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Case ID: 4403 | Stocks | 08/16/2005
A class action has been filed against Custom Designed Compressor Systems, Inc. CPYJ.PK, certain of its officers and directors by stockholders who purchased the company's common stock between September 14, 2004 and October 22, 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.
Several purported shareholder class action lawsuits have been filed against CDC and its chief executive officer with violations of Securities 10(b) and 20(a) of the Securities and Exchange Act, as well as state securities laws. Specifically, the complaint alleges that CDC issued false press releases describing CDC as a profitable manufacturer of custom compressor systems using proprietary designs that enabled marginally producing natural gas wells to extract and distribute gas. In reality, CDC owned few assets and its repeated claims of revenue streams, lucrative contracts with major producers, and unique compressor technologies were gross exaggerations of CDC's actual business operations. CDC’s chief executive condoned the further distribution of CDC's false press releases through spam emails and broadcast faxes. The complaint further alleges that on or around February 28, 2005, the Company announced that the SEC had filed a complaint charging the Company with securities law violations. If you bought Custom Designed Compressor Systems, Inc. securities between September 14, 2004 and October 22, 2004, 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 The parties have reached a tentative $8 million partial settlement in an action filed against AMF Bowling, Inc. (Pink Sheets: AMBWQ.PK) and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to the registration statement for the November 1997 initial public offering before February 26, 1999. The action continues against the remaining institutional defendants. Proof of claim documents must be postmarked on or before October 29, 2004, to be considered valid. Several class actions have been filed against worldwide gaming company Alliance Gaming Corporation (NYSE:AGI) and certain of its officers and directors by stockholders who purchased the company's common stock between January 15, 2004, and June 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. A class action has been filed against ProQuest Company (PQE), certain of its officers and directors by stockholders who purchased the company's common stock between January 9, 2003 and February 8, 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 Smith Barney and its parent, Citigroup Inc., by investors who invested $100,000 or more in class B shares in one or more Smith Barney mutual funds between June 12, 1998, and June 12, 2003, where the investment could have otherwise qualified for the $100,000 "breakpoint" load reduction associated with investments in class A shares of the same fund. A class action has been filed against Swift Transportation Co., Inc., a Phoenix Arizona based truckload carrier, (NASDAQ: SWFT) and certain of its officers and directors by stockholders who purchased the company's common stock between October 16, 2003 and October 1, 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. According to a law firm press release, the complaint charges NextWave and certain of its officers and directors with violations of the Securities Exchange Act of 1934. NextWave is a mobile broadband and multimedia technology company that develops, produces and markets mobile multimedia and wireless broadband products.
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