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Case ID: 3432 | Stocks | 10/16/2006
Several class actions have been filed against corporate services conglomerate The BISYS Group, Inc. (NYSE:BSG), and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2000, and May 17, 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 stockholders seek to recover compensatory damages for the loss of value of their stock.
The action alleges that, as a result of its artificial stock price inflation, BISYS was able to raise $250 million in a convertible note offering, the individual defendants reaping more than $25 million in insider trading proceeds. On May 17, 2004, BISYS issued a press release stating that the company would have to restate its financial results for fiscal years 2001 through 2003, as well as its interim results for fiscal year 2004, because of an increase from $24.7 million to $70-80 million in commissions receivable in its life insurance division. On this news, the company’s share price dropped below $13. If you purchased securities issued by BISYS during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by July 19, 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 plaintiffs. 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 The parties have reached a tentative $32.5 million settlement of several class actions filed against Baan Company N.V. (Nasdaq: BAANF) and certain of its officers and directors by stockholders who purchased the company's securities between January 28, 1997, and October 12, 1998. 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. The parties have reached a tentative $1.25 million settlement in a class action filed against MiniMed, Inc., and certain of its officers and directors by stockholders who held the company's common stock as of July 16, 2001. Persons eligible to participate in the settlement must submit a proof of claim form postmarked no later than September 13, 2004. A nationwide class action has been filed against banking giant Bank One Corporation alleging that the company mismanaged its employees' 401k accounts. The action is brought under the federal ERISA statute on behalf of all Bank One employees who, between March 22, 2002, and the present, participated in the company's 401k retirement plan and whose investments in the plan included Bank One stock or mutual funds.
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