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Case ID: 4276 | Stocks | 04/18/2005
A class action has been filed against GlaxoSmithKline PLC (NYSE:GSK), certain of its officers and directors by stockholders who purchased the company's common stock between February 21, 2001 and August 05, 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 press release April 12, 2005, the complaint charges GlaxoSmithKline and certain of its officers and directors with violations of the Securities Exchange Act of 1934. GlaxoSmithKline along with its subsidiaries constitute a global healthcare group engaged in the creation, discovery, development, manufacture and marketing of pharmaceutical and consumer health-related products. Specifically, the complaint alleges that during the Class Period, the prices of GlaxoSmithKline’s stock and ADRs were artificially inflated by defendants concealing deficiencies with the Company’s selective serotonin reuptake inhibitor (“SSRI”) drug, Paxil, in treating adolescent depression. On August 5, 2004, The Wall Street Journal published an article that reported that a new analysis by the FDA had confirmed the link between SSRIs (including Paxil) and suicidal tendencies in young people. The prices of GlaxoSmithKline’s stock and ADRs, which were inflated during the Class Period, declined as the falsity of defendants’ statements came to light. If you bought GlaxoSmithKline PLC securities between February 21, 2001 and August 05, 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 The mutual fund scandal continues to gather momentum. Several class actions have been filed against mutual fund manager Franklin Resources, Inc. (NYSE: BEN) and numerous Franklin funds by investors who purchased shares of the funds between February 6, 1999, to February 4, 2004. The actions claim that the defendants violated federal securities laws by allowing certain favored investors to engage in 'timing' of the Funds' securities. Several class actions have been filed against defense contractor Titan Corporation (NYSE:TTN) and certain of its officers and directors by stockholders who purchased the company's common stock between July 24, 2003, and March 22, 2004. The actions claim that the defendants violated federal securities laws by allowing foreign consultants to make improper payments to foreign governments in violation of the federal Foreign Corrupt Practices Act, so that Titan stock prices fell precipitously when news of the scandal broke. A class action has been filed against Lipman Electronic Engineering, Ltd. (LPMA), certain of its officers and directors by stockholders who purchased the company's common stock between October 4, 2004 and September 27, 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. A class action has been filed against SureBeam Corporation (Nasdaq: SUREE, formerly SURE), which provides electronic irradiation systems and services for the food industry, and certain of its officers and directors by stockholders who purchased the company's common stock between March 16, 2001 and August 20, 2003. The stockholders seek to recover compensatory damages for the loss of value of their stock. According to a press release dated November 7, 2008, the lawsuit asserts claims under Sections 11, 12(a)(2) and 15 of the Securities Exchange Act of 1933. The Complaint alleges that defendants made misstatements and omissions of material fact relating to an investment in Lehman Principal Protection Notes and deceived investors as to the risks of investing in those Notes. The Complaint further alleges that UBS offered and sold Lehman Principal Protection Notes as suitable for investors seeking to protect their entire principal investment.
Several class actions have been filed against the Scudder family of mutual funds (various stock symbols) and Deutsche Bank AG by investors who purchased the securities of the Scudder family of funds between January 22, 1999, and January 12, 2004. The actions claim that the defendants violated federal securities laws by engaging in illegal and improper trading practices in concert with certain institutional traders, causing financial injury to the shareholders of the Scudder Mutual Funds. |
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