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Case ID: 4444 | Stocks | 09/28/2005
A class action has been filed against Hutchinson Technology (HTCH), certain of its officers and directors by stockholders who purchased the company's common stock between October 4, 2004 and August 29, 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 9, 2005, the Complaint alleges that Hutchinson violated federal securities laws. Specifically, Hutchinson made positive statements concerning its history of beating guidance issued by the defendants and its success in manufacturing and marketing its products. Defendants' statements were materially false and misleading because defendants overstated the demand for Hutchinson's products, defendants failed to disclose that a shift in the mix of products toward new, low-yielding products was negatively impacting the Company's business and prospects, and defendants failed to disclose that they had not implemented an adequate system of internal controls. As a result of the foregoing, defendants' statements that Hutchinson was operating according to plan, and their guidance lacked any reasonable basis in fact. While, the price of Hutchinson common stock was artificially inflated, defendants sold their personally-held shares of Hutchinson stock for more than $12.1 million in proceeds. The complaint further alleges that on or around August 30, 2005, Hutchinson issued a press release announcing lowered guidance for the fourth quarter 2005. The Company stated that earnings would be $0.05 per share, compared to previous guidance of $0.65, and that the Company's gross margins would fall as low as 19%, significantly lower than the Company's previous estimate of as high as 30%. On this news, Hutchinson stock fell $5.35 per share, or 17%, from its closing price of $31.51 on August 29, 2005, to $26.16 on August 30, 2005. If you bought Hutchinson Technology securities between October 4, 2004 and August 29, 2005, inclusive, and would like to obtain information about the Hutchinson Technology 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 Several class actions have been filed against electronic trading technology infrastructure company NYFIX, Inc., (Nasdaq:NYFXE) and certain of its officers and directors by stockholders who purchased the company's common stock between March 30, 2000, and March 30, 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 direct-to-consumer specialty medical products provider PolyMedica Corporation (Nasdaq: PLMD) and certain of its officers and directors by stockholders who purchased the company's common stock between July 23, 2001, and June 30, 2003.
Several class actions have been filed against pharmaceutical development company POZEN, Inc., (Nasdaq:POZN) and certain of its officers and directors by stockholders who purchased the company's common stock between July 31, 2003, and May 28, 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 in the Western District Court of Oklahoma against Dobson Communications, a wireless communications services provider, (NASDAQ: DCEL) and certain of its officers and directors by stockholders who purchased the company's common stock between May 19, 2003 and August 9, 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 press release dated November 17, 2008, a class action lawsuit was filed naming Taleo Corporation, ("Taleo") (NASDAQ: TLEO) and officers and directors of Taleo as defendants.
Several class actions have been filed against electrical and technology contracting company Integrated Electrical Services, Inc. (NYSE:IES), and certain of its officers and directors by stockholders who purchased the company's common stock between November 10, 2003, and August 13, 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. |
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