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Case ID: 4233 | Stocks | 03/16/2005
A class action has been filed against Morgan Stanley DW, Inc., and certain of its officers and directors by stockholders who purchased the company's common stock between January 01, 1990 and January 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.
Morgan Stanley DW (MSDWI) is the broker-dealer subsidiary of Morgan Stanley. MSDWI has a sales organization that covers the US, offering an extensive menu of investment services and products. MSDWI serves its parent's investment advisory services, institutional securities, and individual investment businesses. According to a press release dated January 26, 2005, the complaint alleges that during the Class Period, Morgan Stanley made false and misleading statements and omitted material facts concerning its undisclosed financial interests with third party suppliers of annuity contracts. The third parties paid monies and other incentives to have Variable Annuities steered to them by Morgan Stanley without properly disclosing the preexisting arrangement to its customers. More specifically, the complaint alleges that rather than providing independent and unbiased services for clients wanting to purchase Variable Annuities, Morgan Stanley maintained secret contingent fee sharing agreements with a number of insurance company underwriters of annuity contracts. These activities cause insurance companies to collect higher premiums than would be paid absent these arrangements and result in Morgan Stanley customers paying inflated premiums for the Variable Annuities. Note: A variable annuity is an insurance contract with characteristics causing it to be treated as an "investment" under the Securities Act of 1933. A Variable Annuity contract generally provides that the purchaser agree to a simple "lump sum" premium or scheduled fixed premiums for a pre-set number of years. The premiums are deposited into a separate account after deducting expenses, fees and charges specified in the contract. The premiums thus collected in the annuitant's separate account are available for tax deferred investment in one or more portfolios (called sub-accounts). Upon maturity of the annuity, the annuitant receives payment from the accumulated value in such amounts and upon the terms specified in the underlying investment contract. If you bought Morgan Stanley DW, Inc. securities between January 01, 1990 and January 20, 2005, 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 America Service Group, Inc. (ASGRE), certain of its officers and directors by stockholders who purchased the company's common stock between September 24, 2003 and March 16, 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 Home Depot, Inc. (HD), certain of its officers and directors by stockholders who purchased the company's common stock between May 29, 2001 and February 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. A class action has been filed against Gravity Co., Ltd. (NasdaqNM:GRVY), certain of its officers and directors by stockholders who purchased the company's common stock between February 07, 2005 and May 12, 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. Several class actions have been filed against technology company Wave Systems Corporation (Nasdaq: WAVX) and certain of its officers and directors by stockholders who purchased the company's common stock between July 31, 2003, and February 2, 2004. 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. Several class actions have been filed against bank holding company Commerce Bancorp, Inc., (NYSE: CBH) and certain of its officers and directors by stockholders who purchased the company's common stock between June 1, 2002, and June 28, 2004. 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. Unscrupulous venture capitalists can wreck small companies. A class action has been filed against the officers and directors of Internet holding company divine, Inc. (Pink Sheets: DVINQ) by stockholders who acquired the company's common stock in connection of divine’s acquisition of Delano Corporation and eshare Communications in October 2001. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market pursuant to the acquisitions, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages equal to the amount that they invested. |
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