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Case ID: 4862 | Stocks | 07/11/2006
A class action has been filed against KLA-Tencor Corporation (KLAC), certain of its officers and directors by stockholders who purchased the company's common stock between February 13, 2003 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.
The complaint alleges that certain current and prior officers and directors manipulated the prices of executive and director stock option grants (a.k.a. back-dated stock options). Such practice of awarding stock options to executives and directors at artificially low prices is alleged to violate the company's internal documents (such as the company's stock option plan), as well as state laws governing officer and director fiduciary duties and/or federal laws governing securities and taxation. In addition, the practice results in lower payments to companies, results in those companies under-reporting compensation expenses, and permits directors, officers and/or executives to unjustifiably reap millions and billions of dollars which should be disgorged and returned to the corporate coffers thereby contributing to the financial health of the company. If you bought KLA-Tencor Corporation securities between February 13, 2003 and May 22, 2006, inclusive, and would like to obtain information about the KLA-Tencor Corporation 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 Van der Moolen Holding N.V. (NYSE: VDM) and certain of its officers and directors by stockholders who purchased the company's American Depository Receipts (ADRs) between October 18, 2001, and October 15, 2003. 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. A class action has been filed against Helen of Troy, Ltd. (HELE), certain of its officers and directors by stockholders who purchased the company's common stock between October 12, 2004 and October 10, 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. The parties have reached a tentative settlement, valued at at least $1.6 million, of a class action filed against Frontier Insurance Group, Inc. (Pink Sheets: FTER, formerly OTCBB: FTER and certain of its officers and directors by stockholders who purchased the company's common stock between February 10 and November 8, 1994. The parties have reached a $20 million settlement in an administrative proceeding filed by the SEC against subsidiaries of Conseco, Inc. (CIHC, Inc., Conseco Services, LLC, and Conseco Equity Sales, Inc.), and the company to which Conseco sold its variable annuity business in 2002, Inviva, Inc., and its subsidiary Jefferson National Life Insurance Company. The action alleged that the insurance companies facilitated market timing of mutual funds through the sale of variable annuities, harming investors who purchased variable annuity products from the companies. Persons eligible to take part in the settlement should contact the attorneys who prosecuted the case for more information. A class action has been filed against WatchGuard Technologies, Inc. (NasdaqNM:WGRD), certain of its officers and directors by stockholders who purchased the company's common stock between February 12, 2004 and March 15, 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 Lipman Electronic Engineering, Ltd. (LPMA), certain of its officers and directors by stockholders who purchased the company's common stock between October 4, 2004 and September 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. |
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