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Case ID: 5033 | Stocks | 07/16/2008
On March 31, 2008, a motion to consolidate cases, to appoint lead plaintiff and counsel was filed by Operating Engineers Construction Industry and Miscellaneous Pension Fund.
According to a press release dated January 29, 2008, ADPI is a leading provider of business services to multidisciplinary dental group practices in selected markets throughout the United States. Park Dental Group ("PDG") located in Minneapolis-St. Paul area, was one of the dental groups who had a long-term contract agreement with ADPI, and provided ADPI with significant revenue. Indeed, PDG accounted for 29 percent of ADPI's consolidated net revenue in 2006. The business relationship between ADPI and PDG worked well for a number of years, but disputes arose in 2004. In February 2006, PDG sued ADPI and its subsidiary. On December 12, 2007, in connection with the lawsuit a jury found ADPI and/or its subsidiary liable for breach of contract, breach of implied covenants of good faith and fair dealing, breach of fiduciary duty, and tortious interference with contract and prospective advantage. The jury awarded PDG $88 million to compensate it for the injuries caused it by ADPI and its subsidiary and punitive damages of $42 million. After the announcement of the jury verdict, ADPI's stock plummeted from $19.70 a share on December 11, 2007 to $14.34 on December 12, 2007, to $4.62 on December 13, 2007 after the announcement of the punitive damage award. Specifically, the complaint charges ADPI and certain of its officers and directors with violations of the federal securities laws by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of ADPI shares. More specifically, the complaint alleges that ADPI financial statements throughout the Class Period were materially false and misleading because defendants knew that a substantial amount of ADPI's revenue and earnings were obtained by conduct, which was wrongful and tortuous as, found by a jury on December 12, 2007.
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 Two class action cases have been filed in San Diego Superior Court against strip mall developer Price Legacy Corporation (Nasdaq: PLRE) and certain of its officers and directors by stockholders. The actions claim that the defendants breached their fiduciary duty to stockholders in a recent merger with PL Retail LLC. Specifically, the stockholders claim that PL Retail did not pay fair value when it acquired Price Legacy and that Price legacy should have held out for a better price. A class action has been filed against accounting firm Ent & Imler Group, P.C. (ENTCPA) and certain of its officers and directors by stockholders who purchased investment notes offered by the firm on behalf of the Church Extension of the Chruch of God between April 30, 1998 and April 30, 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 securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Hypercom Corporation (NYSE:HYC), and certain of its officers and directors by stockholders who purchased the company's common stock between April 30, 2004 and February 03, 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. Mutual fund companies have been taking a beating lately for under-the-table tactics. A class action has been filed against the Hartford Financial Services Group, Inc. on behalf of all purchasers, redeemers, and holders of the Hartford Funds who acquired shares between February 27, 1999, and January 9, 2004. The action alleges that the defendant investment advisers used marketing fees improperly to pay excessive commissions to brokers in return for steering clients into buying Hartford funds. A class action has been filed the Federal National Mortgage Corporation (Fannie Mae) (NYSE: FNM_PK) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 13, 2000 and September 22, 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 tentative $2.5 million settlement of a class action filed against respiratory therapy manufacturer Nellcor Puritan Bennett, Inc. (formerly Nasdaq: NELL), subsidiary of Tyco Healthcare/Mallinckrodt, and certain of its officers and directors by stockholders who purchased the company's common stock between September 29, 1995, and April 16, 1996. The actions claim that the defendants violated the California Corporations Code by issuing a series of material misrepresentations to the market over this time period for the purpose of inducing investors to buy the company’s stock. To recover under the settlement, a completed proof of claim postmarked no later than February 18, 2004, must be mailed to the claims administrator. |
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