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Case ID: 4076 | Stocks | 10/04/2005
A class action has been filed in the Southern District Court of New York against GeoPharma, Inc. (NASDAQ: GORX) and certain of its officers and directors by stockholders who purchased the company's common stock from December 1, 2004 to December 2, 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 alleges that GeoPharma violated federal securities laws by issuing false or misleading public statements by claiming that it was developing a "patent-pending" drug for the treatment of oral inflammation suffered by cancer patients known as mucositis. The product was dubbed Mucotrol (TM). At 7:55 a.m., on December 1, 2004, GeoPharma issued a statement announcing that Mucotrol had been approved by the FDA. On this news, GeoPharma shares shot up on heavy volume, reaching $11.25 per share. However, investigative journalists uncovered that the FDA had not approved any such drug. On December 2, 2004, GeoPharma admitted that Mucotrol was a "device," not a drug, and that Mucotrol did not contain any medicinal ingredients at all. GeoPharm's sales projections were also called into question. On these revelations, GeoPharma shares sharply declined, last trading at $6.81 per share before trading was halted at 1:29 p.m. 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 insurance holding company PMA Capital Corporation (Nasdaq: PMACA) and certain of its officers and directors by investors who purchased the company's common stock between November 13, 1998 and November 3, 2003. 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.
Several class actions have been filed against pharmaceutical development company POZEN, Inc., (Nasdaq:POZN) and certain of its officers and directors by stockholders who purchased the company's common stock between July 31, 2003, and May 28, 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. A class action has been filed the Federal National Mortgage Corporation (Fannie Mae) (NYSE: FNM_PK) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 13, 2000 and September 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. Several class actions have been filed against Chinese e-commerce company World Information Technology, Inc. (OTC BB:WRLT.PK), and certain of its officers and directors by stockholders who purchased the company's common stock between January 3, 2003, and March 16, 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. CASE DISMISSED: Several class actions were filed against venture capital organization TechHarvest Group, LLC, numerous affiliated companies, and certain of its officers and directors, on behalf of purchasers of membership interests in Harvest AirPrime, LLC; Harvest Storage Technology Group, LLC; and Woodcarvers Limited, LLC, between November 20, 1998, and December 31, 2003. 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. On February 28, 2006, the United States District Court for the Central District of California entered an Order Dismissing Action and Entering Final Judgment in the Robert T. Harvey Securities Litigation. Several class actions have been filed against soil contamination remediator Bennett Environmental, Inc., (AMEX:BEL; TSX:BEV) and certain of its officers and directors by American and Canadian stockholders who purchased the company's common stock between June 2, 2003, and July 22, 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. |
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