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Case ID: 4305 | Stocks | 06/14/2005
A class action has been filed against StockerYale, Inc. (NasdaqNM:STKR), certain of its officers and directors by stockholders who purchased the company's common stock between April 19, 2004 and November 09, 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 press release dated May 25, 2005, the complaint charges that StockerYale and certain of its officers and directors violated Securities 10(b) and 20(a) of the Securities and Exchange Act by issuing false and misleading press releases on April 19 and April 21, 2004 in which the Company falsely announced in had entered into a contract with BAE Systems to develop a laser for a missile countermeasure system to protect commercial planes. In addition, the press releases misrepresented that StockerYale was supplying the lasers as part of a Department of Homeland Security project. In fact, StockerYale was not involved in any Department of Homeland Security project and was not developing a laser missle countermeasure system for commuter planes. The complaint further alleges that within minutes of the first Press Release on April 19, StockerYale's share priced surged as a result of the positive announcement. StockerYale's CEO sold 250,000 shares for over $1.6 million the next day. A StockerYale director sold 56,900 shares of stock for over $350,000. On or around May 23, 2005 the SEC announced it had entered into a consent judgment settling charges against StockerYale and its CEO. If you bought StockerYale, Inc. securities between April 19, 2004 and November 09, 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 parties have submitted to an arbitration agreement valued at approximately $7,184,561 in a class action filed against Columbian bank Bancolumbia SA (NYSE: CIB) (formerly known as the Banco de Colombia) and certain of its officers and directors by minority stockholders who purchased the company's common stock. The action claims that the defendants harmed the minority stockholders by violating federal securities laws. Minority stockholders should contact the class attorneys for information on how to participate in the action. According to a press release dated March 25, 2008, a group of investors sued Morgan Stanley on Tuesday over the brokerage's alleged deceptive marketing of auction-rate securities. A class action has been filed against Trex Company, Inc. (NYSE:TWP), certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2004 and June 22, 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 Blockbuster, Inc. (BBI), certain of its officers and directors by stockholders who purchased the company's common stock between September 8, 2004 and August 9, 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. Auditing firms that don’t report accounting errors are in trouble these days. A class action has been filed against law firm Ernst & Young, LLP, on behalf of NextCard, Inc. shareholders who purchased NextCard securities between April 19, 2000, and October 30, 2001. The shareholders allege that the law firm, acting as NextCard’s auditor, actively participated in a scheme to defraud them in violation of federal securities laws. 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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