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Case ID: 4794 | Stocks | 05/09/2006
A class action has been filed against UnitedHealth Group, Inc. (UNH), certain of its officers and directors by stockholders who purchased the company's common stock between May 4, 2001 and April 7, 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 lawsuit has been filed in the District Court for the District of Minnesota on behalf of investors who purchased the publicly traded securities of UnitedHealth Group, Inc. ("UnitedHealth") (NYSE: UNH - News) between May 4, 2001 and April 7, 2006. The complaint alleges that, throughout the Class Period, Defendants misrepresented and omitted material facts concerning UnitedHealth's backdating of stock option grants to defendants William W. McGuire and Stephen J. Hemsley. Specifically, Plaintiff alleges that at all times during the Class Period, UnitedHealth represented that the exercise price of all stock options would be no less than the fair market value of UnitedHealth's common stock, measured by the publicly traded closing price for UnitedHealth stock on the day of the grant. However, in reality, those options were backdated so their exercise price correlated to a day on or near the day UnitedHealth stock hit its low price for the year, or directly in advance of sharp increases in the price of UnitedHealth stock. Defendants McGuire and Hemsley have collectively earned over $500 million by exercising these backdated options. As the truth concerning United Health's practice of backdating option grants became known to the market from a variety of sources, the price of UnitedHealth stock fell $6.76, or 12%, over several trading sessions. If you are a member of the class, you may, no later than July 5, 2006, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member appointed by the Court to direct the litigation on behalf of the class. Although a class member need not be appointed as a lead plaintiff to receive a proportionate share of any proceeds of the litigation, lead plaintiffs make important decisions that could affect the prosecution of the class claims, including decisions concerning settlement. The securities laws create a rebuttable presumption that the plaintiff with the largest financial interest in the litigation is the most adequate to serve as a lead plaintiff. If you bought UnitedHealth Group, Inc. securities between May 4, 2001 and April 7, 2006, inclusive, and would like to obtain information about the UnitedHealth Group, 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 Several class actions have been filed against technology company Mobility Electronics, Inc. (Nasdaq: MOBE) and certain of its officers and directors by stockholders who purchased the company's common stock between September 2, 2003, and January 5, 2004. 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. On May 16, 2008, an order denying motion to appoint a certain individual as lead plaintiff and counsel was entered. Just as quickly, an order granting certain individuals as lead plaintiffs and counsels was entered on May 20, 2008. In addition, on May 21, 2008, a motion to consolidate lead case No. 08-687 and member case no. 08-1472 was filed. As a result, an order granting motion to consolidate lead case No. 08-687 was entered on May 22, 2008.
A class action has been filed against Morgan Stanley Company, Incorporated, a global financial services company providing services on institutional securities, investment management, credit services and institutional securities, for allegedly violating the Fair Labor Standards Act (FLSA) by misclassifying employees as exempt and denying them overtime compensation, holding overtime compensation monies, and wrongfully deducting from the commissions of brokers. The current plaintiff is seeking to subdivide the class into four subclasses, expects the number of class members to total between 100 and 300 and seeks compensatory damages and restitution of all wages withheld. A class action has been filed against AuthentiDate Holding Corp. (NasdaqNM:ADAT), certain of its officers and directors by stockholders who purchased the company's common stock between September 29, 2003 and May 27, 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. Several class actions have been filed against technology company Verdisys, Inc. (OTC:VDYS.PK; formerly Nasdaq:VDYS) and certain of its officers and directors by stockholders who purchased the company's common stock between August 20, 2003, and March 9, 2004. 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. Several class actions have been filed against financial services company American Express Company (NYSE: AXP), American Express Financial Corporation, and American Express Financial Advisors, Inc. and certain of its officers and directors by investors who purchased who purchased mutual funds in the American Express family of mutual funds between March 10, 1999, to February 9, 2004. 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. |
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