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Case ID: 4726 | Stocks | 03/29/2006
A class action has been filed against PHH Corporation (PHH), certain of its officers and directors by stockholders who purchased the company's common stock between May 12, 2005 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.
According to a press release dated March 17, 2006, the Complaint alleges that defendants, PHH Corporation, its CEO and President and its CFO, violated federal securities laws by issuing a series of materially false statements. Specifically, defendants failed to disclose the following facts: (i) that PHH materially overstated its deferred tax assets, by tens of millions of dollars; (ii) that the Company's reported net income was materially overstated; (iii) that the Company's internal controls over financial reporting had material weaknesses, were not effective and adversely affected the Company's ability to record, process, summarize and report financial data; and (iv) as a result of the foregoing, the Company's reported results were materially inflated. The complaint further alleges that on or around March 1, 2006, PHH issued a press release revealing that the Company's reported results were materially overstated, for the reasons discussed above, and that an ongoing accounting review would prevent it from timely filing with the SEC its annual report on Form 10-K. The Company also announced that it had replaced its Chief Financial Officer. On this news, the price of PHH common stock dropped from $28.73 per share on March 1, 2006 to $26 per share on March 2, 2006. If you bought PHH Corporation securities between May 12, 2005 and March 1, 2006, inclusive, and would like to obtain information about the PHH 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 A class action has been filed against Westar Energy, Inc. by employees alleging that the company violated its fiduciary duty to employees by mismanaging their 401(k) accounts, resulting in massive losses in the value of the accounts. A class action has been filed against Wet Seal, Inc., a specialty retailer operating stores selling women’s apparel and accessories, (NASDAQ: WTSLA) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 9, 2003 and August 19, 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. According to a law firm press release, the class action filed against the company alleges that the Prospectus for the secondary offering misrepresented the financial strength of SemGroup's Parent (SemGroup, L.P.) and failed to disclose that the Parent had engaged in risky hedging strategies that presented a material risk of default and bankruptcy. A class action has been filed against pharmaceutical company Gilead Sciences, Inc. (Nasdaq: GILD) and certain of its officers and directors by stockholders who purchased the company's common stock between July 14 and October 28, 2003. 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. A class action has been filed against Maxim Pharmaceuticals, Inc., a global biopharmaceuticals company (NASDAQ:MAXM) and certain of its officers and directors by stockholders who purchased the company’s common stock between November 11, 2002 and September 17, 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 stockholder seek to recover compensatory damages for the loss of value of their stock. On March 31, 2008, several motions to appoint lead plaintiffs, counsels and to consolidate cases were filed by different groups and individuals.
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