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Case ID: 3940 | Stocks | 11/15/2004
A class action has been filed in the Southern District Court of New York against Axis Capital Holdings, Ltd. (NYSE: AXS) and certain of its officers and directors by stockholders who purchased the company's common stock between August 6, 2003 and October 14, 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 charges Axis, Michael A. Butt, Andrew Cook, and John R. Charman with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material facts which were known to them: (1) that AXIS entered into illegal "contingent commission agreements" with insurance companies to pay so-called "contingent commissions;" (2) that AXIS concealed these "contingent commissions" and such "contingent commission agreements," thereby subjecting defendants to various violations of applicable principles of fiduciary law, and that as a result, defendants overstated and artificially inflated AXIS' earnings, income, and earnings per share. On October 14, 2004, New York Attorney General Elliot Spitzer announced that he had charged several of the nation's largest insurance companies and the largest broker with bid rigging and pay-offs that he claimed violated fraud and competition laws. On this news, shares of AXIS fell $1.69 per share, or 6.53 percent, to close at $24.20 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 The parties have reached a $140 million settlement in an SEC administrative proceeding filed against mutual fund company Strong Capital Management Company and its owner, Richard Strong, on behalf of persons who own or owned mutual fund shares managed by the company. The settlement resolves security fraud charges involving improperly timed trading of mutual funds. Persons sold will take part in the settlement should contact the attorneys who prosecuted the case for more information.
A class action has been filed in the Northern District Court of California against Utstarcom, Inc. (NASDAQ: UTSI), a California based communications services company, and certain of its officers and directors by stockholders who purchased the company's common stock between April 16, 2003 and September 20, 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 R&G Financial Corporation (NYSE:RGF), certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2003 and April 25, 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. According to a law firm press release, the class action filed against the company alleges that the Prospectus for the secondary offering misrepresented the financial strength of SemGroup's Parent (SemGroup, L.P.) and failed to disclose that the Parent had engaged in risky hedging strategies that presented a material risk of default and bankruptcy. Kahn Gauthier Swick, LLC ("Kahn Gauthier") today announced that it filed a class action lawsuit in the United States District Court for the Eastern District of Louisiana on behalf of purchasers of OCA, Inc. ("OCA" or "the Company") (NYSE:OCA) common stock during the period between May 18, 2004 and June 6, 2005 (the "Class Period").
A class action has been filed against Maxim Pharmaceuticals, Inc., a global biopharmaceuticals company (NASDAQ:MAXM) and certain of its officers and directors by stockholders who purchased the company’s common stock between November 11, 2002 and September 17, 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 seek to recover compensatory damages for the loss of value of their stock. |
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