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Case ID: 3580 | Stocks | 06/12/2006
Several class actions have been filed against for-profit education provider Corinthian Colleges, Inc., (Nasdaq:COCO) and certain of its officers and directors by stockholders who purchased the company's common stock between August 27, 2003, and June 23, 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 lawsuit alleges that the Corinthian defendants knew but failed to disclose to the investing public: (1) that Corinthian manipulated financial aid documents to boost loan amounts available to students, thereby fraudulently receiving additional funds from the federal government; (2) that the company used the fraudulently obtained funds to boost its revenues and stock price; and (3) that as result of the illegal practices, Corinthian's earning and net income were materially inflated and in violation of Generally Accepted Accounting Principles. On June 24, 2004, Corinthian announced that a division of the U.S. Department of Education had uncovered corporate violations related to acquisition of federal loans at Corinthian's Bryman College campus, in San Jose, California. As a result, the Department revoked the school's ability to receive advance payments on its student loans. On this news, shares of Corinthian fell $2.55 or 10.18% to close at $22.51 on June 24, 2004. 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 $1 million settlement of several class actions filed against Internet gambling operation Gaming Lottery Corporation (formerly Nasdaq: GLCCF) and certain of its officers and directors by stockholders who purchased the company's common stock, or the common stock of Laser Friendly, Inc. between February 1, 1995, and May 24, 1996. 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. To recover under the settlement, a completed proof of claim postmarked no later than February 14, 2004, must be mailed to the claims administrator. A class action has been filed against UnitedHealth Group, Inc. (UNH), certain of its officers and directors by stockholders who purchased the company's common stock between May 4, 2001 and April 7, 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. Mergers often strengthen a corporation, but sometimes hurt stockholders and the public. The class has been certified in an action filed against the Minnesota Corn Processors (MCP) Board of Directors on behalf of all individuals holding MCP Class A shares prior to September 5, 2002, and the who had the right to vote in connection with the 2002 $400 million merger between MCP and Archer Daniels Midland (ADM). The action alleges that the Board hid the fact that they were profiting from the merger illegally while shareholders would only make a fraction of what their shares were worth in the transaction. A class action has been filed against Newpark Resources, Inc. (NR), certain of its officers and directors by stockholders who purchased the company's common stock between February 28, 2005 and April 16, 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 lawsuit has been filed in the United States District Court for the District of New Jersey, on behalf of all persons who purchased the common stock of Pharmos Corp. ("Pharmos" or the "Company") [Nasdaq:PARS] between May 5, 2003 and December 17, 2004, inclusive, (the "Class Period") against defendants Pharmos and certain officers of the Company. A class action has been filed against Catalina Marketing Corporation (NYSE: POS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2002, and June 30, 2003. |
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