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Case ID: 3721 | Stocks | 09/28/2004
A class action has been filed against Oppenheimer Funds, Inc. (NYSE: OPY), it’s subsidiaries, and certain of its individual funds, officers and directors by stockholders who purchased the company’s common stock between August 31, 1999 and March 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.
The complaint alleges that Oppenheimer used fund assets to make incentive payments to brokers, who would push Oppenheimer’s funds over other funds in return. The incentive payments were disguised as commissions, according to the plaintiffs. Plaintiffs allege that in fact, the brokers were encouraging the purchase of Oppenheimer funds not for any sound investment reason, but rather in order to receive incentive payments from Oppenheimer. The investors claim that both the use of fund assets for this purpose and the “pushing” of the Oppenheimer stock violated federal securities laws. The stockholders seek compensatory and punitive damages, an accounting, recovery of all improperly paid fees, and their attorneys fees and costs. 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 parties have reached a $10 million settlement in an administrative enforcement proceeding filed against i2 Technologies, Inc., (OTC:ITWO.PK) by the Securities and Exchange Commission on behalf of investors who purchased the companies publicly traded securities between 1998 and 2002. The action alleged that the company misstated approximately $1 billion in software license revenues, in violation of federal securities laws. Persons eligible to take part in the settlement should contact the attorneys who prosecuted the case. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Jones Soda Company ("Jones Soda" or the “Company”) (Nasdaq:JSDA) who purchased shares of the Company between March 9, 2007 and August 2, 2007 (the "Class Period"), have until November 5, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Western District of Washington. No class has yet been certified in this action. Several class action lawsuits have been filed against global relocation services provider Sirva, Inc., (NYSE: SIR) and certain of its officers and directors by stockholders who purchased the company’s common stock between November 24, 2003 and November 9, 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 Tyco International Ltd. (NYSE:TYC), certain of its officers and directors by stockholders who purchased the company's common stock between June 15, 2002 and December 31, 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 in the Eastern District Court of New York against OSI Pharmaceuticals, Inc.(NASDAQ: OSIP), a New York based biopharmaceutical company, and certain of its officers and directors by stockholders who purchased the company's common stock between April, 26 2004 and November 18, 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 Viisage Technology, Inc. (NasdaqNM:VISG), certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2004 and March 02, 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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