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Case ID: 3935 | Stocks | 11/08/2004
A class action has been filed against Sourcecorp Inc. (Nasdaq: SRCP) and certain of its officers and directors by stockholders who purchased the company's common stock between May 7, 2003 and October 27, 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 stockholder seeks to recover compensatory damages for the loss of value of their stock.
The Complaint alleges that during the Class Period, SOURCECORP violated federal securities laws by making materially false or misleading public statements. On October 27, 2004, SOURCECORP announced that it was restating previously-issued financial statements for 2003 and the first two quarters of 2004. SOURCECORP disclosed that the Information Management Division of its Information Management and Distribution segment had improperly and prematurely recognized revenue prior to the delivery of contractually required output, and for services which were performed and delivered in excess of the volume and revenue limits set by contract. SOURCECORP will have to adjust its revenues and diluted earnings per share for 2003 by at least $5.4 million and $0.19, respectively, and for the six months ended June 30, 2004, it may have to adjust revenues and diluted earnings per share by at least $2.8 million and $0.10, respectively. On this news, SOURCECORP stock fell from a close of $22.21 per share on October 26, 2004 to close at $16.25 per share on October 27, 2004 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 $4 billion class action lawsuit was filed on behalf of shareholders of Biovail Corporation against a variety of defendants including SAC Capital Management LLC and its founder, Gradient Analytics (formerly known as Camelback Research Alliance), and Banc of America Securities LLC, New York, as well as one of its securities analysts. Specifically, the lawsuit states that the action arises from a massive, illegal and continuing stock market manipulation scheme, which targeted the common stock of Biovail and severely harmed its investors, and which has resulted in immense ill-gotten profits for S.A.C. Capital and other extremely powerful hedge funds The class has been certified in several consolidated class actions filed against energy utility AES Corporation (NYSE:AES) and certain of its officers and directors by stockholders who purchased the company's common stock, including those who engaged in option transactions concerning AES securities, between July 27, 2000, and November 8, 2002. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations regarding the California energy market to the market over this time period, thereby artificially inflating the price of the company's securities. This lawsuit, originally filed on May 15, 2008 in the New York Supreme was removed to the federal district court on June 2, 2008. A class action has been filed against certain of the officers and directors of electronics services provider DDi Corporation (OTCBB: DDICQ, formerly OTCBB: DDIC and Nasdaq: DDIC) by stockholders who purchased the company's common stock between December 19, 2000, and April 29, 2002. Several class actions have been filed against amorphous alloy manufacturer Liquidmetal Technologies, Inc. (Nasdaq:LQMTE) and certain of its officers and directors by stockholders who purchased the company's common stock between May 21, 2002, and March 30, 2004, including those who acquired shares pursuant to the company’s May 21, 2002, initial public offering. 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Take-Two Interactive Software, Inc. (TTWO), certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2004 and January 27, 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. |
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