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Case ID: 4486 | Stocks | 10/18/2005
A class action has been filed against Andrx Corporation (ADRX), certain of its officers and directors by stockholders who purchased the company's common stock between March 9, 2005 and September 5, 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 October 11, 2005, the Complaint charges defendants Andrx Corp. and the Chief Executive Officer of the Company with violations of the Securities Exchange Act of 1934. The Complaint alleges that defendants were aware of and failed to disclose the fact that their manufacturing facilities did not comply with all applicable good manufacturing practices (``cGMP'') regulations and that Andrx was facing serious regulatory sanctions as a result of its cGMP violations including a sanction that would preclude the Food and Drug Administration (``FDA'') approval of Andrx's pending and future drug applications. On September 6, 2005, defendants shocked the market when they announced that the FDA had recently placed a halt on approving Andrx's drug applications. In response to this press release, Andrx stock dropped from a closing price of $17.94 on September 5, 2005 to $14.89 on September 6, 2005 on heavy trading volume. If you bought Andrx Corporation securities between March 9, 2005 and September 5, 2005, inclusive, and would like to obtain information about the Andrx 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 A class action has been filed against Catalina Marketing Corporation (NYSE: POS) and certain of its officers and directors by stockholders who purchased the company's common stock between January 17, 2002, and June 30, 2003. According to a press release dated March 25, 2008, a group of investors sued Morgan Stanley on Tuesday over the brokerage's alleged deceptive marketing of auction-rate securities. 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 law firm press release, the complaint charges CIT and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CIT is a leading commercial and consumer finance company, providing clients with financing and leasing products and advisory services in North America, Europe, Latin America and Asia Pacific.
A class action has been filed against Tyco International Ltd. (NYSE:TYC), certain of its officers and directors by stockholders who purchased the company's common stock between June 15, 2002 and December 31, 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 Arkansas Teacher Retirement System filed a class action lawsuit against SFBC International, a drug testing company accused of violating regulatory procedures in administering clinical trials. |
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