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Case ID: 5032 | Stocks | 07/16/2008
On February 20, 2008, a motion to consolidate cases was filed by National City Corporation and certain individuals. As a result, a partial opposition to the above mentioned motion was filed on March 07, 2008. In response to the partial opposition, a reply in support of the motion to consolidate cases was filed by National City Corporation on March 19, 2008. The case continues with a motion to appoint lead plaintiffs and counsels filed by Skandia Life Insurance on March 24, 2008. As a response to the motion mentioned above, an order granting the appointment of lead plaintiffs and counsels was entered on April 01, 2008. In addition, two orders denying the motion to appoint lead plaintiffs and counsels of certain groups were entered on April 04, 2008. Last but not least, on May 06, 2008, the court granted an order on the withdrawal of Skandia Life Insurance Company LTD as counsel.
According to a press release dated January 24, 2008, the complaint charges National City and certain of its officers and directors with violations of the Securities Exchange Act of 1934. National City, a financial holding company, provides commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management services in the United States. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. As a result of defendants’ false statements, National City stock traded at artificially inflated prices during the Class Period, trading above $30 per share during much of the Class Period. In October 2007, National City announced a big decline in earnings due to losses related to its mortgage business but assured the market about the dividend. Then, on January 2, 2008, the Company announced a 49% reduction in its quarterly dividend to $0.21 per share from $0.41 per share. On this news, National City’s stock dropped from $16.46 per share to as low as $15.45 per share, closing at $15.59 per share on January 2, 2008 on volume of over 12.7 million shares. The true facts, which were known by defendants but concealed from the investing public during the Class Period, were as follows: (a) the subprime mortgages on the Company’s books were a much bigger risk to the Company’s financial position than represented; (b) the Company was failing to adequately reserve for mortgage-related exposure, causing its balance sheet and financial results to be artificially inflated; and (c) defendants had no reasonable basis to make favorable predictions about the Company’s future dividend payments and future financial performance given the problems in the business. As a result of defendants’ false statements and omissions, National City’s stock traded at artificially inflated prices during the Class Period.
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 in the Central District Court of California against Hienergy Technologies, Inc., a California based chemical technology company, (HIET.OB), and certain of its officers and directors by stockholders who purchased the company's common stock between February 22, 2002 and July 8, 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 was filed on behalf of all persons who, from October 1, 1998 through October 1, 2001, who purchased or otherwise acquired an individual tax-deferred variable annuity contract or who received a certificate to a group tax-deferred variable annuity contract issued by Aegon USA, Inc. NEW ORLEANS, LA--(MARKET WIRE)—October 24, 2006 -- Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of Xethanol Corp. ("Xethanol” or the "Company'') (AMEX: XNL) between January 31, 2006 and August 8, 2006 (the “Class Period”).
Several class actions have been filed against e-messaging protection and transaction services provider Zix Corporation (Nasdaq:ZIXI) and certain of its officers and directors by stockholders who purchased the company's common stock between October 30, 2003, and May 4, 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against computer technology giant Hewlett-Packard Company (NYSE:HPQ) and certain of its officers and directors by stockholders who sold the company's common stock between September 4 and November 5, 2001. The actions claim that the defendants violated federal securities laws by failing to disclose Director Walter Hewlett's opposition to the 2001 merger with Compaq Computer Corporation, thereby artificially deflating the price of the company's securities. Several class actions have been filed against amorphous alloy manufacturer Liquidmetal Technologies, Inc. (Nasdaq:LQMTE) and certain of its officers and directors by stockholders who purchased the company's common stock between May 21, 2002, and March 30, 2004, including those who acquired shares pursuant to the company’s May 21, 2002, initial public offering. 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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