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Case ID: 4416 | Stocks | 08/23/2005
A class action lawsuit has been filed against Patterson Companies, Inc. (NasdaqNM:PDCO), certain of its officers and directors by stockholders who purchased the company's common stock between February 24, 2005 and May 25, 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 9, 2005, the complaint charges Patterson and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Patterson distributes dental, companion-pet veterinary and rehabilitation supplies. Specifically, the complaint alleges that the Company's Q4 was historically its largest quarter in terms of both revenue and earnings, but that defendants knew by February 2005 that the Company's Q4 and FY 2005 sales, operating profit, operating profit margin, net income and gross margin would actually decline materially in Q4 2005 and that based on business conditions knowable and then known to the defendants, the Company's Q4 and FY 2005 EPS targets were impossible to meet. According to the complaint, defendants knew missing the Company's Q4 estimates would not only be detrimental to the Company's share price, sending the Company's shares into a freefall, but also evidence the Company's inability to successfully grow the Company through acquisitions. The complaint further alleges that as a result of the defendants' false and misleading Class Period statements, Patterson's stock traded at inflated levels during the Class Period, increasing to its historical all-time high of $53.85 per share, allowing the Company's top officers and directors to sell more than $44 million worth of their own shares at inflated prices. The Company's true financial status, including its Q4 2005 declining gross sales, declining Dental Supply segment sales, declining Dental Supply operating profits, declining Dental Supply operating profit margin, declining net income and declining gross margin growth, was ultimately disclosed on May 26, 2005. On May 26, 2005, following defendants' revelations, the Company's share price plummeted 14%, erasing $1.1 billion in market capitalization as it fell below $46 per share on record volume of over 10 million shares traded. If you bought Patterson Companies, Inc. securities between February 24, 2005 and May 25, 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 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 Sierra Wireless, Inc.(NasdaqNM:SWIR), certain of its officers and directors by stockholders who purchased the company's common stock between January 28, 2004 and January 26, 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. On March 14, 2008, a consolidation order was entered. As a result, an order closing consolidated cases for statistical purposes was entered on March 20, 2008. In addition, several motions to appoint lead plaintiffs and counsels were filed on April 08, 2008 by different groups and individuals. Just as quickly, several proposed orders in regards to the previous motions to appoint lead plaintiffs and counsels were also entered on April 08, 2008. The case continues with several responses in support of the existing motions to appoint lead plaintiffs and counsels by different groups and individuals, which were filed on April 25, 2008. At the same time, on April 25, 2008, a motion to continue and motion for administrative relief pursuant to civil local rule 7-11 was filed. Hence, a proposed order in response to the motion to continue and motion for administrative relief filed earlier was entered on April 25, 2008. On May 09, 2008, a deadline was set and an order was entered in the matter of allowing different groups to file a supplemental reply in regards to the continuous hearing on motions to appoint lead plaintiffs. As different notices and responses were filed continuously after the deadline has been set, the court made its final order on May 27, 2008, granting and denying different groups and individuals as lead plaintiffs and counsels.
A nationwide class action has been filed against banking giant Bank One Corporation alleging that the company mismanaged its employees' 401k accounts. The action is brought under the federal ERISA statute on behalf of all Bank One employees who, between March 22, 2002, and the present, participated in the company's 401k retirement plan and whose investments in the plan included Bank One stock or mutual funds.
A class action has been filed in the Northern District Court of California against SupportSoft, Inc. (NASQAQ: SPRT), a California bases software solutions company, and certain of its officers and directors by stockholders who purchased the company's common stock between January 20, 2004 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. The parties have reached a tentative $4.88 million partial settlement of a class action filed against FPA Medical Management, Inc. and certain of its officers and directors by stockholders who purchased the company's securities between February 3, 1997, and May 14, 1998. To recover under the settlement, a completed proof of claim postmarked no later than November 25, 2003, must be mailed to the claims administrator. |
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