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Case ID: 4267 | Stocks | 04/05/2005
A class action has been filed against Electronic Arts Inc. (EA), (NasdaqNM:ERTS), certain of its officers and directors by stockholders who purchased the company's common stock between January 25, 2005 and March 21, 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.
Electronic Arts Inc. develops, markets, publishes and distributes interactive software games that are playable by consumers on platforms, including home videogame machines, such as the Sony PlayStation 2, Microsoft Xbox, Nintendo GameCube and Sony PlayStation consoles; personal computers (PCs); handheld game machines, such as the Game Boy Advance, and online, over the Internet and other online networks. According to a press release dated March 28, 2005, the complaint charges EA 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 increased competition from its competitors was eroding EA market share; (2) that hardware shortages were material; (3) that EA continued to suffer from operating margin compression; and (4) that as a result of the above, the Company's statements about its financial performance were lacking in any reasonable basis when made. The complaint further alleges on or around March 21, 2005, after the market closed, EA announced revised estimates for the Company's fiscal year ending March 31, 2005. News of this shocked the market. Shares of EA fell $11.20 per share or 16.88 percent, on March 22, 2005, to close at $55.15 per share. If you bought Electronic Arts Inc. (EA) securities between January 25, 2005 and March 21, 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 Vertex Pharmaceuticals Inc. (Nasdaq: VRTX) and certain of its officers and directors by stockholders who purchased the company's common stock between March 27, 2000, and September 24, 2001. Several class actions have been filed against pharmaceuticals and healthcare supply wholesaler D&K Healthcare Resources, Inc. (Nasdaq:DKHR) and certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2001, and September 16, 2002. 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 lawsuit has been filed in the Eastern District Court of Pennsylvania against Charles E. Allen and others for violations of the Investment Company Act. Class members seek compensatory damages, the disgorgement of fees paid to investment advisors, punitive damages, attorney’s fees and costs of the litigation. A class action has been filed against privately-held Strong Financial Corporation and several related entities by investors who purchased shares in any Strong mutual fund between October 1, 1998, and July 3, 2003. The investors seek to recover compensatory damages for the loss of value of their securities.
A class action has been filed against Axonyx Inc. (NasdaqSC:AXYX), and certain of its officers and directors by stockholders who purchased the company's common stock between June 26th, 2003 and February 4th, 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. Axonyx Inc. is engaged in the business of acquiring and developing novel post-discovery central nervous system drug candidates, primarily in areas of memory and cognition. A class action has been filed against Able Laboratories, Inc. (NasdaqNM:ABRX), certain of its officers and directors by stockholders who purchased the company's common stock between October 31, 2002 and May 18, 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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