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Case ID: 3650 | Stocks | 08/31/2004
Several class actions have been filed against electrical and technology contracting company Integrated Electrical Services, Inc. (NYSE:IES), and certain of its officers and directors by stockholders who purchased the company's common stock between November 10, 2003, and August 13, 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 actions allege that: • IES failed to make appropriate adjustments for a series of large contracts that experienced significant cost overruns; • The company had improperly attributed general and administrative costs to one contract that actually related to a different contract; • It had improperly recognized revenue on a particular contract; • The company lacked adequate internal controls and was unable to ascertain its true financial condition; and • Because of these factors, the company’s net income and financial results were materially overstated throughout the applicable period. On August 13, 2004, after the market closed for regular trading, IES announced that: (1) it would not be able to file its fiscal 2004 Third Quarter Report on Form 10-Q in a timely manner; (2) the delay in filing might result in a default under the terms of its outstanding debt and could affect its ability to secure surety bonds; (3) IES’ independent auditors had identified two material weaknesses in its internal controls; (4) it was withdrawing its previously announced earnings estimates for the fourth quarter of fiscal 2004; and (5) it might have to restate its previously reported financial results. Following this announcement, shares of IES common stock fell $2.65 per share, or 40%, to close at $3.93 per share, on extremely high trading volume. If you purchased securities issued by IES during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by October 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 A class action has been filed against 51job, Inc. (NASDAQ: JOBS), a China based recruitment and human resource services company and certain of its officers and directors by stockholders who purchased the company's common stock between November 4th, 2004 and January 14th, 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. According to a law firm press release, a class action was commenced on behalf of purchasers of GT Solar International, Inc. common stock pursuant or traceable to the Company's false and misleading Registration Statement and Prospectus issued in connection with its July 23, 2008 initial public offering.
A class action has been filed against Alliance Capital Management Holding L.P. (NYSE: AC) and certain of its subsidiaries, officers and directors by investors who purchased shares in any AllianceBernstein mutual fund between October 2, 1998 and September 29, 2003.
According to a law firm press release, a class action was filed in connection with Fifth Third's acquisition of First Charter on June 6, 2008, and on behalf of shareholders of First Charter as of November 26, 2007 and were solicited to vote on this acquisition.
The parties have reached a tentative $32 million settlment of several class actions filed against CBT Group, PLC, a subsidiary of e-learning company Skillsoft, PLC (Nasdaq: SKIL) and certain of its current and former officers and directors by persons who purchased American depositary shares issued by CBT Group during the period from April 14, 1998, through October 1, 1998. 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 depositary shares. A claims deadline apparently has not yet been set at this time. A class action has been filed against flow control equipment manufacturer Flowserve Corporation (NYSE: FLS) and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2001, and September 27, 2002. |
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