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Case ID: 4250 | Stocks | 03/23/2005
A class action has been filed against Bradley Pharmaceuticals, Inc. (NYSE:BDY), and certain of its officers and directors by stockholders who purchased the company's common stock between October 08, 2003 and February 25, 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.
Bradley Pharmaceuticals, Inc. is a specialty pharmaceutical company that acquires, develops and markets prescription and over-the-counter products in select markets. According to the press release dated March 2, 2005, a class action lawsuit has been commenced on behalf of purchasers of Bradley Pharmaceuticals, Inc. common stock. The complaint charges Bradley Pharmaceuticals and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Bradley Pharmaceuticals is a specialty pharmaceutical company that acquires, develops and markets prescription and over-the-counter products in select markets. Specifically, the complaint alleges defendants issued materially false and misleading statements regarding the Company's increasing financial performance and future prospects. As alleged in the complaint, these statements were materially false and misleading because they failed to disclose and/or misrepresented the following adverse facts, among others, which were known to defendants, or recklessly disregarded by them, at all relevant times: (a) that the Company was materially overstating its financial results by engaging in improper accounting practices; (b) that the Company's future sales growth from its Keralac franchise would be hindered by generic competition; and (c) as a result of the foregoing, there was no reasonable basis for the Company's revenue and earnings guidance. Further, on or around February 28, 2005, the Company issued a press release announcing that the staff of the Securities and Exchange Commission ("SEC") is conducting an informal inquiry to determine whether there have been violations of the federal securities laws by the Company. In connection with the inquiry, the SEC staff has requested that the Company provide it with certain information and documents concerning issues related to revenue recognition and capitalization of certain payments. In light of the ongoing SEC staff inquiry and separate counsel's review, the Company also announced that it be delaying the release of its 2004 earnings. As a result of this announcement, shares of Bradley Pharmaceuticals common stock closed at $9.75 per share, a decline of $3.50 per share, or almost 30%, from the previous trading day's close. If you bought Bradley Pharmaceuticals, Inc. securities between October 08, 2003 and February 25, 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 technology company Verdisys, Inc. (OTC:VDYS.PK; formerly Nasdaq:VDYS) and certain of its officers and directors by stockholders who purchased the company's common stock between August 20, 2003, and March 9, 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. Market timing is a controversial issue among traders. Several class actions have been filed against mutual fund Columbia Acorn Trust (Fund: ACRNX) and its management company, Columbia Wanger Asset Management, LP, by investors who owned the company's shares at any time for a continuous period of 14 days or more. The actions claim that the defendants violated federal securities laws by allowing market timing traders to take advantage of its failure to properly update net asset values per share. A class action has been filed against Herley Industries, Inc. (HRLY), certain of its officers and directors by stockholders who purchased the company's common stock between October 1, 2001 and June 14, 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. The United States District Court for the Middle District of Florida has entered an order preliminarily approving the settlement of the securities class action entitled In re Sunterra Corporation Securities Litigation. A class action has been filed against TXU Corporation (TXU), certain of its officers and directors by stockholders who purchased the company's common stock between September 15, 2004 and October 13, 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. According to a law firm press release, a class action has been commenced on behalf of all persons or entities who have tendered or are being asked to tender their shares of Falcon Strategies Two LLC, a fund affiliated with defendant Citigroup, Inc. (“Citigroup”) (NYSE:C), in connection with a tender and exchange offer (the “Tender Offer”), on the basis of a Confidential Tender and Exchange Offer Memorandum, dated May 8, 2008 (the “Tender Memorandum”), that contains materially misleading statements and omissions. The Complaint alleges claims under Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Delaware law.
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