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Case ID: 5025 | Stocks | 07/16/2008
On March 11, 2008, several motions to appoint lead plaintiff and to approve the selection of lead counsel were filed.
According to a press release dated January 11, 2008, the Complaint alleges that during the Class Period, MBIA and the individual defendants, Chief Executive Officer and Chief Financial Officer, violated the federal securities laws by issuing false and misleading press releases, financial statements, filings with the SEC and statements during investor conference calls. The Complaint alleges that, throughout the Class Period, Defendants misrepresented and/or failed to disclose the true extent of MBIA's exposure to losses stemming from MBIA's insurance of residential mortgage-backed securities ("RMBS"), including in particular its exposure to so-called "CDO-squared" securities that are backed by RMBS. This highly risky exposure was belatedly disclosed in a series of public statements beginning on December 19, 2007 and ending on January 9, 2008, the last day of the Class Period. One analyst observed that MBIA had withheld from the public the riskiest parts of its insured portfolio, while others expressed similar dismay at MBIA's failure to apprise investors of these risks in a timely manner. The Complaint alleges that the Defendants violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder and that [individual] Defendants violated Section 20(a) of the Exchange Act.
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 Trex Company, Inc. (NYSE:TWP), certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2004 and June 22, 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 chemical and pharmaceutical manufacturer Cambrex Corporation (NYSE: CBM) and certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 1998, and July 25, 2003. According to a law firm press release, a class action lawsuit was filed on behalf of all persons who purchased the securities of Fifth Third Bancorp against the Company and its president and chief executive officer, alleging violations under the Securities Exchange Act of 1934.
The parties have reached a final $10.7 million settlement in several actions filed against online flower delivery business FTD.Com, Inc. and its parent, IOS Brands Corporation, by stockholders who purchased FTD.Com class A common stock between March 1, 2002, and June 27, 2002. The actions claim that the defendants violated federal securities laws by breaching their fiduciary duties in conjunction with the companies’ 2002 reorganization. Persons eligible to take part in the settlement must submit proof of claims forms postmarked no later than May 13, 2004. A class action has been filed against Tibco Software, Inc. (NasdaqNM:TIBX), certain of its officers and directors by stockholders who purchased the company's common stock between September 21, 2004 and March 01, 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. Everyone has heard of the Enron and Worldcom scandals. Investors lost billions of dollars as the result of stock fraud. Did you know that there are hundreds of similar cases each year that you might not have heard of where companies defrauded investors? Billions of dollars in shareholder wealth have been lost. |
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