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Case ID: 3849 | Stocks | 10/26/2004
A class action has been filed against Ace Limited, a PA based holding company that provides insurance and reinsurance products (NYSE:ACE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003 and October 13, 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 ACE and its top officers violated the federal securities laws by disseminating false and misleading statements concerning the Company's results and operations during the Class Period. Specifically, the complaint states that • the Company was paying illegal and concealed "contingent commissions" pursuant to illegal "contingent commission agreements;" On October 14, 2004, Ace and several of the nation's largest insurance companies were charged with bid rigging and pay-offs that violated fraud and competition laws. On this news, Ace's stock fell 9%. 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 of America Corporation (NYSE: BAC) and certain related firms by investors who purchased shares in any of the Nations Funds, managed by Bank of America, 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. According to a press release dated March 25, 2008, a group of investors sued Morgan Stanley on Tuesday over the brokerage's alleged deceptive marketing of auction-rate securities. On May 12, 2008, several motions on the appointment of lead plaintiffs, lead counsels and co-lead counsels as well as to consolidate cases were filed by certain individuals and groups. On June 6, 2008, the Court entered the Order consolidating several actions under In re Michael Baker Corp. Securities Litigation, Civil Action No. 08-370. On June 26, 2008, the Court entered the Order appointing Michael Baker Institutional Investors Group as the presumptive lead plaintiff. According to the Order, Michael Baker Institutional Investors Group consists of the Southeast Pennsylvania Transit Authority (“SEPTA”) and the City of Tallahassee Retirement System.
A class action has been filed against Internet security and Virtual Private Network solutions provider Check Point Software Technologies Ltd. (Nasdaq: CHKP) and certain of its officers and directors by stockholders who purchased the company's common stock between July 10, 2001, and April 4, 2002. The stockholders seek to recover compensatory damages for the loss of value of their stock. The parties have reached a tentative $8 million partial settlement in an action filed against AMF Bowling, Inc. (Pink Sheets: AMBWQ.PK) and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to the registration statement for the November 1997 initial public offering before February 26, 1999. The action continues against the remaining institutional defendants. Proof of claim documents must be postmarked on or before October 29, 2004, to be considered valid. A class action has been filed against Orange 21, Inc., (NasdaqNM:ORNG), certain of its officers and directors by stockholders who purchased the company's common stock between December 14, 2004 and December 14, 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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