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Case ID: 3576 | Stocks | 07/26/2004
Several class actions have been filed against mobile satellite communications manufacturer KVH Industries, Inc., (Nasdaq:KVHI) and certain of its officers and directors by stockholders who purchased the company's common stock between January 6, 2004, and July 2, 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 complaint alleges that, throughout the applicable period, the defendants issued materially false and misleading statements regarding KVH’s increasing financial results and the strong demand for its newly-developed TracVision A5 and G8 satellite TV systems. These statements were materially false and misleading because they failed to disclose, among other things: (1) that the defendants had “stuffed” the retail channels with overpriced TracVision systems; (2) that the company’s revenues were not growing by millions of dollars per quarter; (3) that the reported growth trends in the company’s revenues could not be sustained; and (4) that KVH had not realized any material cost reduction in the manufacture of its TracVision systems and would be forced to write-down its inventory of manufactured goods by millions of dollars. The lawsuit further alleges that the defendants failed to disclose these adverse facts so that it could complete a public offering of KVH common stock, raising more than $51.5 million in much-needed capital. On or about July 6, 2004, before the market opened for trading, KVH stunned the investing public by announcing that it was slashing the retail price of its TracVision systems by more than 34% and that is was taking a multi-million dollar write-down of vendor purchase commitments and on-hand inventories to reflect the true value of KVH’s TracVision systems sales. In pre-opening market trading, KVH common stock declined more than 19%, to open at $9.51 per share on July 6, 2004, a 49% decline from the public offering price just 4 months prior. If you purchased securities issued by KVH Industries during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by September 20, 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 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 $65 million settlement in several actions filed against funeral and cemetery company Service Corporation International (SCI) (NYSE:SRV) on behalf of stockholders who purchased the company's common stock or call options, sold put options, held employee stock options in Equity Corporation (ECI) that became options to acquire SCI stock, or held employee stock options to purchase SCI common stock under a plan between July 17, 1998, and January 1999. Persons eligible to take part in the settlement should contact attorneys for the class for more information as soon as possible. If you are looking for an electronic technology gadget, Best Buy probably has it. Several class actions have been filed against technology store operator Best Buy Company, Inc. (NYSE: BBY) and certain of its officers and directors by stockholders who purchased the company's common stock between January 9, 2002, and August 7, 2002. 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. A class action has been filed against Washington Mutual, Inc., a retailer or financial services (WM) and certain of its officers and directors by stockholders who purchased the company's common stock between April 15, 2003 and June 28, 2004. 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. According to a press release dated March 19, 2008, a class action lawsuit was filed on behalf of persons who purchased Auction Rate Securities from TD Ameritrade Holding Corporation and TD Ameritrade, Inc., formerly known as TD Waterhouse Investor Services, Inc. during the Class Period and who continued to hold such securities as of February 13, 2008. According to a law firm press release, a class action was commenced on behalf of purchasers of GT Solar International, Inc. common stock pursuant or traceable to the Company's false and misleading Registration Statement and Prospectus issued in connection with its July 23, 2008 initial public offering.
According to a press release dated April 30, 2008, the complaint charges Arbitron and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Company, through its subsidiaries, provides media and marketing information services in the United States and internationally. The Company's Portable People Meter ratings service is purportedly capable of measuring radio, broadcast television, cable television, Internet broadcasts, satellite radio and television audiences, and retail store video and audio broadcasts.
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