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Case ID: 4243 | Stocks | 10/10/2006
A class action has been filed against SINA Corporation (NasdaqNM:SINA), and certain of its officers and directors by stockholders who purchased the company's common stock between October 26, 2004 and February 07, 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.
SINA Corporation is an online media company and value-added information services provider in China and for Chinese communities worldwide. The Company provides an array of services to its users including region-focused online portals, mobile value-added services, search and directory, interest-based and community-building channels, free and premium e-mail, online games, virtual Internet service provider (ISP), classified listings, fee-based services, e-commerce and enterprise e-solutions. According to a press release dated February 15, 2005, the complaint charges SINA and certain of its officers with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company was increasingly relying on services related to "fortune telling" advertising, like horoscopes and astrology, in order to meet its earnings forecasts and generate a positive revenue stream; (2) that the Chinese government had clamped down on "fortune telling" advertising and the resulting clampdown on "fortune telling" advertising would have a material effect on the Company's revenue stream; (3) that China Mobile Communication Corp.'s recent change in its billing process for multimedia messaging services SINA provides to China Mobile subscribers had a material effect on the Company's business; and (4) that as a result of the above, the defendants' positive statements about the growth and prospectus of SINA were lacking in any reasonable basis when made. Further, on or around February 7, 2005, after the markets closed, SINA announced its financial results for the fourth quarter and full year ended December 31, 2004. The results and the Company's business outlook shocked the market. Shares of SINA fell $2.96 per share, or 10.82 percent, to close at $24.39 per share on unusually high trading volume. If you bought SINA Corporation securities between October 26, 2004 and February 07, 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 Several class actions have been filed against offshore oil well services company Trico Marine Services, Inc. (Nasdaq:TMAR) and certain of its officers and directors by stockholders who purchased the company's common stock between May 6, 2003, and May 10, 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. A class action has been filed in the Northern District Court of California against Tripath Technology, Inc., a California based technology company, (NASDAQ: TRPH) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 29, 2004 and October 22, 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. “Market timing” would be okay if the investing public could take advantage of it, too. Several class actions have been filed against the Fremont Family of mutual funds (various stock symbols) and certain investment firms by investors who purchased fund shares between March 15, 1999, and March 1, 2004. The actions claim that the defendants violated federal securities laws by allowing the named investment firms to utilize market timing techniques to turn a quick profit to the disadvantage of all other fund investors. A class action has been filed against Rambus, Inc. (RMBS), certain of its officers and directors by stockholders who purchased the company's common stock between December 12, 2001 and June 27, 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 The Goodyear Tire & Rubber Company (NYSE: GT) and certain of its officers and directors by stockholders who purchased the company's common stock between March 26, 1999, and October 22, 2003. 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. Several class actions have been filed against newspaper publisher Hollinger International, Inc. (NYSE: HLR) and certain of its officers and directors by stockholders who purchased the company's common stock between August 13, 1999, and March 31, 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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