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Case ID: 4212 | Stocks | 03/02/2005
A class action lawsuit was filed in the United States District Court for the District of New Jersey on behalf of all securities purchasers of Audible, Inc. (Nasdaq: ADBL) between November 2, 2004, and February 15, 2005 inclusive (the "Class Period").
The complaint charges Audible, Donald R. Katz, and Andrew P. Kaplan with violations of the Securities Exchange Act of 1934. More specifically, 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: (1) that the Company intended to pursue new business initiatives; (2) that the Company's growth, through these expensive initiatives, would severely undermine Audible's margins and earnings; and (3) that as a consequence of the foregoing the Company's ambitious growth plan posed a substantial risk to the future stability of the Company and its stock price. On February 15, 2005, Audible announced financial results for the fourth quarter and full year ended December 31, 2004. In addition, the Company disclosed plans to launch several new business ventures. Company's expansive and expensive plans undermined Audible's future earnings and the stock. News of this shocked the market. Shares of Audible fell $9.38 per share or 35.13 percent per share, on February 16, 2005, to close at $17.32 per share. If you lost money with this stock and would like to speak to a lawyer, please call toll free 1-866-467-1400 now, or make a claim on this page. 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 $10 million settlement of several class actions filed against network security firm CyberGuard Corporation (Nasdaq: CGFW, formerly AMEX: CFW) and certain of its officers and directors by stockholders who purchased the company's common stock between January 26 and August 21, 1998. The parties have not announced further details of the settlement, including the deadline for filing claims. A class action has been filed against Immucor, Inc. (BLUD), certain of its officers and directors by stockholders who purchased the company's common stock between January 7, 2005 and August 29, 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 Westar Energy, Inc. by employees alleging that the company violated its fiduciary duty to employees by mismanaging their 401(k) accounts, resulting in massive losses in the value of the accounts. According to a press release dated April 14, 2008, a class action has been commenced on behalf of purchasers of the common stock of iStar Financial Inc. pursuant and/or traceable to the Company’s secondary public offering on or about December 13, 2007, seeking to pursue remedies under the Securities Act of 1933.
A class action has been filed against China Energy Savings Technology Inc. (CESV), certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2005 and February 15, 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. 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. |
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