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Case ID: 3616 | Stocks | 08/17/2004
Several class actions have been filed against hedge fund operator Durus Capital Management, LLC, Durus Life Sciences Master Fund, Ltd., Scott Sacane, and Aksys, Ltd., by stockholders who sold short shares of Aksys, Ltd., (Nasdaq:AKSY) between January 1, 2003, to July 24, 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 deflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Durus Life Sciences Master Fund is a hedge fund which, during the applicable period, acquired approximately 77% of the issued and outstanding shares of the common stock of Aksys, allegedly without filing the requisite SEC forms or making any public disclosures of its ownership level of Aksys stock. The lawsuit alleges that when Durus did announce its ownership of a majority of outstanding shares of Aksys, the revelation caused the stock to increase in price. For that reason, the lawsuit alleges that anyone who sold their Aksys stock short during the period would not have done so had they known about Durus’ ownership. If you sold securities issued by Aksys 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. According to a law firm press release, a class action has been commenced on behalf of all persons or entities who have tendered or are being asked to tender their shares of Falcon Strategies Two LLC, a fund affiliated with defendant Citigroup, Inc. (“Citigroup”) (NYSE:C), in connection with a tender and exchange offer (the “Tender Offer”), on the basis of a Confidential Tender and Exchange Offer Memorandum, dated May 8, 2008 (the “Tender Memorandum”), that contains materially misleading statements and omissions. The Complaint alleges claims under Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Delaware law.
A class action has been filed against Northwest Airlines Corporation (NWACQ.PK), certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2005 and September 14, 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. Several class actions have been filed against bulk transporter Quality Distribution, Inc. (Nasdaq:QLTY) and certain of its officers and directors by stockholders who purchased the company's common stock between November 7, 2003, and February 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. A class action has been filed against Herley Industries, Inc. (HRLY), certain of its officers and directors by stockholders who purchased the company's common stock between October 1, 2001 and June 14, 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. Several class actions have been filed against mutual funds managers Morgan Stanley, Morgan Stanley Advisors, LP, Morgan Stanley DW, Inc., Van Kampen Investments, Inc., and Van Kampen Asset Management, Inc. (various stock symbols) by persons who purchased the companies’ mutual funds between October 1, 1999, and December 31, 2002. The actions claim that the defendants violated federal securities laws by failing to disclose that they aggressively pushed their sales associates to sell Morgan Stanley and Van Kampen funds, instead of mutual funds owned and managed by other companies, by organizing internal contests offering various prizes to brokers who sold the most in proprietary funds. |
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