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Case ID: 3621 | Stocks | 08/17/2004
The parties have reached a tentative $4.5 million in a consolidated class action filed against former e-commerce business solutions provider Clarus Corporation (Nasdaq:CLRS) and certain of its officers and directors by stockholders who purchased the company's common stock between December 8, 1999, and October 25, 2000. Persons eligible take part in the settlement should contact the attorneys for the class for more information.
The complaint alleged that Atlanta-based Clarus and certain of its top officers made false and misleading statements about the company’s business and financial condition and employed illegal accounting practices that inflated its share price during the applicable period. Clarus allegedly included past due receivables for which collection was not probable in its financial results. In addition, the lawsuit alleged that the company failed to disclose that 20% of its receivables were owed by a single customer-- investors were not advised of the risks the company faced if that customer failed to pay its obligation. On October 25, 2000, Clarus stunned the market by disclosing a much greater loss for the third quarter of 2000 than it had previously led the market to believe. The deeper-than-expected loss was due, in part, to the write-off of the $2 million receivable from the customer noted above. In response to the announcement, the company’s stock price dropped 45%. The proposed settlement sets aside a $4.5 million fund from which investors are to be reimbursed for their losses. The settlement will not be effective until the court grants it final approval. The court has not yet scheduled a hearing on the matter. 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 commercial banking and wealth management firm Gold Banc Corporation (Nasdaq:GLDB) and certain of its officers and directors by stockholders who owned the company's common stock as of February 25, 2004, the time of the company's acquisition agreement by Silver Acquisition Corporation. The actions claim that the defendants violated their fiduciary duties by permitting directors who had substantial restricted holdings to cash out their shares too early, and accepting a sale price that did not provide an adequate premium to public shareholders. According to a press release dated September 19, 2008, the lawsuit was filed against Carter's and certain officers and directors ("Defendants"). the action seeks to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). According to a press release dated March 21, 2008, a class action lawsuit was filed on behalf of persons who purchased Auction Rate Securities from UBS, UBS Securities and UBS Financial Services during the Class Period and who continued to hold such securities as of February 13, 2008.
Several class actions have been filed against onshore oil well services company Key Energy Services, Inc., (NYSE:KEG) and certain of its officers and directors by stockholders who purchased the company's common stock between April 29, 2003, and June 4, 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 complaint charges CarMax and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CarMax is a nationwide retailer of new and used automotive vehicles. CarMax also provides customers with a full range of related products and services, including the financing of vehicle purchases through CarMax Auto Finance, the Company's own finance operation, and third-party financing providers; the sale of extended service plans and accessories; the appraisal and purchase of vehicles directly from consumers; and vehicle repair service.
Kahn Gauthier Swick, LLC ("KGS") announces that it has filed a class action lawsuit in the United States District Court for the Central District of California, Western Division on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock and other securities of Broadcom Corporation ("Broadcom'' or the "Company'') (Nasdaq: BRCM -News) between July 21, 2005 and July 13, 2006.
Broadcom and certain of its offices and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. On July 14, 2006, Broadcom announced that it would record more than $750 million in added expenses and restate its past earnings related to the illegal backdating of stock options. Prior to any news of options backdating reaching in the market, shares of Broadcom traded at slightly above $40.00 per share and, thereafter, shares traded down to approximately $27.50 per share - - a rapid decline of over 31%.
Options pricing backdating occurs when options grants to senior officers or directors of public companies are made at prices lower than the trading price of the stock on the date such options are granted. The undisclosed backdating of options violates generally accepted accounting principles.
If you wish to serve as lead plaintiff, you must move the Court no later October 12, 2006. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you would like to discuss your legal rights, you may e-mail or call KGS, without obligation or cost to you, or you may submit your information on this webpage to be reviewed by a lawyer. You may contact Managing Partner Lewis Kahn of KGS direct, toll free 1-866-467-1400, ext., 100, or 504-648-1850, or by email at lewis.kahn@kglg.com. |
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