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Case ID: 4402 | Stocks | 08/16/2005
A class action has been filed against Buca, Inc. (NasdaqNM:BUCA), certain of its officers and directors by stockholders who purchased the company's common stock between February 06, 2001 and March 11, 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 August 10, 2005, the lawsuit alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, including U.S. Securities and Exchange Commission ("SEC") Rule 10b-5. Buca is a Minneapolis-based company that owns and operates 107 restaurants around the country. The complaint alleges that the defendants issued false and misleading financial statements throughout the Class Period. During that time, according to the complaint, the Company materially overstated its income (or understated its losses), overstated its revenues, lacked adequate internal controls, and failed to follow generally accepted accounting practices. Beginning in February 2005, Buca issued a series of news releases and SEC filings that disclosed these facts to the investing public, triggering a decline in the Company's stock price, the complaint says. Among other facts, the complaint alleges that: * On February 7, 2005, Buca announced that the SEC had ordered an investigation to determine whether the Company had violated securities laws. * On February, 11, 2005, the Company disclosed in an SEC filing that it had "incorrectly applied the accounting rules with respect to certain operating lease transactions." As a result, the company said, it planned to restate previously filed financial statements. * On March 11, 2005, the Company issued a news release saying it would notify the SEC it was delaying its fiscal year 2004 annual report. * On March 16, 2005, Buca announced the dismissal of two top executives. * On July 25, 2005, Buca filed a complaint against two former executives alleging, among other things, that the former executives took secret cash payments from vendors and misappropriated Company assets by having the Company pay for their personal travel and vacations. Finally, on July 25, 2005, according to the complaint, the Company restated certain of its financial results -- reducing income by approximately $20 million over fiscal years 2000 through 2003 -- and stated that it was taking "remedial measures" to correct material weaknesses in its "system of internal control over financial reporting." If you bought Buca, Inc. securities between February 06, 2001 and March 11, 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 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. A class action has been filed against Brocade Communication Systems, Inc. (NasdaqNM:BRCD), certain of its officers and directors by stockholders who purchased the company's common stock between February 21, 2001 and May 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 SINA Corporation (NasdaqNM:SINA), and certain of its officers and directors by stockholders who purchased the company's common stock between October 26, 2004 and February 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. The parties have reached a tentative settlement, valued at at least $1.6 million, of a class action filed against Frontier Insurance Group, Inc. (Pink Sheets: FTER, formerly OTCBB: FTER and certain of its officers and directors by stockholders who purchased the company's common stock between February 10 and November 8, 1994. On June 23, 2008, the Court entered the Order consolidating two cases under case, 08 Civ. 3758. On July 7, 2008, the Court entered the Stipulation and Order appointing Kevin Cornwell and John M. Grady as co-lead plaintiffs for the class. Further, according to the Order, Cornwell's and Grady's selection of the law firms of Coughlin Stoia Geller Rudman & Robbins L.L.P. and Scott + Scott, L.L.P. to serve as Lead Counsel is approved. The parties have reached a tentative $2.5 million settlement of a class action filed against respiratory therapy manufacturer Nellcor Puritan Bennett, Inc. (formerly Nasdaq: NELL), subsidiary of Tyco Healthcare/Mallinckrodt, and certain of its officers and directors by stockholders who purchased the company's common stock between September 29, 1995, and April 16, 1996. The actions claim that the defendants violated the California Corporations Code by issuing a series of material misrepresentations to the market over this time period for the purpose of inducing investors to buy the company’s stock. To recover under the settlement, a completed proof of claim postmarked no later than February 18, 2004, must be mailed to the claims administrator. |
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