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Case ID: 4146 | Stocks | 05/25/2006
A class action has been filed against Atherogenics, Inc. (NASDAQ:AGIX), a GA based research pharmaceutical company and certain of its officers and directors by stockholders who purchased the company's common stock between September 28, 2004 and December 31, 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 the company has developed drugs for use with several inflammatory diseases, including heart and arthritis. In September of 2004, the Company announced that it had positive data from one of its clinical trials with an anti-inflammatory product. As a result, the Company's research and development expenses for the third quarter of 2004 increased $16.9 million. However, plaintiffs allege that the Company's announcements: • Hyped the results of inconclusive data In December of 2004, the Company announced that its previous results were flawed. This news caused the Company's stock to fall 15 percent. Additional announcements rescinding earlier trial results caused the Company's stock to fall another 20 percent shortly thereafter. 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 The parties have reached a tentative $1 million settlement of a class action filed against now-defunct medical diagnostic products manufacturer Technical Chemicals & Products, Inc. (Pink Sheets: TCPI, formerly OTCBB: TCPI and Nasdaq: TCPI) and certain of its officers and directors by stockholders who purchased the company's common stock between November 27, 1995, and October 6, 1998. To recover under the settlement, a completed proof of claim postmarked no later than January 9, 2004, must be mailed to the claims administrator. The parties have reached a tentative $1 million settlement in a class action filed against Cheap Tickets, Inc., on behalf of stockholders who held the company's common stock between August 13, 2001, and October 5, 2001. The action claimed that the defendants violated federal securities laws by breaching their fiduciary duties to shareholders in connection with the sale of Cheap Tickets to Cendant Corporation. Persons eligible to take part in the action must submit claim forms postmarked by July 30, 2004, to receive a share of the settlement. A class action has been filed against Lipman Electronic Engineering, Ltd. (LPMA), certain of its officers and directors by stockholders who purchased the company's common stock between October 4, 2004 and September 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. A class action has been filed against World Health Alternatives, Inc. (WHAIE.OB), certain of its officers and directors by stockholders who purchased the company's common stock between October 7, 2003 and August 18, 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.
A class action has been filed against MBNA Corporation (NYSE:KRB), certain of its officers and directors by stockholders who purchased the company's common stock between January 20, 2005 and April 21, 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. A class action has been filed against (NYSE:FBR), certain of its officers and directors by stockholders who purchased the company's common stock between January 29, 2003 and April 25, 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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