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Case ID: 4224 | Stocks | 03/14/2005
A class action has been filed against CIB Marine Bancshares Inc. (CIBH.PK), and certain of its officers and directors by stockholders who purchased the company's common stock between August 27, 1999 and August 01, 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.
According to a press release dated January 24, 2005, a class action was filed on behalf of all persons who purchased or held shares of CIB Marine Bancshares common stock. The complaint alleges that CIB and other defendants violated the federal securities laws by issuing materially false and misleading statements during the Class Period, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that the Defendants failed to disclose and/or misrepresented the loan loss allocation account and artificially inflated net income during the Class Period and, as a result, it expects to allocate a net loss for the years prior and restate its financial statements. The Complaint also alleges counts of fraud and breaches of fiduciary duties. If you bought CIB Marine Bancshares Inc. securities between August 27, 1999 and August 01, 2004, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. 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 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. The parties have reached a $10 million settlement in an SEC enforcement action filed against Gemstar-TV Guide International, Inc., (Nasdaq:GMST) on behalf of stockholders who purchased the company's common stock between 1999 and 2002. 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. Persons eligible to take part in the settlement should contact the attorneys who prosecuted the action for more information. A class action has been filed against Herley Industries, Inc. (HRLY), certain of its officers and directors by stockholders who purchased the company's common stock between October 1, 2001 and June 14, 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 Janus Capital Group Inc. and certain related firms by investors who purchased shares in any of the Janus Group of mutual funds between October 1, 1998, and July 3, 2003. The action charges that, throughout this time period, the defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary Capital Partners, to engage in "late trading" and "timing" of the funds' securities. Several class actions have been filed against enterprise incentive management software company Callidus Software, Inc., (Nasdaq:CALD) and certain of its officers and directors by stockholders who purchased the company's common stock between November 19, 2003, and June 23, 2004, including those who acquired their shares pursuant to the company’s November 2003 initial public offering. 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. When a company misrepresents its value, stockholders who are hurt have the right to go to court. Several class actions have been filed against software provider Portal Software, Inc. (Nasdaq:PRSF) and certain of its officers and directors by stockholders who purchased the company's common stock between May 20, 2003, and November 13, 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. |
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