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Case ID: 4348 | Stocks | 07/15/2005
The California State Teachers' Retirement System has reached a preliminary settlement of $17.5 million with PricewaterhouseCoopers in a class action lawsuit accusing the accounting firm of violating its professional responsibilities in its audits of Homestore.com Inc. in 2000 and 2001.
The settlement, reached between the accounting firm PricewaterhouseCoopers and CalSTRS, the lead plaintiff, was submitted June 30, 2005 to U.S. District Court Judge Ronald S. W. Lew of Los Angeles for review. If Lew grants preliminary approval, a final settlement hearing date will be set. In agreeing to the settlement, PricewaterhouseCoopers did not admit to any wrongdoing. In August, 2003, Homestore.com agreed to a settlement to reform its corporate policies, pay $13 million in cash to the class and turn over 20 million shares of stock. The stock was valued at about $4 a share at the time of the settlement. The class covers all persons who purchased or acquired Homestore common stock from January 1, 2000 through December 21, 2001.
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 Fairfax Financial Holdings, Ltd. (FFH), certain of its officers and directors by stockholders who purchased the company's common stock between March 24, 2004 and March 21, 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 AstraZeneca PLC (NYSE:AZN), a pharmaceutical company and certain of its officers and directors by stockholders who purchased the company's common stock between April 2nd, 2003 and October 11th, 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. The parties have reached a tentative $750,000 settlement of a class action filed against adult entertainment and multimedia enterprise Metro Global Media, Inc. (Pink Sheets: MGMA, formerly OTCBB: MGMA) and certain of its officers and directors by stockholders who purchased the company's common stock between September 13, 1996, and September 13, 1999. To recover under the settlement, a completed proof of claim postmarked no later than October 27, 2003, must be mailed to the claims administrator.
According to a law firm press release, the complaint charges BankUnited and certain of its officers and directors with violations of the Securities Exchange Act of 1934. BankUnited is the holding company for BankUnited, FSB, which provides consumer and commercial banking products and services to consumers and businesses located primarily in Florida.
On June 30, 2008 the judge ordered the case transferred to the Western District of Kentucky.
According to a news article published June 10, 2008, Universal Food & Beverage Co. is facing a class-action complaint alleging its directors sold $20 million of their preferred stock while artificially propping up the share price.
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