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Case ID: 4039 | Stocks | 12/13/2004
A class action has been filed against online trader Ameritrade, as well as the American Stock Exchange and certain Amex specialist firms on behalf of investors who sought to execute direct access limit orders to buy or sell options listed at the American Stock Exchange by certain specialist firms and who were wrongfully refused executions and suffered damages between April 2, 2001 and December 3, 2004 inclusive (the "Class Period").
The Complaint alleges that defendants, in clear violation of and contrary to the Firm Quote Rule, materially misrepresented both (i) real time electronically displayed "bid" Equals and "ask" Equals quotes on listed equity options and (ii) that customer orders would be executed instantaneously when plaintiff (and other "Direct Access" Equals customers) accepted the bid or offer that was electronically displayed by the particular options specialist. Instead, defendants knowingly and intentionally, systematically refused to execute stock option transactions when Plaintiff, and others, submitted a limit order that specifically accepted the displayed quote or was specifically within the electronically displayed bid and ask -- which, under the appropriate circumstances, should have been executed instantaneously. Plaintiff claims that the wrongful conduct described above violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 and gives rise to state law claims such as breach of contract. 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 Several class actions have been filed against container shipping company CP Ships, Ltd. (NYSE:TEU), and certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2003, and August 6, 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. According to a law firm press release, a class action was filed on behalf of investors who purchased class A shares of certain multi-class MFS stock mutual funds in the aggregate amount of less than $50,000 during the period.
According to a press release dated April 10, 2008, the lawsuit claims that First Marblehead and a number of individual defendants violated Sections 10(b) and 20(a) of the Exchange Act, 15 U.S.C. Sections 78j (b) and 78t(a) and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission ("SEC"), 17 C.F.R. Section 240.10b-5.
Market timing is a controversial issue among traders. Several class actions have been filed against mutual fund Columbia Acorn Trust (Fund: ACRNX) and its management company, Columbia Wanger Asset Management, LP, by investors who owned the company's shares at any time for a continuous period of 14 days or more. The actions claim that the defendants violated federal securities laws by allowing market timing traders to take advantage of its failure to properly update net asset values per share. Stockholders who are hurt by corporate misrepresentations have the right to have their day in court. A class action has been filed against communications company Alamosa Holdings Inc. (OTC:ALMO, formerly Nasdaq: APCS; NYSE: APS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 9, 2001, and June 13, 2002. 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 lawsuit has been filed against Investors Financial Services Corp. (IFIN), certain of its officers and directors by stockholders who purchased the company's common stock between October 15, 2003 and July 15, 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. |
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