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Case ID: 3695 | Stocks | 10/20/2004
A class action has been filed against Concord Camera Corporation, a worldwide designer, developer, manufacturer and seller of image capture products (NASDAQ: LENS) and certain of its officers and directors by stockholders who purchased the company’s common stock between August 14, 2003 and May, 10, 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.
Specifically, the complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company’s inventory levels were materially inflated (2) the Company's financial results were materially impacted by the significant inventory provisions, ranging from $6 to $7 million; (3) the Company’s net loss was artificially deflated through the application of manufacturing labor and overhead costs to inventory; and (4) that as a result, the Company’s financial results were materially inflated at all relevant times. 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 On February 29, 2008, the case was removed from Supreme Court of the State of New York, County of Nassau, to the U.S. District Court for the Eastern District of New York.
A class action has been filed against Fred Alger Management, Inc. and certain related companies on behalf of investors who purchased shares in any Alger mutual fund between November 1, 1998, and September 3, 2003. The action alleges that, throughout this time period, the defendants failed to disclose that they improperly allowed certain favored investors, such as defendant Veras Investment Partners, to engage in the "timing" of their transactions in the funds' securities. On April 7, 2008, the case was transferred from the Supreme Court of the State of New York to the U.S. District Court for the Eastern District of New York.
Several class actions have been filed against Central Freight Lines, Inc. (Nasdaq: CENF) and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to its December 12, 2003, initial public offering. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of the company's securities. Internet security is big business in the aftermath of the 2003 worm attacks. Several class actions have been filed against Internet security solutions provider SonicWALL, Inc. (Nasdaq: SNWL) and certain of its officers and directors by stockholders who purchased the company's common stock between October 17, 2000, and April 3, 2002. The actions claim that the defendants violated federal securities laws by issuing a series of misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against accounting firm Ent & Imler Group, P.C. (ENTCPA) and certain of its officers and directors by stockholders who purchased investment notes offered by the firm on behalf of the Church Extension of the Chruch of God between April 30, 1998 and April 30, 2002. 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 securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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