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Case ID: 4446 | Stocks | 09/28/2005
A class action has been filed against Abercrombie & Fitch Co. (ANF), certain of its officers and directors by stockholders who purchased the company's common stock between June 2, 2005 and August 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 2, 2005, the Complaint alleges that defendants Abercrombie and certain of its present and formers officers and/or directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of Abercrombie securities. The Complaint alleges that Abercrombie (a) carried out a scheme to deceive the investing public; (b) made untrue statements of material fact and/or omitted to state material facts necessary to make the statements not misleading; and (c) engaged in acts, practices, and a course of business which operated as a fraud and deceit upon the purchasers of the Company's securities in an effort to maintain artificially high market prices for Abercrombie securities. More specifically, the Complaint alleges that during the class period, Abercrombie made positive public announcements about its monthly and quarterly sales results while, at the same time they did not reveal that the Company's margins, a material indicator of the Company's true financial condition, would be lower in its 2005 second fiscal quarter. In July 2005, Abercrombie's Chairman and CEO sold more than 1.6 million shares of Abercrombie common stock reaping $118 million in profits based on negative, material Company information known to him, but unknown to Plaintiff and the Class. Following the revelation of the material, undisclosed information, Abercrombie's common stock price plummeted, resulting in substantial losses to shareholders. If you bought Abercrombie & Fitch Co. securities between June 2, 2005 and August 16, 2005, inclusive, and would like to obtain information about the Abercrombie & Fitch Co. 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 On March 03, 2008, a stipulation and order was entered. Just as quickly, a motion to consolidate cases and to appoint certain groups as lead plaintiffs and counsels was filed on March 18, 2008. However, on March 20, 2008, a stipulation and order substituting counsels was entered. Hence, on April 04, 2008, several responses in regards to the different motions of appointing lead plaintiffs and counsels were filed. As a result, an order granting and denying the appointment of certain groups as lead plaintiffs and counsels was entered on May 05, 2008.
Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Allot Communications Ltd. ("Allot" or the “Company”) (Nasdaq:ALLT) who purchased shares of the Company in connection with its November 15, 2006 Initial Puxblic Offering ("IPO") or who purchased shares thereafter in the open market, have until July 2, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Southern District of New York. No class has yet been certified in this action.
UNTIL A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY. Several class actions have been filed against human resource manager Ceridian Corporation (NYSE:CEN) and certain of its officers and directors by stockholders who purchased the company's common stock between April 17, 2003, and July 19, 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 tentative $3.25 million settlement in several actions filed against John Alden Financial Corporation and certain of its officers and directors by stockholders who purchased the company's common stock between October 20, 1994, and May 3, 1995. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than May 16, 2004. The parties have reached a tentative $32 million settlment of several class actions filed against CBT Group, PLC, a subsidiary of e-learning company Skillsoft, PLC (Nasdaq: SKIL) and certain of its current and former officers and directors by persons who purchased American depositary shares issued by CBT Group during the period from April 14, 1998, through October 1, 1998. 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 depositary shares. A claims deadline apparently has not yet been set at this time. On May 09, 2008, a motion to appoint lead plaintiff and lead counsel was filed by a certain individual and a proposed order has been entered at the same time. Just as quickly, an Order granting motion to appoint lead plaintiff and for the approval of lead counsel was entered on June 09, 2008.
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