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Case ID: 4442 | Stocks | 04/07/2006
A class action has been filed against General Motors Corporation (GM), certain of its officers and directors by stockholders who purchased the company's common stock between February 25, 2002 and March 16, 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 September 19, 2005, the complaint alleges, inter alia, that defendants General Motors, General Motors Acceptance Corporation, and certain of GM’s officers and directors, issued or caused to be issued materially false and misleading statements to the investing public with respect to the Company's financial performance and condition during the relevant time. In addition, during the fourth quarter of 2004 and the first quarter of 2005, defendants, with knowledge or reckless disregard of facts then in their possession, disseminated materially false and misleading projections, lacking in reasonable basis, with respect to GM's first-quarter and year 2005 revenues, earnings and cash flow. During the Class Period, when the Company's debt ratings were materially inflated by defendants' materially false and misleading statements and omissions, defendants caused GM to issue more than $18 billion in debt securities. When the true facts finally began to come out at the end of the Class Period, the price of GM stock, which had closed at $32.71 on March 15, 2005, declined by $4.57 per share, or 14%, to close at $28.14 per share on March 16, 2005. The prices of the Company's debt securities also declined in the market. If you bought General Motors Corporation securities between February 25, 2002 and March 16, 2005, inclusive, and would like to obtain information about the General Motors Corporation 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 Internet service companies are more necessary than ever in today’s high-tech economy. Several class actions have been filed against the officers and directors of telecommunications networking equipment provider Redback Networks, Inc. (Nasdaq: RBAKQ) by stockholders who purchased the company's common stock between April 12, 2000, and October 10, 2003. 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 $51 million settlement in a class action filed against former WorldCom, Inc., Chief Executive Officer Bernard Ebbers and 18 ex-WorldCom officials on behalf of employees who lost hundreds of millions of dollars when the long-distance telephone company collapsed. The action alleged that the officials violated the federal Employee Retirement Income Security Act by obtaining and retaining WorldCom stock in the company's 401(k) plans even though they knew of WorldCom's financial problems. Persons eligible to take part in the settlement should contact the attorneys for the class for more information. Several class actions have been filed against retail clothing giant Tommy Hilfiger Corporation (NYSE: TOM) and certain of its officers and directors by stockholders who purchased the company's common stock between November 3, 1999 and September 24, 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 complaint charges certain officers and directors of the underwriter Credit Suisse, as well as credit ratings institutions Moody's and DBRS with misleading investors in regards to the risk levels of Mortgage Pass-Through Certificates. A class action has been filed against Refco, Inc. (RFX), certain of its officers and directors by stockholders who purchased the company's common stock between August 11, 2005 and October 7, 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 $1.25 million settlement in a class action filed against MiniMed, Inc., and certain of its officers and directors by stockholders who held the company's common stock as of July 16, 2001. Persons eligible to participate in the settlement must submit a proof of claim form postmarked no later than September 13, 2004. |
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