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Case ID: 3742 | Stocks | 10/05/2004
Several class actions have been filed against retail clothing giant Tommy Hilfiger Corporation (NYSE: TOM) and certain of its officers and directors by stockholders who purchased the company's common stock between November 3, 1999 and September 24, 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 between late 1999 and September 24, 2004 Hilfiger improperly disguised income from its U.S. subsidiaries as buying office commissions and shifted that income to non-U.S. subsidiaries where taxes were lower. The plaintiff stockholders allege that Hilfiger evaded over one hundred million dollars of U.S. taxes using this strategy. The complaint further contends that Hilfiger improperly inflated reports of its after tax net income and earnings per share. When news of these irregularities broke as a result of an announced federal investigation, Hilfiger stock dropped, on September 24, 2004 from $13.17 per share to $10.30 per share. The stock has continued to trend downward since that time. 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 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. Several class actions have been filed against mutual funds managers Morgan Stanley, Morgan Stanley Advisors, LP, Morgan Stanley DW, Inc., Van Kampen Investments, Inc., and Van Kampen Asset Management, Inc. (various stock symbols) by persons who purchased the companies’ mutual funds between October 1, 1999, and December 31, 2002. The actions claim that the defendants violated federal securities laws by failing to disclose that they aggressively pushed their sales associates to sell Morgan Stanley and Van Kampen funds, instead of mutual funds owned and managed by other companies, by organizing internal contests offering various prizes to brokers who sold the most in proprietary funds. A class action has been filed against the online movie rental service Netflix, Inc. and certain of its officers and directors by stockholders who purchased the company’s common stock between October 1, 2003 and July 15, 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. Several class actions have been filed against hospital management company Universal Health Services, Inc. (NYSE:UHS) and certain of its officers and directors by stockholders who purchased the company's common stock between July 21, 2003, and February 27, 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. Several class actions have been filed against storage software designer Veritas Software Corporation (Nasdaq:VRTS) and certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2004, and July 6, 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. A class action has been filed in the Eastern District Court of Michigan against Valassis Communications, Inc., a Michigan based company that markets and distributes coupons and newspaper advertising inserts (NYSE:VCI), and certain of its officers and directors by stockholders who purchased the company's common stock between April 25, 2002 and October 23, 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 company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
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