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Case ID: 3594 | Stocks | 08/03/2004
Several class actions have been filed against airport safety equipment designer Flight Safety Technologies, Inc. (Amex:FLT) and certain of its officers and directors by stockholders who purchased the company's common stock between January 14, 2003, and July 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, during the applicable period, the defendants misled the investing public by failing to disclose certain material information about its wake vortex sensor technology. This failure allegedly caused investors to incorrectly believe that: (1) the technology was functional; (2) a market currently exists for it; (3) the company's technology was approved of by the US government; and (4) the company was poised to finalize development of the technology and enter the world marketplace. The plaintiffs allege that the sensor system had actually been severely criticized in an unbiased agency evaluation as being incapable of commercial implementation. That same evaluation also made it clear that the company is more than 10 years from finalizing development of the sensor and much farther away than that from actually marketing it. Beginning as early as January 2003, Flight Safety allegedly advertised widely that it was poised to finalize development of its wake vortex sensor technology. Part of the system, known as SOCRATES (Sensor for Optically Characterizing Remote Atmospheric Turbulence Emanating Sound), purportedly detects and tracks air disturbances known as wake vortex turbulence, created by departing and arriving aircraft in the vicinity of airports. SOCRATES was advertised by Flight Safety as a component of a wake vortex advisory system that was being developed by NASA. The advisory system would supposedly (1) improve the safety of aircraft arrivals and departures; (2) streamline the air-traffic control process; (3) reduce passenger delays; and (4) generate substantial cost savings for the airline industry and other airport users. If you purchased securities issued by Flight Safety during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by September 28, 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 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. According to a press release dated September 19, 2008, the complaint charges Oshkosh and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that, during the Class Period, defendants materially misled the investing public, thereby inflating the price of Oshkosh’s common stock, by publicly issuing materially false and misleading statements and omitting to disclose material facts necessary to make defendants’ statements not false and misleading. As alleged in the complaint, these statements and omissions were materially false and misleading in that they failed to disclose the following adverse facts which were known to defendants, or recklessly disregarded by them: (a) that synergies related to Oshkosh’s European facility rationalization program for its refuse business, the Geesink Norba Group, were lower and the cost of such rationalization was higher than represented; (b) that the value of Oshkosh’s European refuse business was impaired and overstated and should have been written down; (c) that Oshkosh’s JLG access-equipment division was experiencing a dramatic decrease in demand; and (d) that, as a result of the foregoing, Oshkosh lacked any reasonable basis to maintain its financial guidance for fiscal 2008.
According to a law firm press release dated September 5, 2008, a class action complaint has been filed against the company and certain current and former officers and directors. The Complaint alleges violations of Section 11 and Section 15 of the Securities Act of 1933, including allegations of material misrepresentations and omissions in Quest's Registration Statement and Prospectus issued in connection with the Initial Public Offering ("IPO") on November 7, 2007. The class period begins with the IPO on November 7, 2007 and continues through August 25, 2008.
According to a law firm press release, a class action was filed alleging violations of the federal securities laws on behalf of purchasers of FCStone Group, Inc. The defendants include the Company and members of senior management. The suit is pending in the United States District Court for the Western District of Missouri.
A class action lawsuit has been filed in the US District Court for the Middle District of North Carolina against Parkdale America, LLC. The case involves antitrust litigation. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A class action has been filed against National Australia Bank, Ltd. (NYSE: NAB) and certain of its officers and directors by stockholders who purchased the bank's ADRs between April 1, 1999, and September 3, 2001. The stockholders seek to recover compensatory damages for the loss of value of their ADRs. |
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