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Case ID: 3730 | Stocks | 10/04/2004
A class action has been filed against Digimarc Corporation, a supplier of secure media solutions used in security, identification and digital media applications based in Tualatin, OR, (NASDAQ: DMRC) and certain of its officers and directors by stockholders who purchased the company’s common stock between April 17, 2002 and July 28, 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 under the direction of Chief Financial Officer, E.K. Ranjit, the Company inflated its profitability during the class period by maintaining insufficient accounting controls which created an environment where improper accounting could be used to manipulate the Company’s financial results. In fact, the Company now admits that it improperly accounted for software development costs and project capitalization at its ID Systems business unit. In order to correct the financial statements previously issued, the Company has indicated that it will need to restate all of its financial reports for 2003 and 2004 and may also have to restate earlier periods as well. In addition, the complaint alleges that Company insiders sold over $10 million of Digimarc stock and that the retirement of E.K. Ranjit is highly suspicious when considered in conjunction with his substantial insider selling of 110,000 Digimarc shares for proceeds of over $1.3 million – more than four times his annual salary. 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 Buca, Inc. (NasdaqNM:BUCA), certain of its officers and directors by stockholders who purchased the company's common stock between February 06, 2001 and March 11, 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. Several class actions have been filed against pharmaceuticals and healthcare supply wholesaler D&K Healthcare Resources, Inc. (Nasdaq:DKHR) and certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2001, and September 16, 2002. 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 judge appointed lead plaintiff and approved her selection of Girard Gibbs LLP to serve as lead counsel on July 2, 2008.
Ripples from the mutual fund scandal to continue to widen. A class action has been filed against the Canadian Imperial Bank of Commerce, Canadian Imperial Holdings, Inc., and certain officers by investors who purchased any of the MFS family of mutual funds between January 1, 2001, and September 30, 2003. The actions allege that the defendants violated federal securities laws by failing to disclose that they improperly financed the late trading and timing of the funds’ shares by certain hedge funds. According to a law firm press release, on May 12, 2008 a class action lawsuit on behalf of persons who purchased Auction Rate Securities from RBC Dain Rauscher Inc., Royal Bank of Canada, and RBC Capital Markets Corporation between May 12, 2003 and February 13, 2008 (the “Class Period”), and who continued to hold such securities as of February 13, 2008. The class action is brought against Royal Bank of Canada and its wholly-owned subsidiaries, RBC Dain Rauscher Inc. and RBC Capital Markets Corporation. The Complaint alleges that RBC Dain Rauscher 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 these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic “auctions.” Auction rate securities generally have long-term maturities or no maturity dates.
A class action has been filed against Printcafe Software, Inc. (Nasdaq: PCAF) and certain of its officers and directors by stockholders who purchased the company's common stock between June 18 and October 22, 2002. |
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