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Case ID: 4085 | Stocks | 12/21/2004
A class action has been filed in the District Court of Massachusetts against Praecis Pharmaceuticals (NASDAQ:PRCS), a Massachusetts based pharmaceutical company, and certain of its officers and directors by stockholders who purchased the company's common stock between November 25, 2003 and December 6, 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 Praecis, among other things: • failed to disclose that the distribution of their drug, Plenaxis, had been severely restricted by the U.S. Food and Drug Administration, Plenaxis is Praecis' new treatment for advanced prostate cancer. Praecis lost nearly $14 million in the quarter ending September 30, 2004 versus $12.8 million for the same period the prior year. The company attributed to a major increase in sales and marketing expenses to help support the launch of Plenaxis in the United States. 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 Star Gas, LP (NYSE: SGU) and certain of its officers and directors by stockholders who purchased the company’s common stock between December 4, 2003 and October 18, 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 parties have reached a tentative settlement in several consolidated class actions filed against electric power generation systems developer Plug Power, Inc. (Nasdaq:PLUG) and certain of its officers and directors by stockholders who purchased the company's common stock between February 14, 2000, and August 2, 2000. 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. Persons eligible to take part in the settlement should contact attorneys for the class for more information. A class action has been filed against logistics provider Stonepath Group Inc. (AMEX: STG) and certain of its officers and directors by stockholders who purchased the company’s common stock between May 7, 2003 and September 20, 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 Carrier Access Corporation (NasdaqNM:CACSE) formerly (NasdaqNM:CACS), certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 2003 and May 20, 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. Several class actions have been filed against French power utility ALSTOM, SA (NYSE: ALS) and certain of its officers and directors by stockholders who purchased the company's common stock between November 17, 1998, and June 29, 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. 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. |
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