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Case ID: 4242 | Stocks | 03/22/2005
A class action has been filed against Inspire Pharmaceuticals, Inc. (NasdaqNM : ISPH), and certain of its officers and directors by stockholders who purchased the company's common stock between June 02, 2004 and February 08, 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.
Inspire Pharmaceuticals, Inc. is a biopharmaceutical company engaged in the discovery, development and commercialization of prescription products in disease areas with significant commercial markets and unmet medical needs. According to a press release dated February 15, 2005, a class action lawsuit has been filed behalf of all persons who purchased the publicly traded securities of Inspire Pharmaceuticals, Inc, including purchasers of its equity offerings. Specifically, the Complaint alleges that defendants Inspire and certain of its officers violated federal securities laws by issuing false or misleading public statements. Specifically, the Complaint alleges that Inspire made improper statements regarding the Stage III trial of its dry eye drug, Diquafosol tetrasodium. The Complaint alleges that Inspire failed to inform investors that the study's primary endpoint mandated by the FDA had changed from corneal staining to a more stringent corneal clearing. Moreover, the Complaint alleges that during a November 4, 2004 conference call, Inspire stated that the primary endpoint was "corneal staining." When the truth was revealed on February 9, 2005, Inspire stock fell from a previous close of $16.00 per share to close at $8.88 per share on extremely heavy trading volume. If you bought Inspire Pharmaceuticals, Inc. securities between June 02, 2004 and February 08, 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 The parties have reached a tentative $10 million settlement of several class actions filed against network security firm CyberGuard Corporation (Nasdaq: CGFW, formerly AMEX: CFW) and certain of its officers and directors by stockholders who purchased the company's common stock between January 26 and August 21, 1998. The parties have not announced further details of the settlement, including the deadline for filing claims. Several class actions have been filed against Central Freight Lines, Inc. (Nasdaq: CENF) and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to its December 12, 2003, initial public offering. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of the company's securities. Several class actions have been filed against grocery store operator Winn Dixie Stores, Inc. (NYSE: WIN) and certain of its officers and directors by stockholders who purchased the company's common stock between October 9, 2002, and January 30, 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 hotel company CNL Hospitality Properties, Inc. (unlisted, NYSE:CHO), and certain of its officers and directors by: (1) all persons who were entitled to vote on the proxy statement filed with the SEC by the company dated May 7, 2004; and (2) all persons who purchased or otherwise acquired CNL securities between August 16, 2001, and August 16, 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.
On April 07, 2008, several motions were filed by certain groups and individuals for the appointment of lead plaintiffs and to approve the selection of lead counsels. Just as quickly, several proposed orders granting the above mentioned motions were also entered at the same time. As the case progresses, several responses from the competing motions for the appointment of lead plaintiffs and counsels were filed on May 14, 2008. The judge finally made its order granting the Public Funds Group, the Cobb County Government Employees' Pension Plan, the Dekalb County Pension Plan, and the Mississippi Public Employees Retirement System to be appointed as lead plaintiffs and counsels. The case was quickly followed by a proposed order entered on May 23, 2008 in regards to the consolidation of cases filed by the Public Funds Group. As a result, a stipulation and order to consolidate cases was entered on May 28, 2008.
A class action has been filed against karaoke equipment maker The Singing Machine Company, Inc. (AMEX: SMD), certain of its officers and directors, and its auditor, Salberg & Company, P.A., by stockholders who purchased the company's common stock between August 9, 2001, and June 27, 2003. |
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