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Case ID: 3596 | Stocks | 01/31/2006
Several class actions have been filed against customer relationship management (CRM) solutions firm salesforce.com, inc. (NYSE:CRM) and certain of its officers and directors by stockholders who purchased the company's common stock between June 21, 2004, and July 21, 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.
According to the complaint, salesforce went public on June 21, 2004, in one of the “hottest” initial public offerings of 2004, with its price increasing to $17.20 on the first day of trading from the offering price of $11.00 per share. This offering had been delayed due to an interview salesforce.com’s CEO had given to The New York Times entitled “It’s Not Google. It’s That Other Big I.P.O.” While salesforce.com delayed the IPO after this article, it did not retract statements in the article. Nor did it tell investors that salesforce.com management was expecting earnings to decline in FY2005. On July 21, 2004, salesforce.com disclosed that FY2005 would be much worse than market expectations-- on this news, the company’s stock price declined to as low as $11.05 per share from the prior day close of $16.06. The lawsuit alleges that the defendants knew but concealed from the investing public that the company’s prospectus portrayed a clear upward trend in the company’s diluted and basic earnings per share that the defendants knew investors would price into the company’s IPO price. The action alleges that the defendants actually knew that this upward trend in diluted EPS had reversed itself long before the IPO. As a result of the defendants’ false statements, salesforce.com’s stock traded at inflated prices during the applicable period, increasing to as high as $17.20 per share shortly after the company sold more than $117 million worth of its own shares via a false and defective Registration Statement. If you purchased securities issued by salesforce.com during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by September 24, 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 Several class actions have been filed against petrochemical giant Exxon Mobil Corporation (NYSE:XOM) and certain of its officers and directors by stockholders who purchased, owned, or otherwise acquired Mobil shares and whose Mobil shares were exchanged for Exxon Mobil common stock as a result of the merger transaction approved by shareholders on May 27, 1999. The actions claim that the defendants violated federal securities laws by issuing materially false and misleading financial statements contained in a proxy filed with the Securities and Exchange Commission, overstating the Exxon's financial condition by inflating revenue and failing to account for impaired assets in violation of General Accepted Accounting Principles. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Northfield Laboratories, Inc. (NFLD), certain of its officers and directors by stockholders who purchased the company's common stock between February 20, 2004 and February 21, 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 bank holding company North Country Financial Corporation (Nasdaq: NCFC) and certain of its former officers by stockholders who purchased the company's common stock between November 13, 2000, and April 15, 2003. A class action has been filed against specialty pharmaceutical company American Pharmaceuticals Partners, Inc. (Nasdaq: APPX) and certain of its officers and directors by stockholders who purchased the company's common stock between February 19, 2002, and September 24, 2003. On April 28, 2008, a motion to appoint Plumbers’ Union Pension Fund as lead plaintiff was filed.
A class action has been filed against Juniper Networks, Inc. (JNPR), certain of its officers and directors by stockholders who purchased the company's common stock between September 1, 2003 and May 22, 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. |
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