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Case ID: 4771 | Stocks | 04/25/2006
A class action has been filed against Newpark Resources, Inc. (NR), certain of its officers and directors by stockholders who purchased the company's common stock between February 28, 2005 and April 16, 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 April 22, 2006, the Complaint charges Newpark and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Newpark's business and operations caused the Company's stock price to become artificially inflated, inflicting damages on investors. Newpark provides fluids management, environmental, and oilfield services, including drilling fluids sales, engineering services and onsite drilling fluids processing services, to the oil and gas exploration and production industry. The Complaint alleges that defendants' Class Period representations regarding Newpark were materially false and misleading when made because the Company failed to disclose irregularities with the processing and payment of invoices by the Company's subsidiary, Soloco Texas, LP. As a result, defendants' Class Period statements concerning Newpark's operations and financial performance were materially false and misleading. The complaint further alleges that on or around April 17, 2006, Newpark issued a press release announcing a Company investigation into the processing and payment of invoices at Soloco Texas, LP, and that Newpark's CFO and former CEO had been placed on administrative leave pending the completion of the investigation. This news shocked the market, causing shares of Newpark to plummet that same day by $1.28 per share, to close on April 17, 2006, at $6.14 per share -- more than 17% below the previous day's close, which was before disclosure of the invoice irregularities and consequent investigation. If you bought Newpark Resources, Inc. securities between February 28, 2005 and April 16, 2006, inclusive, and would like to obtain information about the Newpark Resources, Inc. 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 Brooks Automation, Inc. (BRKS), certain of its officers and directors by stockholders who purchased the company's common stock between July 25, 2001 and May 22, 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 Cell Therapeutics, Inc. (NasdaqNM:CTIC), certain of its officers and directors by stockholders who purchased the company's common stock between June 07, 2004 and March 04, 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 May 16, 2008, a motion to appoint an individual to serve as lead plaintiff and for approval of the selection of lead counsel was filed. A class action has been filed against the Hartford Financial Services Group (NYSE: HIG) and certain of its officers and directors by stockholders who purchased the company’s common stock between November 5, 2003 and October 13, 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. A class action has been filed against Workstream, Inc. (WSTM), certain of its officers and directors by stockholders who purchased the company's common stock between January 14, 2005 and April 14, 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. Stericycle, Inc., the leading provider in North America of medical waste management and compliance services for the healthcare community, announced today that it has entered into a preliminary settlement to resolve a pending class action lawsuit by the minority shareholders of Stericycle's publicly traded majority-owned subsidiary, 3CI Complete Compliance Corporation, and by 3CI. The settlement remains subject to court approval. |
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