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Case ID: 4864 | Stocks | 07/11/2006
A class action has been filed against Home Solutions of America, Inc. (HOM), certain of its officers and directors by stockholders who purchased the company's common stock between April 11, 2006 and June 6, 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 June 21, 2006, the Complaint alleges that defendants Home Solutions of America, Inc. and certain officers and directors violated federal securities laws by issuing a series of materially false statements. Specifically, on April 11, 2006, Home Solutions announced that it had been awarded a contract valued at up to $20 million, to provide infrastructure support for Hurricane Katrina rebuilding efforts. Subsequently, Home Solutions announced a string of contract awards, including substantial contracts with Home Depot Inc. and American Renaissance Homes ("ARH"), a builder that had purportedly contracted with Home Solutions to provide services in connection with the Katrina rebuilding efforts. The complaint further alleges that on or around June 6, 2006, Home Solutions issued a press release, revealing that it was, in fact, lending up to $800,000 to ARH for "working capital," secured by its modular homes and land. Defendants' prior representations regarding the dramatic growth in revenues based on the announced contract opportunities were false and misleading, concealing from the investment community the Company's inability to dramatically expand both revenues and margins, in a low-margin and highly competitive market space. On this news, Home Solutions' stock plummeted, losing 29.1% to close at $6.80. If you bought Home Solutions of America, Inc. securities between April 11, 2006 and June 6, 2006, inclusive, and would like to obtain information about the Home Solutions of America, 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 The market timing scandal has blighted the market for months now. Several class actions have been filed against investment company Capital Management Investors Holdings, Inc., and its subsidiary, Security Trust Company, and certain of officers and directors by stockholders who purchased shares or other ownership units of Janus Worldwide Fund (Nasdaq:JAWWX), American Funds EuroPacific Fund (Nasdaq:AEPGX), MFS Emerging Growth Fund (Nasdaq:MFEGX), Legg Mason Value Trust Fund (Nasdaq:LMVTX), Artisan International Fund (Nasdaq:ARTIX), AXP International Y Fund (Nasdaq:IDIYX), SEI International Equity A Fund (Nasdaq:SEITX), SEI Emerging Markets I Fund (Nasdaq:SIEMX) or other mutual funds between May 22, 2000 and July 3, 2003. The actions claim that the defendants violated federal securities laws by utilizing an illegal after-hours market-timing scheme to make personal profits at the expense of personal investors. The parties have reached a tentative $1 million settlement in a class action filed against Cheap Tickets, Inc., on behalf of stockholders who held the company's common stock between August 13, 2001, and October 5, 2001. The action claimed that the defendants violated federal securities laws by breaching their fiduciary duties to shareholders in connection with the sale of Cheap Tickets to Cendant Corporation. Persons eligible to take part in the action must submit claim forms postmarked by July 30, 2004, to receive a share of the settlement. Several class actions have been filed against piping systems provider The Shaw Group, Inc., (NYSE: SGR) and certain of its officers and directors by stockholders who purchased the company's common stock between October 19, 2000, and June 10, 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. A class action has been filed against Bank of America Corporation (NYSE: BAC) and certain related firms by investors who purchased shares in any of the Nations Funds, managed by Bank of America, between October 1, 1998, and July 3, 2003. The action charges that, throughout this time period, the defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary Capital Partners, to engage in "late trading" and "timing" of the funds' securities. A class action has been filed against Terayon Communication Systems, Inc. (TERN), certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2004 and March 1, 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. If you are looking for an electronic technology gadget, Best Buy probably has it. Several class actions have been filed against technology store operator Best Buy Company, Inc. (NYSE: BBY) and certain of its officers and directors by stockholders who purchased the company's common stock between January 9, 2002, and August 7, 2002. 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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