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Case ID: 5036 | Stocks | 07/16/2008
On February 27, 2008, a stipulation and order was entered. As the case proceeds, a motion to consolidate cases 08-913, 08-1842, to appoint lead plaintiffs and counsels was filed on March 25, 2008. Hence, an order setting hearing and briefing schedules for the above mentioned motion was entered on April 01, 2008. As a result, the court entered its order granting the appointment of certain individuals and groups as lead plaintiffs, counsels and in the matter of consolidating cases on May 19, 2008.
According to a press release dated January 25, 2008, TeleTech and certain of the Company's officers and directors are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934 (the ``Exchange Act''). In addition, defendants and its underwriters for the Company's March 30, 2007 Secondary Offering are charged with issuing a materially false and misleading Registration Statement and joint Proxy-Prospectus in violation of the Securities Act of 1933 (the ``Securities Act''). On November 8, 2007, defendants shocked investors by announcing that TeleTech was conducting a ``review of equity-based compensation practices and likely restatement of previous issued financial statements'' would be required -- possibly as far back as 1999. At that time, investors learned that TeleTech would likely be forced to take millions of dollars in charges and reserves, and that the Company would be forced to restate almost a full decade of financial results to account for the Company's true employment costs, expenses, reserves, payroll taxes, fines and penalties. Following this news, on November 9, 2007, shares of TeleTech fell from a prior day's closing price of $22.61 per share, to an intra-day and 52-week trading low of $18.76 per share -- an immediate decline of over 17%. That day, over 4.13 million shares traded as TeleTech shares fell to a mere half of the $36.50 price at which defendant Kenneth Tuchman liquidated almost $210 million of his personally held TeleTech shares at the end of March 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 Several class actions have been filed against specialty chemical manufacturer Ferro Corporation (NYSE:FOE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003, and July 22, 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. A class action has been filed against Zale Corporation (ZLC), certain of its officers and directors by stockholders who purchased the company's common stock between February 18, 2005 and May 5, 2006. 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 OfficeMax, Inc. (NYSE:OMX), certain of its officers and directors by stockholders who purchased the company's common stock between January 22, 2004 and January 11, 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. On October 09, 2008, an order scheduling an initial pre-trial conference was entered.
According to a press release dated October 9, 2008, the complaint charges Biovail and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Biovail is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. A class action has been filed against Boston Scientific Corporation (BSX), certain of its officers and directors by stockholders who purchased the company's common stock between March 31, 2003 and August 23, 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. According to a news article published June 10, 2008, Universal Food & Beverage Co. is facing a class-action complaint alleging its directors sold $20 million of their preferred stock while artificially propping up the share price.
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