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Case ID: 5026 | Stocks | 07/16/2008
On March 14, 2008, several motions to appoint lead plaintiffs and to approve the selection of counsels were filed. As a result, an order consolidating related actions, to appoint certain individuals as lead plaintiffs and counsels was entered on April, 28, 2008. However, at the same time, certain individuals were denied by the court to be appointed lead plaintiffs by Judge Robert S. Lasnik.
The class-action lawsuit against CellCyte for alleges violations of securities laws. According to the complaint CellCyte executives and business partners misled investors by publishing false information about the history and experience of the company’s chief executive officer. The lawsuit alleges that company shares were traded at artificially inflated prices due to the company’s activities. The company’s chief executive officer’s education and professional credentials were called into question after published news reports called out alleged discrepancies relating to his finance degree from the University of Washington, a CPA designation, ties to the Washington Society of Certified Public Accountants and a strong track record within the pharmaceutical industry. Soon after these reports company stock plummeted 55 percent.
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 lawsuit has been filed in the Northern District Court of Illinois against Douglas A. Hacker and others for violations of the Investment Company Act. Class members seek compensatory damages, disgorgement of the fees paid to the investment advisors and punitive damages. A class action has been filed against neonatal and perinatal physician services provider Pediatrix Medical Group, Inc. (NYSE: PDX) and certain of its officers and directors by stockholders who purchased the company's common stock between April 17, 2002, and June 23, 2003. A class action has been filed against British vaccine manufacturer Chiron Corporation (Nasdaq: CHIR) and certain of its officers and directors by stockholders who purchased the company’s common stock between July 23, 2003 and October 5, 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 Sharper Image Corporation (NasdaqNM:SHRP), certain of its officers and directors by stockholders who purchased the company's common stock between February 05, 2004 and August 04, 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. Several class actions have been filed against grocery store operator Winn Dixie Stores, Inc. (NYSE: WIN) and certain of its officers and directors by stockholders who purchased the company's common stock between October 9, 2002, and January 30, 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. On May 08, 2008, a motion to consolidate cases was filed by the City of Livonia Employees' Retirement System and TETRA Technologies Inc. As a result, the Judge granted the motion to consolidate cases and entered its order at the same time.
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