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Case ID: 3839 | Stocks | 10/26/2004
A class action has been filed against AXT, Inc., a CA based manufacturer of semiconductor parts (NASDAQ: AXTI) and certain of its officers and directors by stockholders who purchased the company's common stock between February 6, 2001 and April 27, 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 over a period of three years, the Company issued press releases and SEC forms claiming large financial successes. However, on April 27, 2004, the Company recanted its earlier successes because they (i) did not follow requirements for testing of products (and provision of testing data and information) relating to customer requirements; and, as a consequence of this conduct, (ii) failed to accrue adequate reserves; (iii) falsely stated AXT's reported reserves, revenue and income, and (iv) issued false statements about the Company meeting customer requirements. News of the Company's investigation caused its stock to drop 13.64% on the day of the announcement and another 23% a day later to close at $2.20 per share from $3.30 per share. In addition, the complaint alleges that Morris Young, the Company's Chairman and Chief Executive Officer, disposed of $5 million worth of personally held stock during the class period. 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 press release dated March 19, 2008, a class action lawsuit on behalf of persons who purchased Auction Rate Securities from Wachovia Corporation and Wachovia Securities, LLC, during the Class Period and who continued to hold such securities as of February 13, 2008.
A class action has been filed against lender MicroFinancial, Inc. (NYSE: MFI) and certain of its officers and directors by stockholders who purchased the company's common stock between February 5, 1999, and October 30, 2002. The stockholders seek to recover compensatory damages for the loss of value of their stock.
A class action lawsuit was filed in the United States District Court for the District of Minnesota on behalf of all securities purchasers of Nash Finch Company between February 24, 2005 and October 20, 2005, inclusive. Several class actions have been filed against Russian petroleum producer Yukos Oil Company (OTC BB:YUKOF.PK; OTC BB:YUKOY.PK; Russia:YUKO) and certain of its officers and directors by stockholders who purchased the company's common stock between February 13, 2003, and October 25, 2003. The actions claim that the defendants violated federal securities laws by failing to disclose that they were using questionable tax schemes to minimize corporate and business taxes owed to the Russian government over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against healthcare services company Columbia/HCA Healthcare Corporation (formerly NYSE: COL) and certain of its officers and directors by stockholders who purchased the company's common stock between April 8, 1994, and March 19, 1997. The company is now known simply as HCA Inc. (NYSE: HCA). A class action has been filed against The Coca-Cola Company (NYSE:CCE), certain of its officers and directors by stockholders who purchased the company's common stock between January 30, 2003 and September 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. |
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