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Case ID: 3634 | Stocks | 09/30/2004
Several class actions have been filed against networking company Netopia, Inc. (Nasdaq:NTPA), and certain of its officers and directors by stockholders who purchased the company's common stock between November 6, 2003 and July 6, 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 Netopia and certain of its officers and directors knowingly or recklessly made a series of material misrepresentations concerning Netopia's earnings, product costs, and sales to its largest customer, Swisscom AG. Moreover, Defendants and eight Netopia employees profited handsomely from those misrepresentations, selling over $9 million of Netopia stock during the applicable period. If you purchased securities issued by Netopia during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by October 18, 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 Carrier Access Corporation (NasdaqNM:CACSE) formerly (NasdaqNM:CACS), certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 2003 and May 20, 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. A class action has been filed against Corn Products International, Inc. (NYSE:CPO), certain of its officers and directors by stockholders who purchased the company's common stock between January 25, 2005 and April 04, 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. Many company retirement plans that encouraged investment in the company stock plan have taken large losses over the past few years. A class action has been filed against TV-top cablebox manufacturer Scientific-Atlanta, Inc. and certain company officials on behalf of current and former employees whose retirement plans were invested in the company's stock. The action alleges that the executives breached their fiduciary responsibilities in violation of federal labor law when they knew of the company's financial problems but continued to encourage employees to purchase stock for their plans, sometimes while selling their own shares. The action seeks compensatory and punitive damages. The court has certified the class in a class action filed against the Morgan Stanley Dean Witter Prime Income Trust Fund (Nasdaq: XPITX) by stockholders who purchased shares of the trust between November 1, 1998, and April 26, 2001. A class action has been filed against Pixar (PIXR), certain of its officers and directors by stockholders who purchased the company's common stock between January 18, 2005 and June 30, 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. Who will look out for stockholders if corporate executives and boards don’t? Several class actions have been filed against the directors of petroleum companies Pennzoil-Quaker State Company by stockholders who allege that the directors breached their fiduciary duties to them in agreeing to the 2002 Pennzoil-Quaker State and Shell Oil Company merger. |
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