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Case ID: 3528 | Stocks | 08/04/2004
Several class actions have been filed against nutritional supplement manufacturer NBTY, Inc., (NYSE: NTY) and certain of its officers and directors by stockholders who purchased the company's common stock between April 22, 2004, and June 16, 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 NBTY issued false and misleading statements concerning its financial results for the quarter ending March 31, 2004. On April 22, 2004, NBTY announced increased sales in that quarter for its various business segments, including its Direct Response segment, which sells products through catalogs and the internet. The increased sales were attributed to "the Company's ability to more effectively target market its customer base." In truth, the results were allegedly due to special sales promotions, and not any generalized improvement in the company's marketing abilities. April sales in this segment actually dropped off 14% because the special promotion had ended. Before this decline was revealed to the public, the two individual defendants sold 557,000 shares for proceeds of over $20 million. On June 17, 2004, NBTY announced sales declines in the Direct Response segment of 12% for the months of April and May, sending shares plunging from a close of $36.50 the previous day to $26.99 on trading volume of 8.3 million shares. If you purchased securities issued by drugstore.com during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by August 23, 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 A class action has been filed against American Tower Corporation (AMT), certain of its officers and directors by stockholders who purchased the company's common stock between February 1, 2006 and May 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 pharmaceutical company Gilead Sciences, Inc. (Nasdaq: GILD) and certain of its officers and directors by stockholders who purchased the company's common stock between July 14 and October 28, 2003. 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. A class action has been filed against International Business Machines Corporation (IBM) (NYSE:IBM), certain of its officers and directors by stockholders who purchased the company's common stock between April 05, 2005 and April 15, 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. The parties have reached a tentative $6.9 million settlement of a class action filed against Ramp Networks, Inc. (formerly Nasdaq: RAMP) and certain of its officers and directors by stockholders who purchased the company's common stock between January 24 and September 29, 2000. To recover under the settlement, a completed proof of claim postmarked no later than January 20, 2004, must be mailed to the claims administrator. 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. Argosy Gaming Company shareholders have filed a class action suit against the company, its chairman and board members, claiming an announced merger with Penn National Gaming Co. does not adequately compensate shareholders given the company's "stellar third quarter 2004 financial results." According to the suit the defendants breached their fiduciary duty by not representing the full value of Argosy. A recent financial report showed that Argosy's earnings had risen substantially over the previous year. Earnings per share were 71 cents, up from 56 cents last year. Argosy's net income also rose from $38.1 million during last year's third quarter report to $43.7 million in the same reporting period this year. "Argosy shareholders will, if the transaction is cosummated, be deprived of the opportunity for substantial gains which the Company may realize," according to the suit. |
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