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Case ID: 4286 | Stocks | 05/05/2005
A class action has been filed against Avaya, Inc. (NYSE:AV), certain of its officers and directors by stockholders who purchased the company's common stock between October 05, 2004 and April 19, 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.
The Complaint alleges that Avaya violated federal securities laws. Specifically, defendants failed to disclose the following: (i) the cost of the integration of Tenovis, a company Avaya had acquired, was much greater than represented and rather than being "accretive" to fiscal 2005 earnings or having a positive financial impact within a short period of time, the acquisition would, in fact, reduce Avaya's earnings by at least $.06 per share during fiscal 2005; (ii) Avaya's changes in its delivery methods of products to market was creating severe disruptions in sales; (iii) Avaya was experiencing a dramatic reduction of demand in its U.S. market; and (iv) and as a result, Avaya had no reasonable basis to project an increase in profits or an increase in revenues of 25-27% for fiscal 2005. The complaint further alleges that on or around April 19, 2005, Avaya released its financial and operational results for the second quarter of fiscal 2005 and reported revenues and earnings far short of previous guidance and analyst expectations of earnings of $0.17 a share on revenue of $1.29 billion. One analyst at J.P. Morgan called the results "horrid" and cut its rating on the stock to "neutral" from "overweight." On this news, the stock fell more than 25% on April 20, 2005. The class action lawsuit has been filed behalf of all persons who purchased the publicly traded securities of Avaya, Inc., and all those who acquired Avaya through its acquisitions of Tenovis and RouteScience. If you bought Avaya, Inc. securities between October 05, 2004 and April 19, 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 Abercrombie & Fitch Co. (ANF), certain of its officers and directors by stockholders who purchased the company's common stock between June 2, 2005 and August 16, 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 Majesco Entertainment Company (NasdaqNM:COOL), certain of its officers and directors by stockholders who purchased the company's common stock between December 08, 2004 and July 12, 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. Market timing scandals are sweeping the marketplace. Several class actions have been filed against the Excelsior family of funds (various stock symbols) by stockholders who purchased the company's common stock between December 12, 1998, and November 16, 2003. The actions claim that the defendants violated federal securities laws by allowing certain persons and entities to engage in timed trading in the shares of the funds, in violation of federal securities laws. Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Northern District of California, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of Pegasus Wireless Corp. ("Pegasus" or the "Company'') (OTC BB: PGWC.OB) between December 22, 2005 and September 5, 2006 (the "Class Period").
According to a law firm press release, the complaint charges CIT and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CIT is a leading commercial and consumer finance company, providing clients with financing and leasing products and advisory services in North America, Europe, Latin America and Asia Pacific.
A class action has been filed against specialty pharmaceutical company American Pharmaceuticals Partners, Inc. (Nasdaq: APPX) and certain of its officers and directors by stockholders who purchased the company's common stock between February 19, 2002, and September 24, 2003. |
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