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Case ID: 4981 | Stocks | 04/02/2007
Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of U.S. Auto Parts Network, Inc. ("U.S. Auto Parts") who purchased shares of the Company in connection with its February 9, 2007 Initial Public Offering ("IPO") or who purchased shares thereafter in the open market, may now move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Central District of California.
UNTIL A CLASS IS CERTIFIED, YOU ARE NOT PERSONALLY REPRESENTED BY COUNSEL UNLESS YOU RETAIN AN ATTORNEY. Background U.S. Auto Parts, its Underwriters Thomas Weisel Partners, Piper Jaffray & Co., JMP Securities and RBC Capital Markets Corp., and each member of its Board of Directors 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. Specifically, defendants each failed to reveal that, at that time of the IPO, the integration of PartsBin was not proceeding according to plan and that sales were being adversely affected as a result thereof. It was only on March 20, 2007, after the close of trading -- and after defendants and other Company insiders liquidated $35 million of their personally held shares in connection with the IPO -- that U.S. Auto Parts revealed the truth about U.S. Auto Parts, including that the problems that existed at the time of the IPO would result in extremely disappointing results for the fourth quarter 2006. On this news, U.S. Auto Parts' stock price collapsed in one day from $11.07 per share, the prior day, to close at $6.49 per share on March 21, 2007 -- a single-day decline of almost 50%. If you purchased shares of U.S. Auto Parts in connection with the IPO or if you purchased shares thereafter in the open market you are urged to contact Lewis Kahn, Managing Partner, KGS, toll free 1-866-467-1400, ext. 106, via cell phone at 504-301-7900, or by email at lewis.kahn@kgscounsel.com to learn about your legal rights and how this action may benefit you. For further information on KGS, please visit www.kgscounsel.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 A class action has been filed against Brocade Communication Systems, Inc. (NasdaqNM:BRCD), certain of its officers and directors by stockholders who purchased the company's common stock between February 21, 2001 and May 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 biopharmaceutical company Alkermes, Inc. (Nasdaq: ALKS) and certain of its officers and directors by stockholders who purchased the company's common stock between April 22, 1999, and July 1, 2002. 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. Several class actions have been filed against computer entertainment company Activision, Inc. (Nasdaq:ATVI) and certain of its officers and directors by stockholders who purchased the company's common stock between February 1, 2001, and December 17, 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. A class action has been filed against IAC/Interactive, a company which acts as intermediary between suppliers and consumers, aggregating large blocks of consumer goods and services (primarily travel-related products such as hotel rooms and airline tickets) from suppliers and selling them to consumers over the Internet (NASDAQ: IACI) and certain of its officers and directors by stockholders who purchased the company’s common stock between March 19, 2003 and August 4, 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. A class action has been filed against Hilb Rogal & Hobbs Co. (NYSE:HRH), certain of its officers and directors by stockholders who purchased the company's common stock between February 14, 2002 and May 26, 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 GrafTech International Limited (GTI), certain of its officers and directors by stockholders who purchased the company's common stock between November 3, 2005 and February 8, 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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