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Case ID: 4185 | Stocks | 01/24/2005
A class action lawsuit has been filed in the Eastern District Court of Pennsylvania against Charles E. Allen and others for violations of the Investment Company Act. Class members seek compensatory damages, the disgorgement of fees paid to investment advisors, punitive damages, attorney’s fees and costs of the litigation.
Specifically, the complaint alleges that the lawsuit has been brought on behalf of investors in open-ended mutual funds with equity security holdings in the Gartmore Family of Funds against the directors, investment advisors and affiliates of the Funds alleging breach of fiduciary duties and duties of care in violation of the Investment Company Act. More specifically, the complaint alleges that the Gartmore Funds held assets of approximately $10 million. During the class period, class members were supposed to share in hundreds of securities class action lawsuits that were settled. However, the plaintiffs claim that the defendants failed to submit the proofs of claims needed to participate in the settlements on their behalf and therefore, the Gartmore Funds did not increase in value. The plaintiff class is open to anyone who owned the Funds at any time during the period of January 10, 2002 to January 10, 2005 (the date this action was filed.) 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 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. A class action has been filed against Newmont Mining Corporation (NYSE:NEM), certain of its officers and directors by stockholders who purchased the company's common stock between July 28, 2004 and April 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. Several class actions have been filed against hospice operator Odyssey Healthcare, Inc. (Nasdaq:ODSY) and certain of its officers and directors by stockholders who purchased the company's common stock between May 5, 2003, and February 23, 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 Emerson Radio Corporation (AMEX: MSN) and certain of its officers and directors by stockholders who purchased the company's common stock between January 29 and August 12, 2003.
Several class actions have been filed against temporary nurse staffing company Cross Country Healthcare, Inc., (Nasdaq:CCRN) and certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2001, and August 6, 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. The parties have reached a tentative $4.5 million in a consolidated class action filed against former e-commerce business solutions provider Clarus Corporation (Nasdaq:CLRS) and certain of its officers and directors by stockholders who purchased the company's common stock between December 8, 1999, and October 25, 2000. Persons eligible take part in the settlement should contact the attorneys for the class for more information. |
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