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Case ID: 4179 | Stocks | 10/27/2005
McKesson Corporation, a drug distributor embroiled in an accounting-fraud case since 1999, announced on January 12, 2005 that it has agreed to pay $960 million to settle a class-action shareholder lawsuit. The lawsuit was filed in April 1999, shortly after the company disclosed that its software subsidiary, HBOC, had prematurely booked $40 million in revenue, forcing an earnings restatement. On the day of the disclosure, McKesson's shares plummeted 47%, losing $8.6 billion in value. According to Bloomberg News, the settlement is the fifth-largest in U.S. history. The settlement will not become final until it has been reviewed and approved by the court at a fairness hearing. No hearing has been scheduled at this time.
The company will increase its reserves by $240 million to pay the settlement. Resolving the case will cost the company $810 million, or $2.70 a share, in net income for the third quarter ended Dec. 31. A Justice Department probe of the accounting case resulted in criminal charges against seven former executives of McKesson and HBOC, including Charles McCall, who was McKesson's chairman when the fraud was exposed. The case against Richard Hawkins, former chief financial officer at McKesson, is scheduled to go to trial this month. 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 market timing scandal is affecting some of the largest mutual funds in the market. Several class actions have been filed against mutual fund manager Massachusetts Financial Services Company, its parent, Sun Life Financial, Inc. (NYSE:SLF) and certain of its officers and directors by all purchasers of shares of the MFS Mutual Funds during the period between December 15, 1998 and December 8, 2003. The actions claim that the defendants violated federal securities laws by allowing market timing sales by certain persons and entities. If you are looking for an electronic technology gadget, Best Buy probably has it. Several class actions have been filed against technology store operator Best Buy Company, Inc. (NYSE: BBY) and certain of its officers and directors by stockholders who purchased the company's common stock between January 9, 2002, and August 7, 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. Diversification of your stock portfolio can’t protect you from inside traders. A class action has been filed against hazardous waste management company Clean Harbors, Inc. (Nasdaq: CLHB) and certain of its officers and directors by stockholders who purchased the company's common stock between November 19, 2002, and August 14, 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 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. A class action has been filed against Textainer Partnerships, (XXFFA.PK), certain of its officers and directors by stockholders who purchased the company's common stock between March 22, 2005 and March 22, 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 book wholesaler Advanced Marketing Services, Inc. (NYSE: MKT) and certain of its officers and directors by stockholders who purchased the company's common stock between January 16, 1999, and January 13, 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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