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Case ID: 4708 | Stocks | 03/20/2006
A class action has been filed against GrafTech International Limited (GTI), certain of its officers and directors by stockholders who purchased the company's common stock between November 3, 2005 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 28, 2006, the complaint charges GrafTech and certain of its officers and directors with violations of the Securities Exchange Act of 1934. GrafTech provides synthetic and natural graphite and carbon-based products, as well as technical and R&D services. Its synthetic graphite products include: graphite electrodes, cathodes, and advanced synthetic graphite products. Specifically, the complaint alleges that during the Class Period, defendants made materially false and misleading statements regarding the Company's business prospects, which served to artificially inflate the price of the Company's securities. Specifically, defendants knew and concealed that: (i) pricing power for the Company's graphite electrode products was nonexistent, particularly in the European markets; (ii) announced cost-cutting measures were insufficient to improve the Company's bottom line; (iii) contraction in the non-graphite market was contributing to the Company's financial woes; (iv) the Company was unable to accurately forecast growth and report guidance; and (v) the Company's inability to determine the required extent of its restructuring activities and charges necessary to counter the costs of its staggering debt and loss of pricing power grossly understated the true costs the Company would incur in restructuring. The complaint further alleges that on or around February 8, 2006, GrafTech revealed the truth about its business prospects. As a result, the price of GrafTech shares plunged 37.0%, on unusually high volume, falling from $7.31 per share on February 8, 2006 to $4.60 per share on February 9, 2006, for a one-day drop of $2.71 per share, on volume of 9.8 million shares, nearly twelve times the average daily trading volume. If you bought GrafTech International Limited securities between November 3, 2005 and February 8, 2006, inclusive, and would like to obtain information about the GrafTech International Limited 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 Market shut-downs are not always beneficial to investors. Several class actions have been filed against the Nasdaq Stock Market, Inc. (OTCB: NDAQ) and its President and CEO on behalf of all persons who traded the stock of Corinthian Colleges, Inc. (Nasdaq: COCO) between 10:46 a.m. and approximately 12:30 p.m. on December 5, 2003. The action alleges that the market operators allowed investors to rely on trading decisions for 12 hours only to wrongly cancel all trades at the end of the period. The stockholders seek to recover compensatory damages for the loss of value of the trades they made during the time period. A class action has been filed against Leadis Technology, Inc. (NasdaqNM:LDIS), certain of its officers and directors by stockholders who purchased the company's common stock between June 16, 2004 and October 22, 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. On April 01, 2008, a notice of non-opposition in regards to the amended motion of the institutional investors group for the appointment of lead plaintiff and lead counsel was filed by Bankinter Gestion De Activos. Just as quickly, minutes of order explaining about the possible dismissal due to the absence of show cause was entered on May 23, 2008. Hence, the court ordered the plaintiffs to show cause why this action should not be dismissed for lack of prosecution and a time frame for submitting related materials has been set.
A Motion to Dismiss for Failure to State a Claim was filed on May 13, 2008, by SunTrust Banks.
The parties have reached a tentative $6.1 million settlement of a class action filed against computer retailer CompUSA, Inc. (formerly Nasdaq: CPU) and certain of its officers and directors by stockholders who purchased the company's common stock or publicly traded options between December 31, 1997, and April 29, 1998. A class action has been filed against Emerson Radio Corporation (AMEX: MSN) and certain of its officers and directors by stockholders who purchased the company's common stock between January 29 and August 12, 2003.
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