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Case ID: 4186 | Stocks | 01/24/2005
A class action has been filed against Citadel Security Software Inc. (NASDAQ: CDSS), a TX based provider of technology for security systems, and certain of its officers and directors by stockholders who purchased the company’s common stock between February 12 2004 and December 16, 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.
The complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: • that customer demand in the commercial portion of the Company’s business was slowing; On December 17, 2004, the Company announced that it expected its revenue to fall seriously short of previous reports. Additionally, the complaint alleges that during the Class Period, defendants sold a total of 754,500 shares for proceeds totaling more than $3 million. These announcements caused the Company’s stock to fall nearly 42 percent. 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 On May 09, 2008, a motion to appoint lead plaintiff and lead counsel was filed by a certain individual and a proposed order has been entered at the same time. Just as quickly, an Order granting motion to appoint lead plaintiff and for the approval of lead counsel was entered on June 09, 2008.
A class action has been filed against Merge Technologies, Inc. (d/b/a Merge Healthcare) (MRGE), certain of its officers and directors by stockholders who purchased the company's common stock between August 2, 2005 and March 16, 2006. 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. Kahn Gauthier Swick, LLC (“KGS”) announces that it has filed the first class action lawsuit against Netlist, Inc. ("Netlist" or the "Company") (NasdaqGM:NLST), in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased shares of the Company in connection with its Initial Public Offering ("IPO") on or about November 30, 2006, or who purchased shares thereafter in the open market (the "Class Period"). No class has yet been certified in this action. Several class actions have been filed against home appliance manufacturer Salton, Inc. (NYSE:SFP) and certain of its officers and directors by stockholders who purchased the company's common stock between November 11, 2002, and May 11, 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 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. Companies that have allowed market timing trading have been in the news lately. Several class actions have been filed against global professional services firm Marsh & McLennan Companies, Inc. (NYSE: MMC) and certain of its officers and directors by stockholders who purchased the company's common stock between January 3, 2000, through November 3, 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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