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Case ID: 4404 | Stocks | 08/16/2005
A class action has been filed against Workstream, Inc. (WSTM), certain of its officers and directors by stockholders who purchased the company's common stock between January 14, 2005 and April 14, 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 11, 2005, the Complaint alleges that throughout the relevant period, the defendants failed to disclose and misrepresented material adverse facts which were known to defendants or recklessly disregarded by them and which caused the defendants to issue materially false and misleading financial statements and projections which, among other things, caused the price of Workstream stock to trade at artificially inflated prices. The complaint alleges, for example, that defendants purposefully overstated and exaggerated Workstream's projected revenues and earnings, and other related measures of the company's financial condition, by improperly recognizing revenue for sales of software using inapplicable "percentage of completion" accounting methodologies. If you bought Workstream, Inc. securities between January 14, 2005 and April 14, 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 According to a press release dated March 19, 2008, a class action lawsuit was filed on behalf of persons who purchased Auction Rate Securities from TD Ameritrade Holding Corporation and TD Ameritrade, Inc., formerly known as TD Waterhouse Investor Services, Inc. during the Class Period and who continued to hold such securities as of February 13, 2008. According to a law firm press release, a class action alleging violations of the federal securities law against the Federal Home Loan Mortgage Corporation (NYSE:FRE) ("Freddie Mac" or the "Company") and certain of its officers and directors on behalf of purchasers of Freddie Mac securities from November 21, 2007 through August 5, 2008 was filed on August 15, 2008. A class action has been filed against financial giant Morgan Stanley (NYSE: MWD) and certain of its subsidiaries by investors who purchased shares in any Morgan Stanley mutual fund between October 1, 1999, and December 31, 2002. The action charges that the defendants engaged in an unlawful and deceitful course of conduct designed to improperly financially advantage themselves to the detriment of class members. According to a press release dated March 19, 2008, a class action lawsuit on behalf of persons who purchased Auction Rate Securities from Wachovia Corporation and Wachovia Securities, LLC, during the Class Period and who continued to hold such securities as of February 13, 2008.
Deregulation of the market has done stockholders no favors. Several class actions have been filed against jewelry retailer Friedman's, Inc. Friedman's, Inc. (NYSE: FRM, formerly Nasdaq: FRDM) and certain of its officers and directors by stockholders who purchased the company's common stock between January 26, 2000, through November 17, 2003, and all those who purchased Friedman's shares in its offering on February 11, 2002, for $9.50 per share and its offering on September 18, 2003, for $15.00 per share. 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. Kahn Gauthier Swick, LLC ("KGS") has filed a class action lawsuit in the United States District Court for the Western District of Washington, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of Loudeye Corp. ("Loudeye" or the "Company") (NASDAQ:LOUD - News) between May 19, 2003 and November 9, 2005 (the "Class Period"). |
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