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Case ID: 4345 | Stocks | 07/12/2005
A class action has been filed against Hilb Rogal & Hobbs Co. (NYSE:HRH), certain of its officers and directors by stockholders who purchased the company's common stock between February 14, 2002 and May 26, 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 Hilb Rogal & Hobbs Co. and certain of its present and former executive officers. Specifically, the complaint alleges that defendants violated the federal securities laws by issuing a series of false and misleading statements in its quarterly and annual filings with the Securities and Exchange Commission. Plaintiff specifically alleges that defendants violated the federal securities laws by failing to disclose that: a) the company was paying or receiving the equivalent of kickbacks when placing its clients' insurance business; b) the Company's contingent and override commissions were designed to steer its business to insurance carriers who provided kickbacks; c) the Company's business practices were against the interests of its clients, were fraudulent and illegal, and could potentially result in civil and/or criminal liability; and d) a substantial portion of the Company's revenues were derived from kickbacks and improper commissions, making the Company's financial statements substantially inflated throughout the Class Period. The complaint further alleges that on or around May 26, 2005, the Company announced that its Chief Operating Officer had resigned following an internal review of business practices. This review discovered that the Company made improper payments out of Hilb Rogal's Hartford offices related to the placement of insurance policies. In reaction to this revelation, Hilb Rogal's share price fell $4.51 on May 27, 2005, down nearly 12 percent from its prior closing price, thereby damaging plaintiff and the Class. If you bought Hilb Rogal & Hobbs Co. securities between February 14, 2002 and May 26, 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 Several class actions have been filed against Spanish-language television production company TV Azteca, S.A. de C.V. (NYSE:TZA) and certain of its officers and directors by stockholders who purchased the company's common stock between October 6, 2003, and January 7, 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. Debt securities are sold to investors with the promise that they will be paid with or without interest at the end of a specified period. The parties have reached a tentative $3.75 million settlement of several class actions filed against technology company Lucent Technologies, Inc. (NYSE:LU) and certain of its officers and directors by security holders who purchased the following debt securities: (1) 6.9% notes due July 15, 2001; (2) 7.25% notes due July 15, 2006; (3) 6.5% debenture due January 15, 2028; (4) 5.5% notes due November 15, 2008; and (5) 6.45% Debentures due March 15, 2029, during the period from December 20, 2000 through March 27, 2001. To recover under the settlement, a completed proof of claim postmarked no later than March 31, 2004, must be mailed to the claims administrator. A class action has been filed in the Southern District Court of New York against the Open Joint Stock Company (NYSE: VIP) and certain of its officers and directors by stockholders who purchased the company's common stock between March 24, 2004 and December 8, 2004. The Company, also known as Vimpel Communications or Vympel Communicatii, operates under the 'Bee Line GSM' brand in Russia and 'K-mobile' and 'EXCESS' brands in Kazakhstan. VimpelCom is recognized for introducing two digital cellular communications standards in Russia.
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 Axonyx Inc. (NasdaqSC:AXYX), and certain of its officers and directors by stockholders who purchased the company's common stock between June 26th, 2003 and February 4th, 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. Axonyx Inc. is engaged in the business of acquiring and developing novel post-discovery central nervous system drug candidates, primarily in areas of memory and cognition. A class action has been filed against WatchGuard Technologies, Inc. (NasdaqNM:WGRD), certain of its officers and directors by stockholders who purchased the company's common stock between February 12, 2004 and March 15, 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 SureBeam Corporation (Nasdaq: SUREE, formerly SURE), which provides electronic irradiation systems and services for the food industry, and certain of its officers and directors by stockholders who purchased the company's common stock between March 16, 2001 and August 20, 2003. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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