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Case ID: 4241 | Stocks | 03/21/2005
A class action has been filed against eSpeed, Inc.(NasdaqNM:ESPD), and certain of its officers and directors by stockholders who purchased the company's common stock between August 12, 2003 and July 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.
eSpeed, Inc. develops and deploys interactive vertical electronic marketplaces and related trading technology that offers traders access to liquid, efficient and neutral financial markets. According to a press release dated February 17, 2005, on February 15, 2005, a purported class action complaint was filed against eSpeed, Cantor Fitzgerald, L.P. and certain affiliated entities, as well as certain of its officers, on behalf of all persons who purchased the securities of eSpeed, alleging that eSpeed made "material false positive statements during the class period" and violated certain provisions of the U.S. Securities Exchange Act of 1934, as amended, and certain rules and regulations thereunder. Specifically, the Complaint alleges that during the Class Period, the defendants touted eSpeed as an unmitigated success story, a company which had achieved record revenues and earnings and, most importantly, a company that had established its infrastructure and business model as an unqualified success in the high volume automated trading of government securities and foreign exchange. In repeated press releases, the defendants represented that the eSpeed business model was in place and performing as anticipated. The true facts were that the business model was not working, and eSpeed was losing market share to its principle competitor, ICAP Plc, and its BrokerTec division. In fact, eSpeed did not have a viable business model. This was revealed on July 1, 2004 when defendants were forced to admit that revenues, earnings and market share were decreasing, that its business plan was not working, that it was being forced to develop a new business plan and pricing structure, and its competitive efforts with respect to ICAP were not successful. In the two trading days following this announcement, eSpeed shares dropped more than $6 per share on trading volume of over 9 million shares, a loss in market value for the Company of almost $350 million. As a result of the material false positive statements made during the Class Period, class members purchased eSpeed shares at inflated prices, and as a result were damaged thereby. If you bought eSpeed, Inc. securities between August 12, 2003 and July 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 Several class actions have been filed against auto manufacturer DaimlerChrysler AG (NYSE:DCX) and certain of its officers and directors by foreign stockholders who purchased the securities of DaimlerChrysler AG between November 17, 1998, and November 17, 2000, including those former foreign shareholders of Chrysler Corporation who surrendered their Chrysler shares in connection with the merger of Chrysler and Daimler-Benz on November 17, 1998. The actions claim that the defendants violated federal securities laws by misrepresenting the nature of the merger as a ‘merger of equals’ to avoid paying an acquisition premium to Chrysler shareholders. According to a press release dated April 15, 2008, a class action has been commenced on behalf of purchasers of the common stock of The Blackstone Group L.Ppursuant and/or traceable to the Company’s initial public offering on or about June 25, 2007 seeking to pursue remedies under the Securities Act of 1933.
A class action has been filed in the Southern District Court of New York against Jakks Pacific, Inc. (NYSE: JAKK), a California based toy company and certain of its officers and directors by stockholders who purchased the company's common stock between October 26, 1999 and October 19, 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. Several class actions have been filed against energy holding company Progress Energy, Inc. (NYSE: PGN) and certain of its officers and directors on behalf of investors who obtained Contingent Value Obligations (CVOs) in exchange for their Florida Progress common stock pursuant to the closing of the merger of CP&L Energy and Florida Progress Corporation and who purchased the CVOs between November 30, 2000, and February 12, 2002. The actions claim that the defendants violated federal securities laws by failing to inform prospective CVO holders that the tax benefits represented as being made available to synthetic fuel producers, which were critical to the imputed value of the CVOs, would be adversely affected by the application of the alternative minimum tax. A class action lawsuit has been filed on behalf of all persons who on or about August 1, 2002, tendered for redemption their 8 1/4% Senior Debentures Due August 1, 2022, pursuant to a Notice of Redemption sent by The Bank of New York and dated July 1, 2002. The Debentures were originally issued in 1986 by Gulf + Western, Inc. and, at the time of the purported redemption, were the obligation of Viacom International, Inc. A class action has been filed against Newmont Mining Corporation (NYSE:NEM), certain of its officers and directors by stockholders who purchased the company's common stock between July 28, 2004 and April 26, 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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