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Case ID: 4190 | Stocks | 09/12/2006
A class action has been filed in the Northern District Court of California against Ipass Inc. (NASDAQ: IPAS), an internet service provider, and certain of its officers and directors by stockholders who purchased the company's common stock between April 22, 2004 and June 30, 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 Ipass provided "simple, secure and manageable connectivity services" by connecting mobile workers' computers to the Web through partnerships with local Internet service providers using "narrowband" telephone dial-up access. More specifically, the complaint alleges that defendants failed to disclose a major operational issue that occurred in connection with their attempt to expand the Company's broadband service offerings and that the issue hindered access to the Ipass service. This resulted in the loss of a material number of customers and a decline in the Company's revenue, earnings, and growth prospects. Company insiders withheld this information from investors, sold more than 170,000 shares of their personally stock at prices within a one-week period between $10.94 to $12.16 for proceeds exceeding $2 million. Upon disclosure of this information, Ipass shares fell to $6.91 on June 30, 2004. 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 Carrier Access Corporation (NasdaqNM:CACSE) formerly (NasdaqNM:CACS), certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 2003 and May 20, 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. An anti-trust class-action lawsuit has been filed against Visa, Mastercard and several major U.S. banks on behalf of merchants, alleging the fixing of credit card fees. A class action has been filed against Shurgard Storage Centers, Inc. (NYSE:SHU), certain of its officers and directors by stockholders who purchased the company's common stock between May 09, 2001 and March 26, 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 lawsuit has been filed in U.S. District Court for the Northern District of California against Infineon Technologies, AG. The case involves violations of federal securities law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A class action has been filed against Andrx Corporation (ADRX), certain of its officers and directors by stockholders who purchased the company's common stock between March 9, 2005 and September 5, 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 in the Northern District Court of California against Tripath Technology, Inc., a California based technology company, (NASDAQ: TRPH) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 29, 2004 and October 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. |
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