|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 3964 | Stocks | 07/15/2005
A class action has been filed in the Northern District Court of California against Tripath Technology, Inc. (NASDAQ: TRPH) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 29, 2004 and October 22, 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 Tripath, Adya Tripathi, and David Eichler, 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 improperly recognized revenue from sales of product that was eventually returned to the distributor; On October 22, 2004, Tripath announced that net revenues for the third quarter of 2004 would be significantly below prior guidance of $4 - $4.5 million. Moreover, Tripath announced that it may have to restate its revenue for the quarter ended June 30, 2004. In addition, Tripath planed to take a charge of approximately $4.0 - $4.5 million for excess inventory. This announcement caused shares of Tripath stock to fall $.75 per share, or 49.34 percent. On July 12, 2005 a $2.47 million dollar settlement was announced. The settlement class consists of all persons who purchased the securities of Tripath between January 29, 2004 and June 13, 2005, inclusive.
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 Direct General Corporation (NasdaqNM:DRCT), a financial services holding company company and certain of its officers and directors by stockholders who purchased the company's common stock between August 11, 2003 and January 26, 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 XM Satellite Radio Holdings Inc. (XMSR), certain of its officers and directors by stockholders who purchased the company's common stock between July 28, 2005 and February 15, 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. According to a press release dated April 11, 2008, the class action is brought against Oppenheimer Holdings Inc., Oppenheimer & Co. Inc, Oppenheimer Asset Management and Freedom Investments Inc. (collectively, "Oppenheimer"), in connection with the sale of auction rate securities, auction rate preferred stock, auction market preferred stock, variable rate preferred securities, money market preferred securities, periodic auction rate securities and auction rate bonds (collectively, "Auction Rate Securities").
Several class actions have been filed against postsecondary education provider ITT Educational Services, Inc. (NYSE:ESI) and certain of its officers and directors by stockholders who purchased the company's common stock between October 16, 2003, and February 25, 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. Adding to the firestorm of litigation surrounding the recall of the pain drug Vioxx, several securities class actions have now been filed against pharmaceutical giant Merck & Co. (NYSE: MRK) and certain of its officers and directors by stockholders who purchased the company’s common stock between October 30, 2003 and September 30, 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 Orphan Medical, Inc. (ORPH), certain of its officers and directors by stockholders. 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. |
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
