|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 4566 | Stocks | 12/05/2005
A class action has been filed against Great Wolf Resorts Inc. (WOLF), certain of its officers and directors by stockholders who purchased the company's common stock between December 14, 2004 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 dated November 22, 2005, the complaint alleges that defendants' registration statements issued in connection with the Company's 2004 Initial Public Offering ("IPO") contained untrue statements of material fact. According to the complaint, at the root of these issues was the fact that the Company provided misleading, unreliable and unpredictable quarterly and annualized guidance based on its preferred non-GAAP EBITDA measure. Since defendants' EBITDA number was allegedly unreliable, both the Company's business prospects and in fact the value of the underlying business was in doubt to the extent this defective measure was used for valuation purposes to convince investors to buy the Company's stock during the IPO. The complaint was filed today alleging that during the Class Period, Great Wolf and certain individual defendants violated provisions of the federal securities laws (Securities Act of 1933 and the Securities Exchange Act of 1934). The complaint further alleges that on or around July 28, 2005, investors' interests drowned as they learned the true magnitude of the Company's earnings shortfall and its cause - the alleged unreliability of defendants' EBITDA projections. Worse, analysts concluded that defendants were fully aware of the true magnitude of the earnings miss when they were out marketing clients at the end of June but failed to publicly disclose the materiality of the problem at that time. According to the Associated Press, analysts point to the company's inability to handle the increased competition, saying it contributed to other problems, such as a second-quarter earnings miss and questions about the company's internal controls. On the news of July 28, 2005, the price of the Company's stock plunged $6.12 to $13.65, on extremely heavy volume of 6.0 million shares. The price has continued to decline since July and today traded at $8.79. If you bought Great Wolf Resorts Inc. securities between December 14, 2004 and July 28, 2005, inclusive, and would like to obtain information about the Great Wolf Resorts Inc. 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 cellular phone manufacturer Nokia OYJ (Nokia Corporation) (NYSE: NOK) and certain of its officers and directors by stockholders who purchased the company's common stock between January 8, 2004, and April 6, 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 telecom market has had its ups and downs. A class action has been filed against telecommunications company Allegiance Telecom, Inc. (OTC:ALGXQ) and certain of its officers and directors by stockholders who purchased the company's common stock between April 24, 2001, and February 19, 2002. 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 Elan Corporation, PLC (NYSE:ELN), certain of its officers and directors by stockholders who purchased the company's common stock between February 18, 2004 and February 25, 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. A class action has been filed in the Southern District Court of New York against the Open Joint Stock Company (NYSE: VIP) and certain of its officers and directors by stockholders who purchased the company's common stock between March 24, 2004 and December 8, 2004. The Company, also known as Vimpel Communications or Vympel Communicatii, operates under the 'Bee Line GSM' brand in Russia and 'K-mobile' and 'EXCESS' brands in Kazakhstan. VimpelCom is recognized for introducing two digital cellular communications standards in Russia.
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. A class action has been filed against American Italian Pasta Company (NYSE:PLB), certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2000 and August 09, 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 $6.9 million settlement of a class action filed against Ramp Networks, Inc. (formerly Nasdaq: RAMP) and certain of its officers and directors by stockholders who purchased the company's common stock between January 24 and September 29, 2000. To recover under the settlement, a completed proof of claim postmarked no later than January 20, 2004, must be mailed to the claims administrator. |
IT'S FREE
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
