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Case ID: 4586 | Stocks | 12/20/2005
Two law firms representing Diebold investors are suing Diebold Inc., claiming the Ohio company made misleading comments about its electronic voting machine business that led to artificially high share prices. Both lawsuits seek class-action status.
Both lawsuits seek class-action status. The lawsuits were filed in U.S. District Court in Cleveland and claim Diebold was "unable to assure the quality and working order of its voting machine products." Both firms allege that Diebold violated federal securities laws by making misleading statements about the health of its voting machine business, causing Diebold stock to artificially rise. The lawsuits also claim the company's actions led to poor forecasting and guidance of earnings that led to low and inaccurate restructuring charges in 2005. Once those charges were revealed on Sept. 21, share prices plummeting that day nearly 16 percent - from $44.37 to $37.47 on the New York Stock Exchange. Diebold said then that rising fuel costs, poor automated-teller machine sales and unexpected delays of voting machine sales because of Hurricane Katrina forced it to slash third-quarter earnings by more than half - between 32 and 37 cents a share, including restructuring charges of 7 cents a share. Diebold, whose main business is making ATMs and security systems, ventured into e-voting after the Florida punch-card debacle of 2000. 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 Newpark Resources, Inc. (NR), certain of its officers and directors by stockholders who purchased the company's common stock between February 28, 2005 and April 16, 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. According to a law firm press release, a class action was filed in connection with Fifth Third's acquisition of First Charter on June 6, 2008, and on behalf of shareholders of First Charter as of November 26, 2007 and were solicited to vote on this acquisition.
A class action lawsuit has been filed in U.S. District Court for the Northern District of California against Infineon Technologies, AG. The case involves violations of federal securities law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. According to the complaint, on or about September 24, 2007, the defendants filed a Form F-1 Registration Statement (the “Registration Statement”) with the SEC for the Offering. On or about October 18, 2007, the Prospectus with respect to the Offering (the “Prospectus”), which forms part of the Registration Statement, became effective and more than 9.8 million shares of Noah Education’s ADSs were sold to the public at $14.00 per ADS, thereby raising more than $137 million.
On March 11, 2008, a motion to appoint certain individuals as lead plaintiffs, lead counsels and for consolidation of all related cases was filed. Just as quickly, a proposed order in regards to appointing lead plaintiffs, lead counsesl and for consolidation of all related cases was entered on March 7, 2008. As a result, an order granting motion to appoint lead plaintiffs and lead counsels was filed by Judge Charles R. Breyer on April 25, 2008.
According to the docket, a class action was filed on May 20, 2008 on behalf of all current and former National City Corporation ("National City" or the "Company") employees who acquired National City common stock pursuant and/or traceable to a registration statement filed with the Securities and Exchange Commission ("SEC") on December 1, 2006.
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