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Case ID: 4093 | Stocks | 12/21/2004
A class action has been filed in the Northern District Court of California against SupportSoft, Inc. (NASQAQ: SPRT), a California bases software solutions company, and certain of its officers and directors by stockholders who purchased the company's common stock between January 20, 2004 and October 1, 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 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 failed to close two $4.5 million transactions, due to major flaws in SupportSoft's internal controls; (2) that the Company was experiencing sales execution issues; (3) that SupportSoft's product pipeline was heavily weighted toward perpetual deals; (4) that due to the saturation of the domestic broadband market, the Company was facing a more challenging software spending environment of authorization signatures and longer sales cycles; and (5) that as a result of the above, the defendants' fiscal 2004 projections were lacking in any reasonable basis when made. 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 IAC/Interactive, a company which acts as intermediary between suppliers and consumers, aggregating large blocks of consumer goods and services (primarily travel-related products such as hotel rooms and airline tickets) from suppliers and selling them to consumers over the Internet (NASDAQ: IACI) and certain of its officers and directors by stockholders who purchased the company’s common stock between March 19, 2003 and August 4, 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. On June 26, 2008, the Court entered the Opinion and Order #96177, signed by U.S. District Judge Shirley Wohl Kram, consolidating two actions under the caption "In re Global Cash Access Holdings, Inc. Securities Litigation, Master file No. 08-Cv-3516 (SWK). Further, according to the Order, the City of Richmond Retirement Systems is appointed lead plaintiff and the law firm of Grant & Eisenhofer, P.A., is appointed lead counsel.
A class action has been filed against Molson Coors Brewing Company , certain of its officers and directors by stockholders who purchased the company's common stock between July 22, 2004 and April 27, 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. If you've purchased FAO stock, you may be entitled to claim money in a settlement for $2,225,000. A hearing will be held before the Honorable Michael W. Baylson, United States District Court for the Eastern District of Pennsylvania, 601 Market Street, in a courtroom posted on the Court's schedule, Philadelphia, PA 19106 at 4:00 p.m., on May 16, 2005 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the motion of Plaintiffs' Counsel for attorneys' fees and reimbursement of expenses. Auditing firms that don’t report accounting errors are in trouble these days. A class action has been filed against law firm Ernst & Young, LLP, on behalf of NextCard, Inc. shareholders who purchased NextCard securities between April 19, 2000, and October 30, 2001. The shareholders allege that the law firm, acting as NextCard’s auditor, actively participated in a scheme to defraud them in violation of federal securities laws. Several class actions have been filed against electricity generation utility IDACORP, Inc. (NYSE:IDA) and certain of its officers and directors by stockholders who purchased the company's common stock between February 1, 2002, and June 4, 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. |
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