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Case ID: 3909 | Stocks | 11/08/2004
A class action has been filed in the Central District Court of California against Hienergy Technologies, Inc., a California based chemical technology company, (HIET.OB), and certain of its officers and directors by stockholders who purchased the company's common stock between February 22, 2002 and July 8, 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 Hienergy issued numerous press releases that overstated their progress in the development and effectiveness of bomb detection devices being made and the prospects for getting those devices into the marketplace and securing government contracts. This included false statements claiming that they had oral understandings with potential clients and had already given presentations about the product. In addition, the class members allege that Hienergy neglected to inform stockholders about their business dealings with a convicted felon and former stock trader who was permanently barred from the securities business. As a result, the price of Hienergy stock was highly inflated. A copy of Hienergy's response to this lawsuit can be viewed on their website. 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 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. 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 drug manufacturer Impax Laboratories, Inc. (Nasdaq:IPXL) and certain of its officers and directors by stockholders who purchased the company’s common stock between May 5, 2004 and November 3, 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. On September 15, 2005 the Court dismissed several class actions that had been filed against computer hardware manufacturer Merix Corporation (Nasdaq:MERX) and certain of its officers and directors by stockholders who purchased the company's common stock between July 1, 2003, and May 13, 2004. The actions claimed 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. Accoridng to a law firm press release, an institutional investor filed suit against the company and certain officers and directors with violations of the Securities Exchange Act of 1934. CompuCredit provides credit and related financial services and products to underserved and un-banked consumers.
Several class actions have been filed against construction and facilities services firm EMCOR Group, Inc. (NYSE:EME) and certain of its officers and directors by stockholders who purchased the company's common stock between April 9, 2003, and October 2, 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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