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Case ID: 3867 | Stocks | 10/26/2004
A class action has been filed against Star Gas, LP (NYSE: SGU) and certain of its officers and directors by stockholders who purchased the company’s common stock between December 4, 2003 and October 18, 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 Star Gas issued false and misleading statements in order to cause its stock to trade at artificially high levels, and then used this improperly-gained trading volume to complete a secondary public offering and two note offerings that collectively raised net proceeds of $95 million. On October 18, 2004 it was reported that the company could not meet its financing obligations and might need to seek refinancing on unfavorable terms or seek bankruptcy protection. When this news broke Star Gas stock dropped 17% in a single day of trading. 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 November 14, 2008, the complaint charges the Company and its Chief Executive Officer with violations of the Exchange Act. Internap provides Internet connectivity solutions to business customers who require business applications such as e-commerce, video and audio streaming, customer relationship management, voice over Internet protocol, virtual private networks, and supply chain management.
On June 30, 2008 the judge ordered the case transferred to the Western District of Kentucky.
A class action has been filed against construction equipment rental supplier United Rentals, Inc. (NYSE: URI) and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2003 and August 30, 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. According to a news article published June 10, 2008, Universal Food & Beverage Co. is facing a class-action complaint alleging its directors sold $20 million of their preferred stock while artificially propping up the share price.
On March 28, 2008, a motion to consolidate cases, to appoint lead plaintiffs and counsels was filed. Just as quickly, on April 14, 2008, a response to the previously mentioned motion was filed by WCI Communities, Inc. At the same time, a motion to reset trial was filed on April 11, 2008. The court granted its motion to reset trial on April 14, 2008. However, the court denied the motion to consolidate cases, to appoint lead plaintiffs and counsels and entered its order on May 28, 2008.
Several class actions have been filed against technology company Datatec Systems, Inc. (Nasdaq: DATCE) and certain of its officers and directors by stockholders who purchased the company's common stock between June 26 and December 16, 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. |
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