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Case ID: 4800 | Stocks | 06/12/2006
A class action has been filed against Escala Group, Inc. (ESCL), certain of its officers and directors by stockholders who purchased the company's common stock between September 5, 2003 and May 8, 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 United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Escala Group, Inc. ("Escala" or the "Company") (Nasdaq:ESCL) between September 5, 2003 and May 8, 2006 inclusive (the "Class Period"). Defendants include Escala and certain of its top officers and directors. The Complaint asserts violations of the federal securities laws and alleges that defendants made material misstatements and omitted information regarding the true nature of Escala's business and sales activities. Escala is a major distributor of collectibles including postage stamps, and one of its major customers and joint venturers is its majority shareholder, Afinsa Bienes Tangibles SA ("Afinsa"). On May 9, 2006 it was publicly reported that Spanish police had made arrests and raided the offices of Afinsa. The operation forms part of a joint investigation launched by the National Court, tax authorities, financial crime prosecutors and the National Police over an alleged pyramid-type scheme based on overpriced stamps and other collectibles. The prosecutor's office said in a statement that Spanish authorities are conducting more than 20 searches at company offices and private residences. The prosecutor's office also said it plans to conduct "several arrests" as part of a lawsuit based on charges ranging from tax evasion and money laundering to criminal insolvency and falsification of documents. The operation comes after Barron's magazine extensively reported questionable practices at Afinsa, which purportedly operates a "no-lose" stamp-sales program for investors in Spain and Portugal. As a result of these revelations, given the high level of the integration between Afinsa's and Escala's business operations, ESCL stock fell more than 50% in heavy trading on May 9, 2006. If you bought Escala Group, Inc. securities between September 5, 2003 and May 8, 2006, inclusive, and would like to obtain information about the Escala 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 Kahn Gauthier Swick, LLC ("KGS") announces that a class action lawsuit has been filed in the United States District Court for the District of Arizona on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock and other securities of Apollo Group Inc. ("Apollo" or the "Company'') (NASDAQ: APOL) between November 28, 2001 and October 18, 2006. A class action has been filed in the Eastern District Court of Pennsylvania against John J. Brennan for violations of the Investment Company Act. Class members seek compensatory damages, disgorgement of the fees paid to the investment advisors and punitive damages. A class action has been filed against Universal American Financial Corporation (UHCO), certain of its officers and directors by stockholders who purchased the company's common stock between February 16, 2005 and October 28, 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 Northwest Airlines Corporation (NWACQ.PK), certain of its officers and directors by stockholders who purchased the company's common stock between April 21, 2005 and September 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. Several class actions have been filed against bank holding company Commerce Bancorp, Inc., (NYSE: CBH) and certain of its officers and directors by stockholders who purchased the company's common stock between June 1, 2002, and June 28, 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 September 15, 2005, the parties reached a tentative settlement in several class actions that had been filed against wireless interactive entertainment provider KongZhong Corporation (Nasdaq:KONG) and certain of its officers and directors by stockholders who purchased the company's American Depositary Shares between July 9, 2004, and August 17, 2004. 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. |
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