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Case ID: 4763 | Stocks | 04/18/2006
Schick Technologies, Inc. announced that the class action filed in connection with the Company's merger with Sirona Dental Systems has been voluntarily dismissed. The dismissal is without prejudice, with each party bearing its own costs, and without any payment, or promise of payment, being made to the plaintiff or his attorneys. The Court granted the Notice and Order of Voluntary Dismissal Without Prejudice on April 13, 2006.
The Company believes that the voluntary dismissal of the action is consistent with its previously disclosed view that the allegations contained in the complaint were unfounded and without merit. The merger will be presented for shareholder approval at a Special Meeting of Stockholders which is expected to take place in the second quarter of 2006. In connection with the proposed merger, the Company will be filing with the SEC a definitive proxy statement and other relevant documents. These materials will contain important information and we caution investors to carefully read them before making a decision concerning the transaction. Schick Technologies, Inc. and its directors and executive officers and other members of its management and employees, may be deemed to be participants in the solicitation of proxies from shareholders of Schick in connection with the proposed transaction. Information about the directors and executive officers of Schick and their ownership of Schick stock is set forth in Schick's Proxy Statement filed with the SEC in connection with its Annual Shareholders Meeting for fiscal 2005. 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 Cray, Inc. (NasdaqNM:CRAY), certain of its officers and directors by stockholders who purchased the company's common stock between July 31, 2003 and May 12, 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. On July 23, 2003, the court granted final approval to the parties' $2 million settlement of several class actions filed against financial services company Towne Services, Inc. (formerly Nasdaq: TWNE) and certain of its officers and directors by stockholders who purchased the company's common stock between June 23 and October 13, 1999. To recover under the settlement, a completed proof of claim postmarked no later than September 15, 2003, must be mailed to the claims administrator. According to the press release dated May 8, 2008, the class action lawsuit filed in the United States District Court, Eastern District of Pennsylvania, 08cv1603, has been withdrawn without prejudice since defendants had not appeared, answered or moved for summary judgment. The action will be refiled in the United States District Court for the District of New Jersey, Civil Action No. 08-02177. The parties have reached a $37 million settlement in an SEC administrative proceeding filed against Symbol Technologies, Inc. (NYSE:SBL) on behalf of stockholders who purchased the company's common stock between February 15, 2000, to October 17, 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. Persons eligible to take part in the settlement should contact the prosecuting attorneys for more information.
The parties have reached a tentative $410 million settlement in several class actions filed against defense contractor Raytheon Company (NYSE:RTN) and certain of its officers and directors by stockholders who purchased the company's common stock between January 28, 1999, and October 12, 1999. The actions claimed 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. Persons eligible to take part in the action should contact attorneys for the class. A class action has been filed against Staar Surgical Company, a California based developer, manufacturer and global distributor of medical devices for use in cataract, refractive and glaucoma surgery, (NASDAQ: STAA) and certain of its officers and directors by stockholders who purchased the company’s common stock between April 3, 2003 and January 6, 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. |
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