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Case ID: 3672 | Stocks | 09/17/2004
Several class actions have been filed against medical information technology systems company IMPAC Medical Systems, Inc. (Nasdaq:IMPCE), and certain of its officers and directors by stockholders who purchased the company's common stock between November 20, 2002, and May 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 lawsuits allege that, during the applicable period, the defendants caused IMPAC’s shares to trade at artificially inflated levels through the issuance of false statements about demand for its services, its current bookings, and its financial statements. As a result of this inflation, IMPAC was able to complete two public offerings of 4.5 million shares, raising total proceeds of $77.9 million. On March 1, 2004, IMPAC announced that it intended to restate its financial statements for fiscal years 2003-2003. Then, on May 13, 2004, it announced disappointing results for the second quarter of fiscal year 2004, and reduced its outlook for fiscal 2004. With this news, IMPAC’s stock collapsed to $14.62 per share, compared to the prior day’s close of $24.85. On June 4, 2004, IMPAC filed its 8-K with the SEC, stating that the company had dismissed PricewaterhouseCoopers as its registered public accounting firm. On August 17, 2004, IMPAC announced the resignation of its independent auditor, Deloitte & Touche. This resignation was reported as being due to a disagreement with management concerning its application of certain accounting rules to the timing of its recognition of revenues in its restated financial statements for the fiscal years ended September 30, 2001 through 2003. The company’s stock has since dropped even farther, to the vicinity of $12 per share. If you purchased securities issued by IMPAC during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by November 8, 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 the Federal National Mortgage Corporation (Fannie Mae) (NYSE: FNM_PK) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 13, 2000 and September 22, 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. If a company goes bankrupt after misusing its investors, the damaged security holders often go after anyone who assisted the bankrupt company. A class action has been filed against funding trustees Northwestern Trust and Investors Advisory Company and U.S. Bank, NA, by all persons who purchased securities in the form of promissory notes issued by Partners Mortgage Corporation (PMC) between November 7, 1997, and September 1, 2003. The action alleges that the trustees violated Washington-state securities laws by breaching their fiduciary duties to investors and allowing Partners to violate its own contracts. A class action has been filed against Magma Design Automation, Inc. (NasdaqNM:LAVA), certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2002 and April 12, 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 in the Middle District Court of Florida against Anchor Glass Container Corporation (NASDAQ: AGCC) and certain of its officers and directors by stockholders who purchased the company's common stock between September 25, 2003 and November 4, 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. According to a press release dated April 16, 2008, the complaint charges Walgreen and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Walgreen operates a chain of drugstores in the United States.
A class action has been filed against Martek Biosciences Corporation (NasdaqNM:MATK), certain of its officers and directors by stockholders who purchased the company's common stock between December 09, 2004 and April 27, 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. |
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