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Case ID: 4230 | Stocks | 03/15/2005
A class action has been filed against IT Group, Inc.(ITXG.PK), and certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 1998 and December 23, 2000. 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 20, 2005, a class action lawsuit was filed on behalf of all persons or entities who purchased or otherwise acquired securities of IT Group, Inc. Specifically, the complaint charges IT Group and certain of the Company's executive officers with violations of the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiffs claim defendants' omissions and material misrepresentations concerning IT Group's financial performance, in Company quarterly press releases and Form 10-K annual reports and Form 10-Q quarterly reports filed with the Securities and Exchange Commission between October 21, 1998 and February 23, 2000, artificially inflated the Company's stock price, inflicting damages on investors. The complaint alleges that during the Class Period defendants (i) overstated IT Group's accounts receivable by improper inclusion of unapproved change orders and purchase price adjustments made in connection with acquisitions; (ii) misrepresented the quality of IT Group's accounts receivable, by overstating billed receivables and understating unbilled receivables; (iii) concealed that the IT Group was undergoing a liquidity crisis due to the failure of its acquisitions strategy, (iv) failed to disclose that the government contracts, which IT Group claimed provided it with a multi-billion dollar backlog, were actually awarded to multiple vendors, and (v) failed to disclose that the quality of IT Group's receivables was impaired due to the Company's violation of the U.S. Government's Federal Acquisition Regulations "pay-when-paid" requirements. If you bought IT Group, Inc. securities between October 21, 1998 and December 23, 2000, 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 Argentina’s ailing economy was dealt a death blow on September 11, 2001, when the international economy reeled under the terrorist attacks. The class has been certified in an action filed against the Republic of Argentina on behalf of investors who purchased bonds from two series issued by Argentina on or before July 22, 2002, and who hold the bonds continuously rather than dealing in them on the secondary market. The action alleges that Argentina defaulted on the bonds in breach of its contracts with investors. A class action has been filed against specialty pharmaceutical company American Pharmaceuticals Partners, Inc. (Nasdaq: APPX) and certain of its officers and directors by stockholders who purchased the company's common stock between February 19, 2002, and September 24, 2003. The parties have reached a tentative $10.2 million settlement of a class action filed against managed healthcare company Physician Corporation of America (Nasdaq: PCAM) and certain of its officers and directors by stockholders who purchased the company's common stock between March 31, 1996, and March 31, 1997, and still owned the stock on the latter date. To recover under the settlement, a completed proof of claim postmarked no later than December 22, 2003, must be mailed to the claims administrator.
A class action lawsuit has been filed against Investors Financial Services Corp. (IFIN), certain of its officers and directors by stockholders who purchased the company's common stock between October 15, 2003 and July 15, 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 neonatal and perinatal physician services provider Pediatrix Medical Group, Inc. (NYSE: PDX) and certain of its officers and directors by stockholders who purchased the company's common stock between April 17, 2002, and June 23, 2003. On May 12, 2008, several motions on the appointment of lead plaintiffs, lead counsels and co-lead counsels as well as to consolidate cases were filed by certain individuals and groups. On June 6, 2008, the Court entered the Order consolidating several actions under In re Michael Baker Corp. Securities Litigation, Civil Action No. 08-370. On June 26, 2008, the Court entered the Order appointing Michael Baker Institutional Investors Group as the presumptive lead plaintiff. According to the Order, Michael Baker Institutional Investors Group consists of the Southeast Pennsylvania Transit Authority (“SEPTA”) and the City of Tallahassee Retirement System.
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