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Case ID: 4881 | Stocks | 07/27/2006
A class action has been filed against Ionatron, Inc. (IOTN), certain of its officers and directors by stockholders who purchased the company's common stock between June 27, 2005 and May 10, 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 July 13, 2006, the Complaint alleges that defendants violated federal securities laws by issuing a series of materially false statements regarding the battle field-readiness of its weapons. Specifically, on June 27, 2005, the Company heralded the development of a field-deployable vehicle incorporating its counter-Improved Explosive Device ("IED") technology, also known as the Joint IED Neutralizer ("JIN"). Ionatron announced that it planned to sell this counter-IED vehicle to the U.S. Government. Despite the Company's claim that the vehicle would be field-deployable, the complaint alleges that the Company actually concealed that the vehicle was at best an improvisation, incapable of meeting U.S. Government specifications for field-readiness. Meanwhile, Company insiders sold over 1.5 million shares of their Ionatron stock for proceeds of $18.4 million. The complaint further alleges that on or around May 10, 2006, the Company finally revealed to investors that the JIN vehicle actually was not "deployment-ready" in that the U.S. Government determined that the vehicle lacked the ruggedness and capabilities necessary for field deployment. On this news, the price of Ionatron stock plummeted, losing 12.3%, to close on May 11, 2006, at $11.25. If you bought Ionatron, Inc. securities between June 27, 2005 and May 10, 2006, inclusive, and would like to obtain information about the Ionatron, 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 On March 31, 2008, several motions were filed by different groups and individuals to be appointed as lead plaintiffs, lead counsels as well as to consolidate cases. A response to the above mentioned motion was filed on April 17, 2008 by SLM Venture. Just as quickly, a memorandum of law in opposition of consolidating cases, to appoint lead plaintiffs and counsels was filed by Sheet Metal Workers Pension Fund Trust at the same time. On March 31, 2008, several motions to appoint lead plaintiffs, counsels and to consolidate cases were filed by different groups and individuals.
A class action has been filed in the Southern District Court of New York against GeoPharma, Inc. (NASDAQ: GORX) and certain of its officers and directors by stockholders who purchased the company's common stock from December 1, 2004 to December 2, 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. The parties have reached a tentative $32.5 million settlement of several class actions filed against Baan Company N.V. (Nasdaq: BAANF) and certain of its officers and directors by stockholders who purchased the company's securities between January 28, 1997, and October 12, 1998. According to the docket, the case was removed from the State Court to the Federal District Court system on April 25, 2008 after being filed on March 26, 2008.
Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Sterling Financial Corporation ("Sterling" or the "Company") (NasdaqGS:SLFI - News) who purchased shares of the Company between April 27, 2004 and May 25, 2007 have until July 24, 2007 to move for appointment as Lead Plaintiff in a securities fraud class action lawsuit currently pending in the United States District Court for the Southern District of New York. No class has yet been certified in this action. |
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