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Case ID: 4769 | Stocks | 04/24/2006
Everyone has heard of the Enron and Worldcom scandals. Investors lost billions of dollars as the result of stock fraud. Did you know that there are hundreds of similar cases each year that you might not have heard of where companies defrauded investors? Billions of dollars in shareholder wealth have been lost.
Here is some background information on stock fraud: What is a security? The definition of a security encompasses many things; generally, a security includes stocks, bonds, commodities and other investments. What is securities fraud? Securities fraud can be described as deceptive practices in the stock and commodity markets. Generally, securities fraud occurs when investors are enticed to part with their money based on untrue statements. Securities Fraud is illegal. Examples of securities fraud:A) Providing false information on a company financial statement. B) Providing false information on Securities and Exchange Commission (SEC) filings. C) Lying to the company auditors. D) Insider trading. E) Stock manipulation schemes. F) Broker embezzlements. Who may be involved in securities fraud? Securities fraud may be committed by, among others, investors, employees of a brokerage houses, corporate executives or their shareholders, or by other market participants. What can I do to assist in combating securities fraud? Securities Fraud destroys our confidence in the securities and investments markets and casts doubt over investments into legitimate companies. Therefore, it is very important to identify and report these crimes. In the event you are the victim of stock fraud, or know of a company that may be committing fraud, you may make a claim on this page or contact Kahn Gauthier Swick, LLC toll free at 1-866-467-1400 to speak to a lawyer now. Register your Companies Have Committed Securities Fraud ComplaintIf you or someone you know has been affected by this case, you may qualify for a money settlement as the result of your financial/economic or other damages that may be awarded either prior to a lawsuit or after the initiation of a lawsuit either currently in progress or filed just for you, possibly a class action lawsuit. Please simply register your complaint by clicking here for Companies Have Committed Securities Fraud, or click the red "submit" button on this page, and a lawyer will review your Companies Have Committed Securities Fraud complaint. By submitting your complaint, you are asking lawyers to contact you. You are under no obligation to accept their services and you are free to choose which lawyer you want to work with. Lawyers are usually paid out of the proceeds of the settlement or verdict rendered - the lawyers work on "contingency" by fronting the costs of your lawsuit based on their belief that they will recover a settlement for you. 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 in the Southern District Court of New York against the Open Joint Stock Company (NYSE: VIP) and certain of its officers and directors by stockholders who purchased the company's common stock between March 24, 2004 and December 8, 2004. The Company, also known as Vimpel Communications or Vympel Communicatii, operates under the 'Bee Line GSM' brand in Russia and 'K-mobile' and 'EXCESS' brands in Kazakhstan. VimpelCom is recognized for introducing two digital cellular communications standards in Russia.
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 $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. McKesson Corporation, a drug distributor embroiled in an accounting-fraud case since 1999, announced on January 12, 2005 that it has agreed to pay $960 million to settle a class-action shareholder lawsuit. The lawsuit was filed in April 1999, shortly after the company disclosed that its software subsidiary, HBOC, had prematurely booked $40 million in revenue, forcing an earnings restatement. On the day of the disclosure, McKesson's shares plummeted 47%, losing $8.6 billion in value. The settlement will not become final until it has been reviewed and approved by the court at a fairness hearing. No hearing has been scheduled at this time. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of TNS, Inc. (NYSE:TNS) who purchased, exchanged or otherwise acquired the common stock of TNS on or about September 16, 2005 pursuant to the company's secondary offering have until June 5, 2006 in which to move for appointment as lead plaintiff in a securities fraud class action lawsuit currently pending in the United States District Court for the Eastern District of Virginia. Mutual fund companies have been taking a beating lately for under-the-table tactics. A class action has been filed against the Hartford Financial Services Group, Inc. on behalf of all purchasers, redeemers, and holders of the Hartford Funds who acquired shares between February 27, 1999, and January 9, 2004. The action alleges that the defendant investment advisers used marketing fees improperly to pay excessive commissions to brokers in return for steering clients into buying Hartford funds. A class action has been filed against Mamma.com Inc. (NasdaqSC:MAMA), and certain of its officers and directors by stockholders who purchased the company's common stock between May 12, 2004 and February 16, 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. |
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