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Case ID: 3948 | Stocks | 11/15/2004
A class action has been filed in the Northern District Court of California against Embarcadero Technologies, Inc. (NASDAQ: EMBT) and certain of its officers and directors by stockholders who purchased the company's common stock between April 20, 2004 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 stockholders seek to recover compensatory damages for the loss of value of their stock.
Specifically, the complaint charges Embarcadero Technologies, Stephen Wong, and Raj Sabhlok with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. More specifically, the complaint alleges that the Company failed to disclose and misrepresented the following: (1) that the Company had materially overstated its net income and earnings 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 market timing scandal is affecting some of the largest mutual funds in the market. Several class actions have been filed against mutual fund manager Massachusetts Financial Services Company, its parent, Sun Life Financial, Inc. (NYSE:SLF) and certain of its officers and directors by all purchasers of shares of the MFS Mutual Funds during the period between December 15, 1998 and December 8, 2003. The actions claim that the defendants violated federal securities laws by allowing market timing sales by certain persons and entities. According to a law firm press release, a class action complaint was filed against against the underwriters of Fannie Mae's May 13, 2008 offering of 8.25% Non-Cumulative Preferred Stock, Series T. Included in the named defendants are Merrill Lynch, Citigroup, Morgan Stanley, UBS Securities and Wachovia Capital Markets, along with four senior executives of Fannie Mae. This is the second lawsuit filed in relation to the collapse of the government-sponsored mortgage giant.
Ripples from the mutual fund scandal to continue to widen. A class action has been filed against the Canadian Imperial Bank of Commerce, Canadian Imperial Holdings, Inc., and certain officers by investors who purchased any of the MFS family of mutual funds between January 1, 2001, and September 30, 2003. The actions allege that the defendants violated federal securities laws by failing to disclose that they improperly financed the late trading and timing of the funds’ shares by certain hedge funds. The parties have reached a tentative $1 million settlement of a class action filed against now-defunct medical diagnostic products manufacturer Technical Chemicals & Products, Inc. (Pink Sheets: TCPI, formerly OTCBB: TCPI and Nasdaq: TCPI) and certain of its officers and directors by stockholders who purchased the company's common stock between November 27, 1995, and October 6, 1998. To recover under the settlement, a completed proof of claim postmarked no later than January 9, 2004, must be mailed to the claims administrator. According to a press release dated April 30, 2008, the complaint charges Arbitron and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Company, through its subsidiaries, provides media and marketing information services in the United States and internationally. The Company's Portable People Meter ratings service is purportedly capable of measuring radio, broadcast television, cable television, Internet broadcasts, satellite radio and television audiences, and retail store video and audio broadcasts.
A class action has been filed against Tribune Company (NYSE:TRB), certain of its officers and directors by stockholders who purchased the company's common stock between January 24, 2002 and July 15, 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. |
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