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Case ID: 4670 | Stocks | 02/21/2006
A class action has been filed against NVE Corporation (NVEC), certain of its officers and directors by stockholders who purchased the company's common stock between May 22, 2003 and February 11, 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 Complaint charges defendants, NVE Corporation and certain officers and directors, with violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. Specifically, the complaint alleges that during the Class Period, NVE issued a string of press releases related to Magnetic Random Access Memories ("MRAM"), which was touted as having the potential of combining the speed of semiconductor memory with the nonvolatility of magnetic disk drives -- and thus could eventually replace conventional memories. NVE primarily licensed its intellectual property (the patents it held on MRAM technology) to other companies (most notably, Cypress Semiconductor Corp.) for the development of products. NVE would then purportedly receive royalties from the licenses for, as well as revenues from its sales of, these products. However, on February 14, 2005, Cypress Semiconductor announced that the development of anything other than a small niche market for MRAM technology was not economically feasible. The complaint further alleges that on this news, the price of the Company's common stock began to decline from a February 11, 2005 closing price of $28.36 to a closing price of $17.04 on April 19, 2005, when the Company finally issued a press release commenting on the Cypress Semiconductor announcement. The Company's stock price has yet to return to the February 14, 2005 price of $25.32 per share and has been trading lately at around $17.00 per share. If you bought NVE Corporation securities between May 22, 2003 and February 11, 2005, inclusive, and would like to obtain information about the NVE 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 NEW ORLEANS, LA--(MARKET WIRE)—October 24, 2006 -- Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of Xethanol Corp. ("Xethanol” or the "Company'') (AMEX: XNL) between January 31, 2006 and August 8, 2006 (the “Class Period”).
According to a press release dated March 19, 2008, a proposed class-action lawsuit was filed on behalf of those who purchased Schwab YieldPlus Funds Investor Shares or Schwab YieldPlus Funds Select Shares from Charles Schwab Corporation during the Class Period.
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. Several class actions have been filed against health information purveyor NDCHealth Corporation (NYSE: NDC) and certain of its officers and directors by stockholders who purchased the company's common stock between October 1, 2003, and March 31, 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. According to a law firm press release, a class action alleging violations of the federal securities law against the Federal Home Loan Mortgage Corporation (NYSE:FRE) ("Freddie Mac" or the "Company") and certain of its officers and directors on behalf of purchasers of Freddie Mac securities from November 21, 2007 through August 5, 2008 was filed on August 15, 2008. Several class actions have been filed against biopharmaceutical company Genta, Inc. (Nasdaq:GNTA) and certain of its officers and directors by stockholders who purchased the company's common stock between March 26, 2001, and May 3, 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. |
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