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Case ID: 4948 | Stocks | 11/17/2006
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.
NO CLASS HAS YET BEEN CERTIFIED IN THIS ACTION AND, UNTIL A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY. The action against Apollo and certain of the Company's executive officers charges violations of federal securities laws. On October 18, 2006, Apollo shocked investors when it disclosed that it had engaged in the illegal backdating of stock options, which it warned might ultimately result in a restatement of earnings extending back to 2000. The market reacted quickly to this announcement, as Apollo's stock price plummeted to $37.55 per share from its prior day close of $48.68 per share, a 22.86% drop in one day, on massive volume of 28,738,800 shares, more than fifteen times more than the prior day's volume. Options pricing backdating occurs when options grants to senior officers or directors of public companies are made at prices lower than the trading price of the stock on the date such options are granted. The undisclosed backdating of options violates generally accepted accounting principles. KGS ENCOURAGES INVESTORS TO ACT NOW, AS YOU HAVE ONLY UNTIL JANUARY 2, 2006, TO MOVE THE COURT TO SERVE AS LEAD PLAINTIFF. To learn what factors distinguish KGS from other law firms that might seek to participate in this action, and to discuss your legal rights, without obligation or cost to you, you may call to speak with Managing Partner Lewis Kahn directly at 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 The parties have submitted to an arbitration agreement valued at approximately $7,184,561 in a class action filed against Columbian bank Bancolumbia SA (NYSE: CIB) (formerly known as the Banco de Colombia) and certain of its officers and directors by minority stockholders who purchased the company's common stock. The action claims that the defendants harmed the minority stockholders by violating federal securities laws. Minority stockholders should contact the class attorneys for information on how to participate in the action. Ripples from the mutual fund scandal to continue to widen. A class action has been filed against the Canadian Imperial Bank of Commerce, Canadian Imperial Holdings, Inc., and certain officers by investors who purchased any of the MFS family of mutual funds between January 1, 2001, and September 30, 2003. The actions allege that the defendants violated federal securities laws by failing to disclose that they improperly financed the late trading and timing of the funds’ shares by certain hedge funds. The U.S. Securities and Exchange Commission and the New York Stock Exchange has reached a $241,823,257 settlement in an enforcement action against five NYSE specialist firms, on behalf of investors who were harmed by the firms’ activities. The five settling specialist firms are Bear Wagner Specialists LLC; Fleet Specialist, Inc.; LaBranche & Co., LLC; Spear, Leeds & Kellogg Specialists LLC; and Van der Moolen Specialists USA, LLC. Persons who think they may be eligible to take part in the settlement should contact the listed Securities and Exchange Commission officers. Kahn Gauthier Swick is investigating possible legal actions, against stockbrokers and other investment advisors, on behalf of investors who lost $100,000 or more. When an investor believes that his or her stockbroker or investment advisor acted improperly, the investor will naturally seek compensation for the losses suffered as a result of the broker's or advisor's misconduct. Most investor disputes against stockbrokerage firms and investment advisors are resolved through individual actions rather than class actions. A class action lawsuit was filed on behalf of more than 44,000 borrowers in eight states who took part in a second-mortgage program handled by Guaranty National and Commonwealth Bank of Northern Virginia. The lawsuit alleged the banks and Residential Funding Crop., a former subsidiary of General Motors Acceptance Corp., conspired to mislead borrowers about loan costs, interest rates and the loan's actual value.
Several class actions have been filed against Italian dairy giant Parmalat Finanziaria S.p.A (Pink: PARAF.PK, formerly OTCBB: PARAF) and certain of its officers and directors by stockholders who purchased the company's common stock between January 5, 1999, and December 29, 2003. 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. |
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