|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 3747 | Stocks | 10/05/2004
A class action has been filed against Washington Mutual, Inc., a retailer or financial services (WM) and certain of its officers and directors by stockholders who purchased the company's common stock between April 15, 2003 and June 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 Washington Mutual announced record earnings in various press releases and on television beginning in April of 2003. The Company continued to issue press releases and told investors that it was experiencing phenomenal growth. However, on June 29, 2004, the Company announced a significant earnings and net income shortfall which far exceeded any guidance previously endorsed by the Company. In part, the announcement read, It said, "It now appears to us that the shift in the interest rate environment in recent months, with a sharp increase in long-term rates and a related reduction in mortgage volumes, will continue through the rest of the year. The effects of these changes are likely to outpace the timing of ongoing cost reduction plans in our Mortgage Banking business." Following the announcement, the Company's common stock declined nearly 12 percent, from $41.31 per share to $36.50 per share. Shareholders allege that the Company violated Securities Rules 10b-5 and 20a and now seek compensatory damages for the devaluation of their stock. 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 Bank One Corporation (NYSE: ONE) and certain related firms by investors who purchased shares in any of the One Group mutual funds, managed by Bank One, between October 1, 1998, and July 3, 2003. The action charges that, throughout this time period, the defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary Capital Partners, to engage in "late trading" and "timing" of the funds' securities. A class action has been filed against Vertex Pharmaceuticals Inc. (Nasdaq: VRTX) and certain of its officers and directors by stockholders who purchased the company's common stock between March 27, 2000, and September 24, 2001. A class action has been filed against PXRE Group Ltd. (PXT), certain of its officers and directors by stockholders who purchased the company's common stock between July 28, 2005 and February 16, 2006 or a secondary offering on October 3, 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 bulk transporter Quality Distribution, Inc. (Nasdaq:QLTY) and certain of its officers and directors by stockholders who purchased the company's common stock between November 7, 2003, and February 2, 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. On April 28, 2008, a motion to appoint Plumbers’ Union Pension Fund as lead plaintiff was filed.
On March 11, 2008, a motion to appoint certain individual as lead plaintiff and to appoint Abraham Fruchter & Twersky LLP as lead counsel was filed. As a result, on March 14, 2007, the Court granted motion to name a certain individual as Lead Plaintiff and appointing Abraham Fruchter & Twersky LLP as Lead Counsel. An Amended Class Action Complaint For Violation Of Federal Securities Law was filed on March 24, 2008. On April 3, 2008, an order denying the motion for undertaking and directing amendment of the caption was denied as moot. The defendant filed motion to dismiss the Amended Complaint on April 25, 2008, which is currently pending before the court.
|
IT'S FREE
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
