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Case ID: 4787 | Stocks | 05/02/2006
A class action has been filed against Astea International Inc. (ATEA), certain of its officers and directors by stockholders who purchased the company's common stock between May 11, 2005 and March 31, 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 6, 2006, the complaint alleges that the defendants, Astea and certain of its ranking executives, materially overstated and exaggerated Astea's financial health throughout the relevant period. In particular, it is alleged that the defendants failed to accurately account for the company's software development costs under Generally Accepted Accounting Principles ("GAAP"). As a result, the complaint alleges, Astea overstated its earnings by failing to comply with GAAP when recording its expenses. The complaint further alleges that on or around March 31, 2006, the company announced that it would have to restate its financial results for the three quarters ended September 30, 2005, in order to adjust for the improper accounting. On news of the restatement, the price of the company's stock plummeted from $16.50 to $11.73 per share, a loss of nearly 30% in a single day, on exceptionally high volume. During the relevant period, Astea stock traded as high as $25.71 per share. If you bought Astea International Inc. securities between May 11, 2005 and March 31, 2006, inclusive, and would like to obtain information about the Astea International 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 Abercrombie & Fitch Co. (ANF), certain of its officers and directors by stockholders who purchased the company's common stock between June 2, 2005 and August 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. A class action has been filed against Interlink Electronics Inc. (LINK), certain of its officers and directors by stockholders who purchased the company's common stock between April 24, 2003 and November 1, 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. Argentina’s ailing economy was dealt a death blow on September 11, 2001, when the international economy reeled under the terrorist attacks. The class has been certified in an action filed against the Republic of Argentina on behalf of investors who purchased bonds from two series issued by Argentina on or before July 22, 2002, and who hold the bonds continuously rather than dealing in them on the secondary market. The action alleges that Argentina defaulted on the bonds in breach of its contracts with investors. The parties have reached a tentative settlement apparently valued at approximately $611,000 in action filed against Tengasco CEO M.E. Ratliff and Tengasco, Inc. (Amex:TGC) on behalf of stockholders who purchased the company's common stock between August 1, 2001, and April 22, 2002. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than July 16, 2004. A class action has been filed against Blue Coat Systems, Inc. (NasdaqNM:BCSI), certain of its officers and directors by stockholders who purchased the company's common stock between February 20, 2004 and May 27, 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 accounting firm Ent & Imler Group, P.C. (ENTCPA) and certain of its officers and directors by stockholders who purchased investment notes offered by the firm on behalf of the Church Extension of the Chruch of God between April 30, 1998 and April 30, 2002. 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 securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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