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Case ID: 4025 | Stocks | 01/14/2005
Several class action lawsuits have been filed against global relocation services provider Sirva, Inc., (NYSE: SIR) and certain of its officers and directors by stockholders who purchased the company’s common stock between November 24, 2003 and November 9, 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.
The Complaint alleges that during the Class Period, SIRVA violated federal securities laws by issuing materially false or misleading public statements. Specifically, the Complaint alleges that SIRVA misrepresented or failed to disclose (1) that it maintained inadequate reserves in its Network Services division; (2) that the growth and profitability of its Network Services division was being adversely affected; (3) that SIRVA failed to rationalize capacity, reduce fixed costs, and generate a more meaningful relocation volume growth in its European division; and (4) that the profitability of the European operations was suffering. On November 9, 2004, SIRVA reported that its third-quarter profit fell from the previous year due in part to a $15.2 million charge to increase its insurance loss reserves. On this news SIRVA shares fell from a close of $23.78 per share on November 9, 2004, to close at $17.95 per share on November 10, 2004, on extremely heavy volume. If you are a member of the class, you may, no later than January 18, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). 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 Herley Industries, Inc. (HRLY), certain of its officers and directors by stockholders who purchased the company's common stock between October 1, 2001 and June 14, 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. A Motion to Dismiss for Failure to State a Claim was filed on May 13, 2008, by SunTrust Banks.
According to a press release dated April 16, 2008, the Complaint charges Harmony Gold and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Harmony Gold is a gold producer that operates 22 individual mines and projects across the world. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's costs had significantly increased throughout 2007; (2) that the Company had underreported these increased costs in its previously issued financial statements; (3) that the Company had experienced a significant decrease in gold production for the third quarter 2007 due to production problems at various sites, which had already materialized at the time its Class Period statements were made; (4) that the Company had failed to disclose the full impact that these production problems would have on the Company's financial and operational results; (5) that, as a result of the Company's understatement of its costs and its lower production for the quarter, the Company had understated its operating costs and overstated its net profit for the third quarter; (6) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times; (7) that the Company would be forced to take substantial charges in the fourth quarter 2007 to remedy such failures, causing the Company to report a net loss for the quarter; (8) that the Company lacked adequate internal and financial controls; and (9) that, as a result of the above, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.
A class action has been filed against Refco, Inc. (RFX), certain of its officers and directors by stockholders who purchased the company's common stock between August 11, 2005 and October 7, 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. The class has been certified in numerous consolidated class actions filed against clothier Abercrombie & Fitch Company (NYSE:ANF) and certain of its officers and directors by stockholders who purchased the company's common stock between October 8, 1999, and October 13, 1999. 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. A class action has been filed against AXT, Inc., a CA based manufacturer of semiconductor parts (NASDAQ: AXTI) and certain of its officers and directors by stockholders who purchased the company's common stock between February 6, 2001 and April 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. |
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