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Case ID: 3880 | Stocks | 11/01/2004
A class action has been filed in the Western District Court of Oklahoma against Dobson Communications, a wireless communications services provider, (NASDAQ: DCEL) and certain of its officers and directors by stockholders who purchased the company's common stock between May 19, 2003 and August 9, 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 through a joint venture with AT&T Wireless and American Cellular Corporation, Dobson co-owned and managed American Cellular's operations. However, in September 2003, through complex reorganizations, Dobson issued its own stock to acquire the fifty (50) percent of American Cellular that it did not already own. News of the reorganization caused Dobson's stock to soar and it was able to conduct a $650 million private debt placement, obtain a new $700 million credit facility and was upgraded on NASDAQ. While the Company touted its success and growth, class members allege that: • The Company's growth had actually declined during the class period On February 17, 2004, Dobson announced that it had fallen short of hitting its earnings projections and would drastically reduce its 2004 projections. On this news, the Company's shares fell 36 percent. On August 9, 2004, the Company issued a press release reporting a net loss of $15.9 million per share. News of the second announcement caused their stock to fall another 55 percent per share. 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 law firm press release dated 5/22/2008, a class action lawsuit was filed on behalf the Jacksonville Police and Fire Pension Fund against American International Group, Inc.
Everyone has heard of the Enron and Worldcom scandals. Investors lost billions of dollars as the result of stock fraud. Did you know that there are hundreds of similar cases each year that you might not have heard of where companies defrauded investors? Billions of dollars in shareholder wealth have been lost. A class action has been filed against Martek Biosciences Corporation (NasdaqNM:MATK), certain of its officers and directors by stockholders who purchased the company's common stock between December 09, 2004 and April 27, 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 against InfoSonics Corporation (IFO), certain of its officers and directors by stockholders who purchased the company's common stock between May 8, 2006 and June 12, 2006. 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 against direct-to-consumer specialty medical products provider PolyMedica Corporation (Nasdaq: PLMD) and certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2001, and June 30, 2003.
According to a press release dated April 18, 2008, on April 18, The New York Times reported that New York Attorney General Andrew M. Cuomo is investigating how auction rate securities were marketed to municipalities and public entities, and his office has subpoenaed 18 banks that underwrote and brokered auction rate securities, including Goldman Sachs Group, Inc. In addition, securities regulators from nine other states have formed a task force investigating how banks disclosed the risks of auction failures to investors, and the Financial Industry Regulatory Authority, working with the Securities and Exchange Commission, has initiated an inquiry into sales practices in the auction rate securities industry.
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