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Case ID: 4344 | Stocks | 07/12/2005
A class action has been filed against ConAgra Foods, Inc. (NYSE:CAG), certain of its officers and directors by stockholders who purchased the company's common stock between September 18, 2003 and June 07, 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.
Several purported shareholder class action lawsuits have been filed against ConAgra Foods, Inc. and its CEO charging the defendants with violating Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b 5 promulgated thereunder by issuing materially false and misleading financial statements to the investing public regarding the Company's financial performance and prospects. ConAgra is a packaged food company serving a wide variety of food customers. The complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding the Company's business and prospects and issued false and misleading financial statements. According to the complaint, as a result of defendants' false statements, ConAgra's stock traded at inflated levels as high as $30 per share during the Class Period, which allowed its top officers to reap tens of millions of dollars in ill-gotten bonuses. Among the facts concealed from the investing public during the Class Period, included the following: (1) the Company lacked requisite internal controls, and, as a result, the Company's projections and reported results were based upon defective assumptions and/or manipulated facts; (2) contrary to defendants' claims of fourth quarter 2005 and/or fiscal year 2005 profitability, the Company was actually on track to report losses; (3) the Company's income was overstated due to improper tax accounting; and (4) as a result of the above, the Company's projections for fiscal year 2005 were grossly inflated. The complaint further alleges that on or around March 24, 2005, the Company announced it would be restating its financial statements for fiscal 2002 through the first half of fiscal 2005 due to improper accounting for income taxes. ConAgra stock fell to around $26 per share on this news. Then, on June 7, 2005, the Company announced that its fiscal 2005 fourth quarter would be lower than expected primarily due to continued weak profitability in the packaged meats operations. On this news the stock fell further to $24.32 per share. If you bought ConAgra Foods, Inc. securities between September 18, 2003 and June 07, 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 On March 18, 2008, the case was transferred from the Suffolk County Superior Court, Massachusetts to the U.S. District Court for the District of Massachusetts. The plaintiffs filed an Amended complaint on June 30, 2008 prior to any rulings on consolidation. A class action has been filed against Ionatron, Inc. (IOTN), certain of its officers and directors by stockholders who purchased the company's common stock between June 27, 2005 and May 10, 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. 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").
On March 31, 2008, several motions were filed by different groups and individuals to be appointed as lead plaintiffs, lead counsels as well as to consolidate cases. A response to the above mentioned motion was filed on April 17, 2008 by SLM Venture. Just as quickly, a memorandum of law in opposition of consolidating cases, to appoint lead plaintiffs and counsels was filed by Sheet Metal Workers Pension Fund Trust at the same time. According to the Complaint, Plaintiff brings this class action on behalf of all persons similarly situated, (the "Class"), other than Defendants and their affiliates, who (1) purchased or otherwise acquired the common shares of EnerNOC, Inc. ("EnerNOC" or the "Company) between November 1, 2007, through and including, February 27, 2008, (the "Class Period"); and/or (2) purchased or otherwise acquired EnerNOC common stock pursuant to Prospectus on Form 424B4 filed November 13, 2007 ("November 13 Prospectus") between November 13, 2007 through and including February 27, 2008, for violations of the federal securities laws. Plaintiff seeks to recover damages caused to the Class by Defendants' violations of Section 11 of the Securities Act of 1933 (the "Securities Act") and Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act").
A class action lawsuit was filed on behalf of all purchasers of the common stock of ChoicePoint, Inc. (CPS: NYSE).
The complaint charges ChoicePoint and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants, during the Class Period, issued a series of material misrepresentations to the market concerning the Company's financial condition thereby artificially inflating the price of ChoicePoint's common stock.
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