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Case ID: 4568 | Stocks | 12/05/2005
A class action has been filed against Helen of Troy, Ltd. (HELE), certain of its officers and directors by stockholders who purchased the company's common stock between October 12, 2004 and October 10, 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 the complaint, defendants, Helen of Troy, Ltd., its Chief Executive Officer, and its Chief Financial Officer, violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period. The complaint alleges that Defendants engaged in a scheme to defraud shareholders through the issuance of positive earnings guidance intended to artificially inflate Company stock for which their was no legitimate support. Guidance for 2006 was announced as part of the fiscal third quarter of 2005 results, the inflation of which mislead the investing public. Immediately following this increase in the stock price to its class period high, Defendant Rubin sold almost 400,000 shares at its peak price of $33.00 per share- netting proceeds of almost $13 million on the improper guidance. On October 11, 2005, the Company substantially lowered its unattainable guidance for 2006 and reported a year over year decline in revenues during its second quarter. On this news, the stock lost 21%, falling to $15.55 per share on a volume of 4.4 million shares - more than 15 times its daily average. If you bought Helen of Troy, Ltd. securities between October 12, 2004 and October 10, 2005, inclusive, and would like to obtain information about the Helen of Troy, Ltd. 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 The parties have reached a tentative $10.2 million settlement of a class action filed against managed healthcare company Physician Corporation of America (Nasdaq: PCAM) and certain of its officers and directors by stockholders who purchased the company's common stock between March 31, 1996, and March 31, 1997, and still owned the stock on the latter date. To recover under the settlement, a completed proof of claim postmarked no later than December 22, 2003, must be mailed to the claims administrator.
A class action has been filed against Shurgard Storage Centers, Inc. (NYSE:SHU), certain of its officers and directors by stockholders who purchased the company's common stock between May 09, 2001 and March 26, 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. A class action has been filed against Maytag Corporation (NYSE:MYG), certain of its officers and directors by stockholders who purchased the company's common stock between March 07, 2005 and April 21, 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 against Zale Corporation (ZLC), certain of its officers and directors by stockholders who purchased the company's common stock between February 18, 2005 and May 5, 2006. 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 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 against Maxim Pharmaceuticals, Inc., a global biopharmaceuticals company (NASDAQ:MAXM) and certain of its officers and directors by stockholders who purchased the company’s common stock between November 11, 2002 and September 17, 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 stockholder seek to recover compensatory damages for the loss of value of their stock. |
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