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Case ID: 4898 | Stocks | 08/16/2006
Kahn Gauthier Swick, LLC ("KGS") announces that it has filed a class action lawsuit in the United States District Court for the Central District of California, Western Division on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock and other securities of Broadcom Corporation ("Broadcom'' or the "Company'') (Nasdaq: BRCM -News) between July 21, 2005 and July 13, 2006.
Broadcom and certain of its offices and directors are charged with issuing a series of materially false and misleading statements in violation of Section 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. On July 14, 2006, Broadcom announced that it would record more than $750 million in added expenses and restate its past earnings related to the illegal backdating of stock options. Prior to any news of options backdating reaching in the market, shares of Broadcom traded at slightly above $40.00 per share and, thereafter, shares traded down to approximately $27.50 per share - - a rapid decline of over 31%. If you wish to serve as lead plaintiff, you must move the Court no later October 12, 2006. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you would like to discuss your legal rights, you may e-mail or call KGS, without obligation or cost to you, or you may submit your information on this webpage to be reviewed by a lawyer. You may contact Managing Partner Lewis Kahn of KGS direct, toll free 1-866-467-1400, ext., 100, or 504-648-1850, or by email at lewis.kahn@kglg.com. 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 it has filed suit against Xinhua Finance Media Ltd. ("Xinhua" or the "Company") (NasdaqNM:XFML), in the United States District Court for the District of New York, on behalf of shareholders who purchased shares of the Company in connection with its $300 million Initial Public Offering (“IPO”) on or about March 9, 2007 or thereafter in the open market. KGS has expanded the lawsuit’s defendants beyond the Company and its underwriters, to now include additional officers and directors, including Graham Earnshaw, Aloysius T. Lawn, John H. Springer, Zhoa Li, Long Qiu Yun and Zhu Shan. Xinhua, the underwriters and these additional defendants are charged with including false and misleading statements in the Registration Statement and Proxy-Prospectus issued in connection with the IPO in direct violation of the Securities Act of 1933. A class action has been filed against Brooks Automation, Inc. (BRKS), certain of its officers and directors by stockholders who purchased the company's common stock between July 25, 2001 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. A class action has been filed against certain of the officers and directors of now-bankrupt magnetic recording head supplier Read-Rite Corporation (Pink Sheets: RDRTQ, formerly Nasdaq: RDRT) by stockholders who purchased the company's common stock between October 30, 2001, and June 6, 2003. Several class actions have been filed against bulk transporter Quality Distribution, Inc. (Nasdaq:QLTY) and certain of its officers and directors by stockholders who purchased the company's common stock between November 7, 2003, and February 2, 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. Kahn Gauthier Swick, LLC (“KGS”) has filed the first class action lawsuit against China Sunergy Co. Ltd. (“China Sunergy” or the “Company”) (NasdaqGM: CSUN) in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased the common stock of China Sunergy in connection with the Company’s IPO on or about May 17, 2007, or who purchased shares thereafter in the open market. No class has yet been certified in this action. 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. |
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