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Case ID: 4339 | Stocks | 07/12/2005
A class action has been filed against Pathmark Stores, Inc. (NasdaqNM:PTMK), certain of its officers and directors by stockholders who purchased the company's common stock between May 06, 2005 and June 09, 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.
According to a press release dated June 16, 2005, the complaint charges that Pathmark and is board of directors provided materially misleading information to shareholders in connection with a Proxy Solicitation seeking shareholder approval of an investment in Pathmark by Yucaipa Partners, LLC. The proxy solicitation was misleading because it failed to inform investors of an alternative cash-out transaction, through which all Pathmark shareholders would receive $8.75 per share, that had been presented to Pathmark's Board of Directors on June 1. This alternative offer represented a greater value than the Yucaipa Transaction which the Board was recommending. The Complaint also alleges that the defendants breached their fiduciary duties in negotiating with Yucaipa by continuing to recommend that shareholders approve the Yucaipa Transaction even after the alternative offer had been made. If you bought Pathmark Stores, Inc. securities between May 06, 2005 and June 09, 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 Dana Corporation (DCN), certain of its officers and directors by stockholders who purchased the company's common stock between March 23, 2005 and September 14, 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. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Plexus Corp. ("Plexus" or the "Company") (NASDAQ:PLXS - News) who purchased shares or other securities of the Company between January 25, 2006 and July 27, 2006 (the "Class Period"), have until August 24, 2007 to move for appointment as Lead Plaintiff in a securities fraud class action lawsuit currently pending in the United States District Court for the Eastern District of Wisconsin. No class has yet been certified in this action. Several class actions have been filed against open source operating system company Red Hat, Inc., (Nasdaq:RHAT) and certain of its officers and directors by stockholders who purchased the company's common stock between December 19, 2003, and July 13, 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. A class action has been filed against Mamma.com Inc. (NasdaqSC:MAMA), and certain of its officers and directors by stockholders who purchased the company's common stock between May 12, 2004 and February 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 Newpark Resources, Inc. (NR), certain of its officers and directors by stockholders who purchased the company's common stock between February 28, 2005 and April 16, 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. A class action has been filed against Taser International Inc. (NASDAQ: TASR), an AZ based manufacturer of Taser guns, and certain of its officers and directors by stockholders who purchased the company's common stock between November 4, 2004 and January 6, 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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