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Case ID: 4343 | Stocks | 07/12/2005
A class action has been filed against Cyberonics, Inc. (CYBX), certain of its officers and directors by stockholders who purchased the company's common stock between June 15, 2004 and October 01, 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 June 17, 2005, the complaint alleges that defendants violated the federal securities laws during the Class Period by failing to disclose and misrepresenting material adverse facts known to defendants or recklessly disregarded by them, including that defendants were engaged in serious violative manufacturing and quality practices that would have a serious negative impact on prospects for the Company's VNC product approval and that, while well aware of true nature of the serious issues facing FDA approval of the VNC system for the depression indication, Company insiders sold over $1.98 million of Company stock during the Class Period. As a result, the Complaint alleges, the value of the Company's stock was materially and artificially inflated during the Class Period. Cyberonics engages in the design, development, and commercialization of medical devices, which claim to provide therapy, Vagus Nerve Stimulation (VNS), for the treatment of epilepsy and other debilitating neurological and psychiatric disorders. If you bought Cyberonics, Inc. securities between June 15, 2004 and October 01, 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 “Market timing” would be okay if the investing public could take advantage of it, too. Several class actions have been filed against the Fremont Family of mutual funds (various stock symbols) and certain investment firms by investors who purchased fund shares between March 15, 1999, and March 1, 2004. The actions claim that the defendants violated federal securities laws by allowing the named investment firms to utilize market timing techniques to turn a quick profit to the disadvantage of all other fund investors. A securities class action lawsuit was commenced in the United States District Court for the District of Minnesota, on behalf of all persons who purchased Gander Mountain Company securities ("Gander Mountain" or the "Company") (NASDAQ: GMTN) pursuant to the Company's Registration Statement/Prospectus for its Initial Public Offering ("IPO") and on behalf of those who purchased their shares in the open market between April 20, 2004 and January 13, 2005, inclusive (the "Class Period"). Several class actions have been filed against deep discount store operator 99 Cents Only Stores (NYSE:NDN) and certain of its officers and directors by stockholders who purchased the company's common stock between March 11, 2004, and June 10, 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 R&G Financial Corporation (NYSE:RGF), certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2003 and April 25, 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 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. A class action has been filed against Pilgrim Baxter & Associates, Ltd. and certain of its affiliated companies on behalf of investors who purchased shares in any PBHG mutual fund between November 13, 1998, and November 13, 2003. 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. |
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