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Case ID: 4387 | Stocks | 08/09/2005
A class action has been filed against Ramp Corporation (RCOCQ.OB), certain of its officers and directors by stockholders who purchased the company's common stock between April 14, 2004 and May 20, 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 July 20, 2005, the complaint alleges that the Ramp and certain of its present and former officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading representations and omissions in public filings with the Securities and Exchange Commission. The complaint alleges that on May 21, 2005, BDO Seidman LLP resigned as the Company's auditor and advised Ramp that the Company's 2003 and 2004 audit reports were unreliable. The complaint further alleges that as a result of such information, Ramp stated that is would not file its quarterly report on Form 10-Q for the quarter ended March 31, 2005 on time, which led to its defaulting on certain debentures. It is also alleged in the complaint that the Company’s CEO resigned and was suspended on May 22, 2005 because he may have violated Company policies or the law when he received an unspecified amount of cash as a gift in December 2003. The complaint alleges that the Company filed for reorganization under Chapter 11 of the Bankruptcy laws on June 2, 2005, and that the American Stock Exchange notified it on June 6, 2005 that it was delisting the Company's stock. It is alleged that when Seidman announced that it was resigning and that Ramp's financial statements were unreliable, trading in the Company's stock was halted on May 23, 2005. At the time, Ramp's stock was trading at $1.25 per share. When the Company's stock began trading again, it decreased in price to $0.10 per share. If you bought Ramp Corporation securities between April 14, 2004 and May 20, 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 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 PEMSTAR, Inc. (NasdaqNM:PMTR), certain of its officers and directors by stockholders who purchased the company's common stock between January 29, 2003 and January 24, 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 clothing manufacturer Tropical Sportswear International Corporation (Nasdaq: TSIC) and certain of its officers and directors by stockholders who purchased the company's common stock between April 17, 2002, and January 20, 2003. The stockholders seek to recover compensatory damages for the loss of value of their stock.
Several class actions have been filed against jewelry retailer Whitehall Jewelers, Inc. (NYSE: JWL) and certain of its officers and directors by stockholders who purchased the company's common stock between November 19, 2001, and December 10, 2003. 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. On June 23, 2008, the Judge Victor Marrero granted the motion to appoint Iowa Public Employees' Retirement System; Policemen's Annuity & Benefit Fund of Chicago; Central States, Southeast, Southwest Areas Pension Fund; and State-Boston Retirement System as lead plaintiffs. Further, according to the order, the law firms of Barrack, Rodos & Bacine and Cohen, Milstein, Hausfeld & Toll, P.L.L.C. are approved to serve as co-lead counsel.
A class action has been filed against Sipex Corporation (NasdaqNM:SIPX), and certain of its officers and directors by stockholders who purchased the company's common stock between April 11, 2003 and January 20, 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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