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Case ID: 3852 | Stocks | 10/26/2004
A class action has been filed against the Hartford Financial Services Group (NYSE: HIG) and certain of its officers and directors by stockholders who purchased the company’s common stock between November 5, 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 the Hartford disseminated materially false and misleading financial statements. The true facts, which were known but concealed from the investing public, were as follows: (a) that the Company was paying illegal and concealed ``contingent commissions'' pursuant to illegal ``contingent commission agreements;'' (b) that by concealing these ``contingent commissions'' and ``contingent--commission agreements'' the defendants violated applicable principles of fiduciary law, subjecting the Company to enormous fines and penalties totaling potentially tens, if not hundreds, of millions of dollars; and (c) that as a result, the Company's prior reported revenue and income was grossly overstated. The complaint charges Hartford Financial and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Hartford Financial is a diversified insurance and financial services company. Through its subsidiaries, the Company provides investment products and life and property and casualty insurance to both individual and business customers in the United States and internationally. Hartford stock plunged from over $64 a share to close the day before suit was filed at $54.61. 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 certain of the former officers and directors of now-defunct Stockwalk, Inc. (formerly Nasdaq: STOK), and its former independent auditor, Ernst & Young, by stockholders who purchased Stockwalk common stock between May 8 and September 25, 2001. A class action has been filed against Rhodia S.A. (NYSE:RHA), certain of its officers and directors by stockholders who purchased the company's common stock between April 26, 2001 and March 23, 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 parties have reached a tentative settlement in a class action filed against child-resistant packaging manufacturer Kerr Group, Inc. by stockholders who purchased the company's class B cumulative convertible preferred series D stock between July 1, 1997, and December 31, 1997. Persons who wish to take part in the settlement must submit a proof of claim form postmarked no later than August 22, 2004. A class action has been filed against Pixar (PIXR), certain of its officers and directors by stockholders who purchased the company's common stock between January 18, 2005 and June 30, 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. A class action has been filed in the District Court of Maryland against RS Diversified Growth Fund, et al and certain of its officers and directors by stockholders who purchased the company’s common stock between October 6, 1999 and October 5, 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 parties have reached a $51 million settlement in a class action filed against former WorldCom, Inc., Chief Executive Officer Bernard Ebbers and 18 ex-WorldCom officials on behalf of employees who lost hundreds of millions of dollars when the long-distance telephone company collapsed. The action alleged that the officials violated the federal Employee Retirement Income Security Act by obtaining and retaining WorldCom stock in the company's 401(k) plans even though they knew of WorldCom's financial problems. Persons eligible to take part in the settlement should contact the attorneys for the class for more information. |
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