 2002. On March 15, 2004, Quovadx announced that it would: (1) delay the filing of its annual report on form 10-K for the year ended December 31, 2003; (2) restate its third quarter 2003 financial results; and (3) revise its previously announced fourth quarter and full year financial results. In response to this announcement, Quovadx shares fell $1.45 per share, losing approximately 28.8% of their value. The Securities and Exchange Commission has opened an investigation into the restatement as well as other issues. f you purchased any shares of Quovadx stock during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by May 17, 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 Companies that have allowed market timing trading have been in the news lately. Several class actions have been filed against global professional services firm Marsh & McLennan Companies, Inc. (NYSE: MMC) and certain of its officers and directors by stockholders who purchased the company's common stock between January 3, 2000, through November 3, 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. Several class actions have been filed against technology company Verdisys, Inc. (OTC:VDYS.PK; formerly Nasdaq:VDYS) and certain of its officers and directors by stockholders who purchased the company's common stock between August 20, 2003, and March 9, 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 $2.3 million settlement of a class action filed against dietary supplements maker PharmaPrint, Inc. (Pink Sheets: PPRT, formerly OTCBB: PPRT) and certain of its officers and directors by stockholders who purchased the company's common stock between July 1 and November 15, 1999. A class action has been filed against Fred Alger Management, Inc. and certain related companies on behalf of investors who purchased shares in any Alger mutual fund between November 1, 1998, and September 3, 2003. The action alleges that, throughout this time period, the defendants failed to disclose that they improperly allowed certain favored investors, such as defendant Veras Investment Partners, to engage in the "timing" of their transactions in the funds' securities. A class action has been filed against CSK Auto Corporation (CAO), certain of its officers and directors by stockholders who purchased the company's common stock between September 2, 2004 and March 24, 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 KLA-Tencor Corporation (KLAC), certain of its officers and directors by stockholders who purchased the company's common stock between February 13, 2003 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. |
IT'S FREE
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
