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Case ID: 4671 | Stocks | 02/21/2006
A class action has been filed against ProQuest Company (PQE), certain of its officers and directors by stockholders who purchased the company's common stock between January 9, 2003 and February 8, 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 press release dated February 13, 2006, the Complaint alleges defendants violated federal securities laws by issuing a series of materially false statements regarding ProQuest's financial condition. Specifically, defendants concealed the following facts: (i) the Company lacked requisite internal controls, and, as a result, the Company's projections and reported results were based upon defective assumptions and/or manipulated facts; and (ii) the Company's financial statements were materially misstated due to its failure to properly defer income and royalty payments and its improper capitalization of royalty expenses, thereby overstating its revenue and income from at least 1999 to 2005. The complaint further alleges that on or around February 9, 2006, prior to the market opening, ProQuest announced that it had discovered material irregularities in its accounting and would have to restate certain of its previously issued financial statements. As a result of the irregularities, the Company's deferred income and accrued royalty accounts were materially understated in previously issued financial statements and its prepaid royalty account was materially overstated. On this news, ProQuest's stock fell almost 18% from the previous day's close to close at $24.19 per share. During the Class Period, ProQuest traded as high as $37.89 per share on April 12, 2005. The lawsuit was filed on behalf of all persons who purchased or acquired the common stock of ProQuest Company during the Class Period, and including those who acquired ProQuest through its acquisition of Voyager Expanded Learning. If you bought ProQuest Company securities between January 9, 2003 and February 8, 2006, inclusive, and would like to obtain information about the ProQuest Company 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 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.
Several class actions have been filed against medical device company Synovis Life Technologies, Inc., (Nasdaq:SYNO) and certain of its officers and directors by stockholders who purchased the company's common stock between October 16, 2003, and May 18, 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. A class action has been filed against Terayon Communication Systems, Inc. (TERN), certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2004 and March 1, 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 Fidelity Management & Research Company and FMR Company, Inc., on behalf of all shareholders in the Fidelity Contrafund, the Fidelity Growth & Income Fund, the Fidelity Magellan Fund, the Fidelity Blue Chip Growth Fund, and the Fidelity Low-Priced Stock Fund, who allege that the companies have charged them excessive fees for the management of the funds, in violation of federal securities laws. Several class actions have been filed against pharmaceutical research and development company Entropin, Inc. (OTC BB:ETOP), and certain of its officers and directors on behalf of purchasers of stock and warrants in Entropin's March 15, 2000, public offering through which investors purchased units consisting of one share of common stock and one common stock purchase warrant. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of the company's securities. A Class Action was filed on behalf of all persons who, from October 1, 1998 through October 1, 2001, who purchased or otherwise acquired an individual tax-deferred variable annuity contract or who received a certificate to a group tax-deferred variable annuity contract issued by Aegon USA, Inc. |
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