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Case ID: 3799 | Stocks | 10/19/2004
A class action has been filed against Ligand Pharmaceuticals, Inc., a San Diego, CA based biopharmaceutical company (NASDAQ: LGND) and certain of its officers and directors by stockholders who purchased the company’s common stock between July 28, 2003 and August 2, 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 Ligand misrepresented the sales of AVINZA, a pain relief drug through press releases and SEC filings and provided false information on joint projects the Company had with Glaxo Smith Kline and Eli Lilly. On August 3, 2004, the Company posted a second quarter loss of $14.2 million and revealed that Deloitte & Touche, its independent auditors, had resigned for undisclosed reasons after a four-year relationship. The announcement caused the Company’s stock to fall $5.38 per share, approximately 40%, to $8.17 per share. In addition, the stockholders allege that Maier and other insiders sold 44,000 shares of stock during the class period for gross proceeds totaling $833, 302 based on information not revealed to stockholders. The stockholders are suing for violations of Section 10(b), 20(a) and Rule 10b-5 of the Securities and Exchange Act and seek compensatory damages for the devaluation of their stock, costs of the action and extraordinary, equitable or injunctive relief. 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 content management software provider Stellent, Inc. (Nasdaq: STEL) and certain of its officers and directors by stockholders who purchased the company's common stock between October 2, 2001, and April 1, 2002. The parties have reached a $37 million settlement in an SEC administrative proceeding filed against Symbol Technologies, Inc. (NYSE:SBL) on behalf of stockholders who purchased the company's common stock between February 15, 2000, to October 17, 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. Persons eligible to take part in the settlement should contact the prosecuting attorneys for more information.
Several class actions have been filed against utility company El Paso Corporation (NYSE: EP) and certain of its officers and directors by stockholders who purchased the company's common stock between February 22, 2000, and February 17, 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 HCA, Inc. (HCA), certain of its officers and directors by stockholders who purchased the company's common stock between January 12, 2005 and July 12, 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 UK prepared food manufacturer Hibernia Foods, PLC, (OTC:HIBNY.PK) and certain of its officers and directors by stockholders who purchased the company's common stock between August 2, 1999, and October 21, 2003. 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 parties have reached a tentative $410 million settlement in several class actions filed against defense contractor Raytheon Company (NYSE:RTN) and certain of its officers and directors by stockholders who purchased the company's common stock between January 28, 1999, and October 12, 1999. The actions claimed 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. Persons eligible to take part in the action should contact attorneys for the class. |
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