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Case ID: 4121 | Stocks | 01/03/2005
A class action has been filed against Abatix Corporation, a supplier of safety, construction, restoration, and homeland security products, (NASDAQ: ABIX) and certain of its officers and directors by stockholders who purchased the company's common stock between 4/14/04 to 4/16/04. 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 as a result of the announcement on April 14, 2004 that Abatix had entered into an agreement with Goodwin Group LLC ("Goodwin LLC") for the exclusive rights to distribute Goodwin LLC's RapidCool line of products worldwide, the price of Abatix common stock skyrocketed from $5.31 to $16.70. However, the NASDAQ Stock Market halted the trading of Abatix common stock on April 16, 2004, while they investigated Abatix's agreement with Goodwin LLC. On April 21, 2004, Abatix issued a press release that disclosed that the company had not verified: 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 Bonds are normally a very safe investment vehicle. Several class actions have been filed against numerous parties connected to eleven municipal bond offerings in California, Florida, Illinois, and Texas on behalf of persons who purchased the bonds between December 1996 and March 1999. The $130,000,000+ in bonds related to Heritage Healthcare, were to be used to acquire, renovate, and reopen former hospitals in the states as facilities designed to assist elderly persons-- instead, the funds were allegedly diverted and misused so that all of the facilities went into bankruptcy shortly after the bond offerings. Several class actions have been filed against interactive toy- and book-maker LeapFrog Enterprises, Inc. (NYSE:LF) and certain of its officers and directors by stockholders who purchased the company's common stock between August 20, 2003, and October 21, 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. Several class actions have been filed against Spanish-language television production company TV Azteca, S.A. de C.V. (NYSE:TZA) and certain of its officers and directors by stockholders who purchased the company's common stock between October 6, 2003, and January 7, 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 against Maxim Pharmaceuticals, Inc., a global biopharmaceuticals company (NASDAQ:MAXM) and certain of its officers and directors by stockholders who purchased the company’s common stock between November 11, 2002 and September 17, 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 stockholder seek to recover compensatory damages for the loss of value of their stock. A class action lawsuit has been filed in the Eastern District Court of Pennsylvania against John F. Donahue and others for violations of the Investment Company Act. Class members seek compensatory damages, disgorgement of the fees paid to the investment advisors and punitive damages. 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. |
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