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Case ID: 4420 | Stocks | 08/23/2005
A class action lawsuit has been filed against Cogent Communications Group, Inc. (COI), certain of its officers and directors by stockholders who purchased the company's common stock between February 14, 2005 and June 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.
According to a press release dated August 19, 2005, a plaintiff’s law firm announced that it voluntarily dismissed without prejudice its securities fraud class action complaint against Cogent Communications, Inc. The complaint alleges defendants failed to publicly disclose that Cogent intended to sell shares of Cogent common stock in a secondary public offering at a materially reduced price from the stock's then-current market price. Defendants knew or recklessly disregarded that the sale of Cogent common stock at a material discount to its trading price would cause a steep decline in the market price of its shares held by plaintiff and other class members. After Cogent announced that it would sell 10,000,000 shares of its stock at $6.00 a share, the stock price fell 29.4%. If you bought Cogent Communications Group, Inc. securities between February 14, 2005 and June 07, 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 clothing manufacturer Warnaco Group, Inc. (Nasdaq: WRNC) and certain of its officers and directors by stockholders who purchased the company's common stock between December 11, 1997, and July 20, 2000.
Several class actions have been filed against dental laser system manufacturer Biolase Technology, Inc. (Nasdaq:BLTI), and certain of its officers and directors by stockholders who purchased the company's common stock between October 29, 2003, and July 16, 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. It was supposed to be the deal of a lifetime -- put down less than $30,000 in cash and get a tax receipt for $100,000. Today, the young Oakville couple who bought that dream are the lead names in a Hamilton law firm's planned nationwide class action suit looking for more than $50 million in damages. Lowrance Electronics, Inc. announced that Lowrance and the members of its board of directors have entered into an agreement to settle the stockholder class action lawsuit brought against Lowrance and the members of its board in opposition of the offer and merger transaction with Simrad Yachting AS and Simrad Yachting's wholly owned subsidiary, Navico Acquisition Corporation. Several class actions have been filed against specialty chemical manufacturer Ferro Corporation (NYSE:FOE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003, and July 22, 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. The parties have reached a proposed $5 million settlement in a class action against First Union National Bank on behalf of investors in Cyprus Funds, a company that ran a multimillion-dollar securities investment scheme. First Union was accused of aiding and abetting the fraud.
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