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Case ID: 3322 | Stocks | 04/13/2004
Several class actions have been filed against computer technology giant Hewlett-Packard Company (NYSE:HPQ) and certain of its officers and directors by stockholders who sold the company's common stock between September 4 and November 5, 2001. The actions claim that the defendants violated federal securities laws by failing to disclose Director Walter Hewlett's opposition to the 2001 merger with Compaq Computer Corporation, thereby artificially deflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
This action arises out of events surrounding the 2001 merger of Hewlett-Packard with the Compaq Computer Corporation. HP allegedly failed to reveal the crucial fact that Walter B. Hewlett, son of HP founder and a director, was opposed to the merger-- Hewlett controls the voting rights of hundreds of millions of HP common stock. By failing to disclose that Hewlett's opposition to the merger significantly decreased the likelihood that it would be consummated, the defendants received the marketplace as to the likelihood of the merger actually taking place. The proposed class period begins on the first day of trading of HP stock after the defendants announced the proposed merger. It ends on the last trading day of HP stock prior to the first announcement that Hewlett was opposed to the merger. The lawsuit alleges that the defendants’ misleading statements regarding the merger significantly deflated the price of HP stock throughout the class period. The statements in question started on September 3, 2001, when HP and Compaq issued a press release announcing the merger agreement. The release announced that the merger had been “… unanimously approved by both Boards and Directors….” thereafter, the defendants allegedly made numerous prior statements in public filings with the SEC regarding the merger-- all of which allegedly had a distinct positive slant. The stock market responded negatively to the merger announcement. At closing on the day before the announcement, HP stock ended at $23.21 per share at trading volume of just over 5 million shares. The day of the merger announcement over 37 million shares were traded, and the stock closed at $19.00, allegedly due to the market’s unfavorable reaction to the merger. Throughout the class period, HP stock continued in a downward spiral. The action alleges that, had Hewlett's opposition to the merger been disclosed, the market would not have responded so negatively to the merger announcement. HP's failure to disclose allegedly harmed all HP stockholders who chose to sell their stock during its downward plunge. 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 Taser International Inc. (NASDAQ: TASR), an AZ based manufacturer of Taser guns, and certain of its officers and directors by stockholders who purchased the company's common stock between November 4, 2004 and January 6, 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 Quest Software, Inc. (Nasdaq: QSFT) and certain of its officers and directors by stockholders who purchased the company's common stock between April 30, 2002, and July 23, 2003. Aerosonic helps pilots get where they are headed. Several class actions have been filed against aviation instrument maker Aerosonic Corporation (Amex: AIM) and certain of its officers and directors by stockholders who purchased the company's common stock between May 3, 1999, and March 17, 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 parties have reached a $140 million settlement in an SEC administrative proceeding filed against mutual fund company Strong Capital Management Company and its owner, Richard Strong, on behalf of persons who own or owned mutual fund shares managed by the company. The settlement resolves security fraud charges involving improperly timed trading of mutual funds. Persons sold will take part in the settlement should contact the attorneys who prosecuted the case for more information.
CASE DISMISSED: Several class actions were filed against venture capital organization TechHarvest Group, LLC, numerous affiliated companies, and certain of its officers and directors, on behalf of purchasers of membership interests in Harvest AirPrime, LLC; Harvest Storage Technology Group, LLC; and Woodcarvers Limited, LLC, between November 20, 1998, and December 31, 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. On February 28, 2006, the United States District Court for the Central District of California entered an Order Dismissing Action and Entering Final Judgment in the Robert T. Harvey Securities Litigation. Several class actions have been filed against pharmaceutical company Taro Pharmaceutical Industries, Ltd. (Nasdaq:TARO) and certain of its officers and directors by stockholders who purchased the company's common stock between February 20, 2003, and July 29, 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. |
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