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Case ID: 3636 | Stocks | 08/24/2004
Several class actions have been filed against global telecommunications provider Primus Telecommunications Group, Inc. (Nasdaq:PRTL), and certain of its officers and directors by stockholders who purchased the company's common stock between November 11, 2003, and July 29, 2004, including all those who purchased securities in Primus' January 13, 2004, debt offering. 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 lawsuits allege that, throughout the applicable period, the Primus defendants misrepresented the company's business prospects in regard to: (1) pricing pressures on its standalone international long distance business, (2) company revenue projections for the second half of 2004, (3) and Primus' ability to raise money for necessary capital expenditures. On July 29, 2004, Primus posted a second quarter loss of $14.9 million, a $0.17 loss per share, falling short of Wall Street expectations. Primus had forecast earnings of $.10 per share on revenue of $348 million. On this news, Primus dropped $1.70 to $1.52 per share -- a 50% decline. If you purchased securities issued by Primus 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 The class has been certified in numerous consolidated class actions filed against clothier Abercrombie & Fitch Company (NYSE:ANF) and certain of its officers and directors by stockholders who purchased the company's common stock between October 8, 1999, and October 13, 1999. 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. High Tech Manufacturer In Hot Water With Shareholders Over Allegedly False and Misleading Statements A class action has been filed against high tech manufacturer Remec Incorporated (Nasdaq: REMC) and certain of its officers and directors by stockholders who purchased the company's common stock between September 8, 2003 and September 8, 2004. 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 direct-to-consumer specialty medical products provider PolyMedica Corporation (Nasdaq: PLMD) and certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2001, and June 30, 2003.
According to a local business journal, an investor who can't access funds frozen in auction rate securities filed a class-action lawsuit against the company and its subsidiary.
The suit alleges that Stifel Financial Corp. and its subsidiary Stifel, Nicolaus & Company, Inc. violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction-rate securities and the auction market in which the securities are traded.
The parties have reached a tentative $3.55 million settlement in an action filed against nuclear medicine company ADAC Laboratories, Inc. and Koninklijke Philips Electronics N.V. on behalf of stockholders who sold the company's stock in connection with the acquisition of ADAC with Koninklijke Philips Electronics N.V. via a November 2000 tender offer and subsequent merger. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than May 4, 2004. Several class actions have been filed against interactive toy- and book-maker LeapFrog Enterprises, Inc. (NYSE:LF) and certain of its officers and directors by stockholders who purchased the company's common stock between August 20, 2003, and October 21, 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 inflating the price of the company's securities. |
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