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Case ID: 3890 | Stocks | 11/02/2004
A class action lawsuit has been filed in the Eastern District Court of Kentucky against Maryland based W.R. Grace & Company and certain of its executives and board of directors. The company is a global supplier of catalyst and silica products, construction chemicals, building materials, sealants and coatings. The suit alleges violations of the Employee Retirement Income Security Act (ERISA). Class members seek damages, injunctive relief, interest, attorney's fees and costs.
Specifically, the complaint alleges that approximately 10,000 present and former employees of the Company made investments in W.R. Grace stock with their own retirement savings and the Company deprived them of ownership in those shares by making bad investments. Class members claim that they lost $40 million of their money as a result of deceptive inducements of the Company and of the Company's financial advisor (State Street Global Advisors), dereliction of the Company directors' duties, self-interest and conflicts of interest. 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 Several class actions have been filed against hotel company CNL Hospitality Properties, Inc. (unlisted, NYSE:CHO), and certain of its officers and directors by: (1) all persons who were entitled to vote on the proxy statement filed with the SEC by the company dated May 7, 2004; and (2) all persons who purchased or otherwise acquired CNL securities between August 16, 2001, and August 16, 2004. 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.
A class action has been filed against Magma Design Automation, Inc. (NasdaqNM:LAVA), certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2002 and April 12, 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 International Business Machines Corporation (IBM) (NYSE:IBM), certain of its officers and directors by stockholders who purchased the company's common stock between April 05, 2005 and April 15, 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. Several class actions have been filed against mutual fund manager Merrill Lynch & Company, Inc., (various stock symbols) and certain of its officers and directors by stockholders who purchased shares or other ownership units of any of the mutual funds carrying the "Merrill Lynch" brand name through Merrill Lynch, Pierce, Fenner & Smith, Inc., acting as broker between May 20, 1999, and the present. The actions claim that the defendants violated federal securities laws by failing to disclose that the company systematically applied incentives and demerits to induce the brokerage’s mid-level managers to maximize sales of Merrill Lynch funds. A class action has been filed against StockerYale, Inc. (NasdaqNM:STKR), certain of its officers and directors by stockholders who purchased the company's common stock between April 19, 2004 and November 09, 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. A class action has been filed against commercial banking and wealth management firm Gold Banc Corporation (Nasdaq:GLDB) and certain of its officers and directors by stockholders who owned the company's common stock as of February 25, 2004, the time of the company's acquisition agreement by Silver Acquisition Corporation. The actions claim that the defendants violated their fiduciary duties by permitting directors who had substantial restricted holdings to cash out their shares too early, and accepting a sale price that did not provide an adequate premium to public shareholders. |
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