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Case ID: 4474 | Stocks | 10/11/2005
Mel McLean, owner of the Eel River Sawmills, and his wife Grace, had no children around 1988 when they created an Employee Stock Ownership Plan, according to background information in the lawsuit’s fourth amended complaint. The McLeans intended and promised to pass the majority ownership of Eel River Sawmills to its employees through the plan, the lawsuit stated.
“If the promise had been kept, the employees would have had a majority ownership of the company and the dollar value of the company at the time of (owner Mel McLean’s) death appears to have been well in excess of $25 million,” the attorney for the plaintiffs said. State law requires that civil cases go to trial within five years, said the attorney for the plaintiffs. The case was orginally filed on March 23, 2001, in Humboldt County Superior Court. The goal of the lawsuit is to fulfill the promise and obtain a monetary award for the employees, the attorney said. There was a substantial amount of value in the company when Mel died, a key bit of evidence that the promise had been made is in a letter that Scott wrote to employees and families of Eel River Sawmills in June 1999 a couple of weeks after Mel’s death, the attorney said. Eel River Sawmills once employed roughly 550 people, but closed down its operations in July. The class action lawsuit filed against Eel River Sawmills and some of its current and former officers and directors will head to court before March 23. 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 flow control equipment manufacturer Flowserve Corporation (NYSE: FLS) and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2001, and September 27, 2002. According to a law firm press release, a class action was filed on behalf of purchasers of all classes of shares of the Evergreen Ultra Short Opportunities Fund (NASDAQ: EUBAX, EUBBX, EUBCX, EUBIX) (the "Ultra-Short Opportunities Fund" or the "Fund") who purchased or otherwise acquired shares of the Fund within three years of the filing of the lawsuit, seeking to pursue remedies under the Securities Act of 1933 (the "Securities Act"). Prior to August 1, 2005, the Fund was known as the Evergreen Ultra Short Bond Fund.
Unscrupulous venture capitalists can wreck small companies. A class action has been filed against the officers and directors of Internet holding company divine, Inc. (Pink Sheets: DVINQ) by stockholders who acquired the company's common stock in connection of divine’s acquisition of Delano Corporation and eshare Communications in October 2001. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market pursuant to the acquisitions, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages equal to the amount that they invested. A class action lawsuit has been filed against Prestige Brand Holdings, Inc. (PBH), certain of its officers and directors by stockholders who purchased the company's common stock between February 09, 2005 and July 28, 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 date April 21, 2008, the complaint charges Calamos Fund with violations of the Securities Act of 1933. Calamos Fund is a closed-end management investment company. The Fund’s investment objective is to generate a high level of current income, with a second objective of capital appreciation.
A class action has been filed against Majesco Entertainment Company (NasdaqNM:COOL), certain of its officers and directors by stockholders who purchased the company's common stock between December 08, 2004 and July 12, 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. |
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