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Case ID: 3319 | Stocks | 07/23/2004
Several class actions have been filed against numerous parties connected to eleven municipal bond offerings in California, Florida, Illinois, and Texas on behalf of persons who purchased the bonds between December 1996 and March 1999. The $130,000,000+ in bonds related to Heritage Healthcare, were to be used to acquire, renovate, and reopen former hospitals in the states as facilities designed to assist elderly persons-- instead, the funds were allegedly diverted and misused so that all of the facilities went into bankruptcy shortly after the bond offerings. The bondholders seek to recover compensatory damages for the loss of value of their bonds.
Heritage HealthCare purportedly planned to use the bond money to build a dozen nursing homes focused on Alzheimer's care. The action alleges that the bond offering was actually just a huge Ponzi scheme. Due to wrongful disbursements, diversions of bond proceeds and improper commingling of funds, renovations at many of the facilities were never completed. Because a substantial portion of the monies raised in the first few offerings were improperly diverted, monies raised in the latter offerings were then improperly used to finish the renovations on earlier facilities. By mid-1999, the underwriter of the offerings refused to conduct any more offerings. Shortly thereafter the Ponzi nature of the scheme came to light and the scheme collapsed. The bonds issues involved in this class action are the following: (1) Bonds issued by the Danforth Health Facilities Corporation in Texas for Danforth Gardens on December 20, 1996; Sam Houston Gardens on March 3, 1997; and Duval Gardens on July 10, 1998. (2) Bonds issued by the Tarrant County Health Facilities Development Corporation in Texas for St. Joseph Gardens on May 15, 1997, and October 5, 1998; Valley Gardens on March 11, 1999; and Eastwood Gardens on November 13, 1998. (3) Bonds issued by the City of Mexico Beach, Florida, for Heritage House of Sarasota on December 22, 1997, and Heritage House of Seminole on December 21, 1998. (4) Bonds issued by the City of Chicago, Illinois for Heritage House of Chicago on July 24, 1998. (5) Bonds issued by the Desert Hot Springs Public Financing Authority in California for Heritage Hospital on August 20, 1998. 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 Lehman Brothers, Inc., the U.S. Bank Trust National Association, RBC Dain Rauscher, and Banc Of America Securities, LLC, on behalf of all persons who invested in Corporate Backed Trust Certificates, Verizon New York Debenture-Backed Series 2004-1, between January 5 and May 11, 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 assigning the value of the certificates. The stockholders seek to recover compensatory damages for the loss of value of their certificates. The United States District Court for the Middle District of Florida has entered an order preliminarily approving the settlement of the securities class action entitled In re Sunterra Corporation Securities Litigation. A class action has been filed against specialty pharmaceutical company American Pharmaceuticals Partners, Inc. (Nasdaq: APPX) and certain of its officers and directors by stockholders who purchased the company's common stock between February 19, 2002, and September 24, 2003. Eight beneficiaries of fiduciary accounts presently or formally overseen by Bank of America, N.A. have filed a Complaint in federal court against the Bank, its parent, Bank of America Corporation and various subsidiaries and affiliates arising out of the Bank's investment of assets held in the Bank's fiduciary accounts in its proprietary mutual funds, the Nations Funds, now named the Columbia Funds.
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. The judge appointed lead plaintiff and approved her selection of Girard Gibbs LLP to serve as lead counsel on July 2, 2008.
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