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Case ID: 4215 | Stocks | 02/23/2006
A securities class action lawsuit was commenced in the United States District Court for the District of Minnesota, on behalf of all persons who purchased Gander Mountain Company securities ("Gander Mountain" or the "Company") (NASDAQ: GMTN) pursuant to the Company's Registration Statement/Prospectus for its Initial Public Offering ("IPO") and on behalf of those who purchased their shares in the open market between April 20, 2004 and January 13, 2005, inclusive (the "Class Period").
The complaint charges Gander Mountain, Mark R. Baker, Dennis M. Lindahl, Gerald A. Erickson, Donovan A. Erickson, Neal D. Erickson, Richard A. Erickson, Marjorie J. Pihl and Ronald A. Erickson, with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and Sections 11 and 15 of Securities Act of 1933. 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: (i) that the Company's co-branded credit card promotions were ineffective; (ii) that the Company's inventory was overstated, which forced Gander Mountain to offer 40 to 60 percent discounts in order to move its merchandise; (iii) that the Company was funding its overly aggressive expansion by borrowing above its revolving credit line; (iv) that the Company had difficulties establishing a specific direction for it merchandise, by continuously changing the products and services offered to customers, thereby failing to establish continuity; (v) the Company's same store sales were in the negative; and (vi) and that as a consequence of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's growth and prospects. On November 9, 2004, the Company lowered its outlook for pretax income for fiscal 2004 to a range of $8 million to $13 million, compared with the Company's prior guidance of $16 million to $21 million. The news shocked the market. Shares of Gander fell $4.64 per share, or 25.01 percent, on November 9, 2004, to close at $13.91 per share. On January 14, 2005, before the markets opened, Gander Mountain lowered its outlook for pretax income for fiscal 2004 to a range of $2.0 million to $4.0 million, compared with the Company's prior guidance of $8 million to $13 million. On this news shares of Gander Mountain fell $1.86 per share, or 16.47 percent, on January 14, 2005, to close at $9.43 per share. If you lost money as the result of your purchase of Gander Mountain stock, please contact a lawyer now toll-free at 1-866-467-1400, 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 A class action has been filed against Van der Moolen Holding N.V. (NYSE: VDM) and certain of its officers and directors by stockholders who purchased the company's American Depository Receipts (ADRs) between October 18, 2001, and October 15, 2003. 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. According to a press release date April 21, 2008, the complaint charges Calamos Fund with violations of the Securities Act of 1933. Calamos Fund is a closed-end management investment company. The Fund’s investment objective is to generate a high level of current income, with a second objective of capital appreciation.
Several class actions have been filed against mutual funds managers Morgan Stanley, Morgan Stanley Advisors, LP, Morgan Stanley DW, Inc., Van Kampen Investments, Inc., and Van Kampen Asset Management, Inc. (various stock symbols) by persons who purchased the companies’ mutual funds between October 1, 1999, and December 31, 2002. The actions claim that the defendants violated federal securities laws by failing to disclose that they aggressively pushed their sales associates to sell Morgan Stanley and Van Kampen funds, instead of mutual funds owned and managed by other companies, by organizing internal contests offering various prizes to brokers who sold the most in proprietary funds. A class action lawsuit has been filed in the Southern District Court of New York against Axis Capital Holdings, Ltd. The case involves violations of 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. Kahn Gauthier Swick, LLC ("Kahn Gauthier") today announced that it filed a class action lawsuit in the United States District Court for the Eastern District of Louisiana on behalf of purchasers of OCA, Inc. ("OCA" or "the Company") (NYSE:OCA) common stock during the period between May 18, 2004 and June 6, 2005 (the "Class Period").
On June 26, 2008, the Court entered the Opinion and Order #96177, signed by U.S. District Judge Shirley Wohl Kram, consolidating two actions under the caption "In re Global Cash Access Holdings, Inc. Securities Litigation, Master file No. 08-Cv-3516 (SWK). Further, according to the Order, the City of Richmond Retirement Systems is appointed lead plaintiff and the law firm of Grant & Eisenhofer, P.A., is appointed lead counsel.
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