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Case ID: 4709 | Stocks | 03/20/2006
A class action has been filed against Chicago Bridge & Iron Co. NV (CBI), certain of its officers and directors by stockholders who purchased the company's common stock between March 9, 2005 and February 3, 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 17, 2006, the Complaint alleges that defendants Chicago Bridge and certain of its officers and directors violated federal securities laws by issuing a series of materially false statement. Specifically defendants failed to disclose the following adverse facts: (i) that the Company was materially overstating its financial results by failing to properly utilize percentage-of-completion accounting; and (ii) that the Company was not following its publicly stated revenue recognition policies. The complaint alleges that on or around October 26, 2005, Chicago Bridge announced that it would be delaying the release of its third quarter financial results because they were not finalized as scheduled. On October 31, 2005, Chicago Bridge issued a press release announcing that the delay in its release of financial results was "precipitated by a memo from a senior member of CB&I's accounting department alleging accounting improprieties, including the determination of claim recognition on two projects and the assessment of costs to complete two projects." The complaint further alleges that on or around February 3, 2006, after the close of the market, Chicago Bridge announced the terminations of Defendants the Chairman, President and CEO of Chicago Bridge and Chicago Bridge's Executive Vice Officer and COO. Two hours after the announcement, an attorney representing Defendants, the Company's CEO and COO, issued a press release representing that they had been terminated in connection with the Company's internal accounting investigation. On the next trading day, the price of Chicago Bridge stock dropped from $29.00 to $22.33 per share. If you bought Chicago Bridge & Iron Co. NV securities between March 9, 2005 and February 3, 2006, inclusive, and would like to obtain information about the Chicago Bridge & Iron Co. NV 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 A class action has been filed against Rambus, Inc. (RMBS), certain of its officers and directors by stockholders who purchased the company's common stock between December 12, 2001 and June 27, 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 flow control equipment manufacturer Flowserve Corporation (NYSE: FLS) and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2001, and September 27, 2002. Several class actions have been filed against jewelry retailer Whitehall Jewelers, Inc. (NYSE: JWL) and certain of its officers and directors by stockholders who purchased the company's common stock between November 19, 2001, and December 10, 2003. 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 PainCare Holdings, Inc. (PRZ), certain of its officers and directors by stockholders who purchased the company's common stock between August 27, 2002 and March 15, 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. The parties have reached a tentative $1 million settlement of several class actions filed against Internet gambling operation Gaming Lottery Corporation (formerly Nasdaq: GLCCF) and certain of its officers and directors by stockholders who purchased the company's common stock, or the common stock of Laser Friendly, Inc. between February 1, 1995, and May 24, 1996. 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. To recover under the settlement, a completed proof of claim postmarked no later than February 14, 2004, must be mailed to the claims administrator. Several class actions have been filed against Citigroup, Inc., the owner and operator of the Salomon Brothers and Smith Barney Mutual Funds, and certain company officers and directors by investors who purchased shares of Smith Barney and Salomon Brothers funds between March 22, 1999, and March 22, 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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