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Case ID: 3744 | Stocks | 04/06/2006
A class action has been filed against logistics provider Stonepath Group Inc. (AMEX: STG) and certain of its officers and directors by stockholders who purchased the company’s common stock between May 7, 2003 and September 20, 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 charges Stonepath and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Complaint alleges that the Company failed to disclose and misrepresented that it had understated its accrued purchased transportation liability and related costs of purchased transportation rendering the Company's financial statements materially false and misleading because they understated the Company's liabilities and expenses, and overstated the Company's net income and earning before income, taxes, depreciation, and amortization (``EBITDA''). As a result of the above, the Company's reported financial results were in violation of GAAP. 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 According to a law firm press release, the complaint charges NextWave and certain of its officers and directors with violations of the Securities Exchange Act of 1934. NextWave is a mobile broadband and multimedia technology company that develops, produces and markets mobile multimedia and wireless broadband products.
A class action has been filed against lifestyle community developer Avatar Holdings (Nasdaq: AVTR) and certain of its officers and directors by investors who purchased the company's 7% convertible subordinated notes due April 1, 2005 (Nasdaq: AVTRG). Several class actions have been filed against tool manufacturer Spear & Jackson, Inc. (OTC:SJCK.OB) and certain of its officers and directors by stockholders who purchased the company's common stock between July 14, 2003, and April 15, 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 deep discount retailer 99 Cents Only Stores (NYSE: NDN) and certain of its officers and directors by stockholders who purchased the company's common stock between April 20, 2000, and February 4, 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 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. Several class actions have been filed against semiconductor technology manufacturer OmniVision Technologies, Inc., (NASDAQ:OVTI) and certain of its officers and directors by stockholders who purchased the company's common stock between February 19, 2003, and June 8, 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. |
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