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Case ID: 5023 | Stocks | 07/16/2008
On March 3, 2008, a motion to appoint Southern Ohio Iron Workers as lead plaintiff and to approve the selection of lead and liaison counsel was filed. Just as quickly, a motion to dismiss was filed by Comcast on March 10, 2008. The judge entered his order consolidating all related cases, appointing Southern Ohio Iron Workers as lead plaintiff and approving law firm of Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel. The plaintiffs did not delay in filing an Amended Complaint with the court on May 19, 2008.
According to a press release dated January 03, 2008, the complaint charges Comcast and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Comcast, together with its subsidiaries, operates as a cable operator in the United States. The complaint alleges that, during the Class Period, defendants materially misled the investing public, thereby inflating the price of Comcast’s common stock by publicly issuing false and misleading statements and failing to disclose: (i) that the Company was experiencing increased competition from satellite providers and telephone companies which was forcing it to spend more to attract and retain customers, and that this adverse trend was worsening; (ii) that the Company’s level of capital expenditures necessary to upgrade and maintain its technology and equipment was rising beyond internal expectations; and (iii) as a result of the foregoing, defendants’ positive statements about the Company and their earnings guidance were lacking in a reasonable basis at all times. On October 25, 2007, Comcast issued a press release announcing its financial results for the third quarter of 2007, the period ended September 30, 2007. The Company reported that third-quarter net income fell 54% from the prior year and that it was experiencing slowing subscriber growth. Upon these announcements, the price of Comcast common stock fell $2.57 per share, or approximately 11%, to close at $21.28 per share, on heavy trading volume. Then, on December 4, 2007, after the markets closed, the Company issued a press release announcing that it was cutting its 2007 user growth forecast of 6.5 million revenue generating units ("RGUs") to 6 million RGUs and that its revenue and cash flow growth projections would fall short of expectations. Upon this news, the price of Comcast common stock fell an additional $2.55 per share, or approximately 12%, to close at $18.18 per share, on heavy trading volume.
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 Metropolitan Life Insurance Company (Met Life) Inc., a New York based provider of insurance and other financial services (NYSE: MET) and certain of its officers and directors by stockholders who purchased the company’s common stock between April 5, 2000 and October 19, 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 $140 million settlement in an SEC an action filed against Columbia Management Advisors, Inc., and Columbia Funds Distributor, Inc., both of which are subsidiaries of FleetBoston Financial Corporation, on behalf of shareholders of at least seven of the 140+ Columbia funds. The action alleged that the companies allowed certain preferred mutual fund customers to engage in short-term and excessive trading, while representing publicly that such trading was prohibited. Persons eligible to take part in the settlement should contact the attorneys that prosecuted the case. The parties have reached a tentative settlement apparently valued at approximately $611,000 in action filed against Tengasco CEO M.E. Ratliff and Tengasco, Inc. (Amex:TGC) on behalf of stockholders who purchased the company's common stock between August 1, 2001, and April 22, 2002. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than July 16, 2004. A class action has been filed against (NasdaqNM:BIIB), certain of its officers and directors by stockholders who purchased the company's common stock between February 18, 2004 and February 25, 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. The parties have reached a tentative $12,026,000 settlement of a class action filed against software company Allaire Corporation (formerly Nasdaq: ALLR) and certain of its officers and directors by stockholders who purchased the company's common stock between December 7, 1999, and September 18, 2000. To recover under the settlement, a completed proof of claim postmarked no later than December 18, 2003, must be mailed to the claims administrator. 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. |
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