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Case ID: 5038 | Stocks | 07/17/2008
On March 31, 2008, several motions to appoint lead plaintiffs, counsels and to consolidate cases were filed by different groups and individuals.
According to a press release dated January 31, 2008, the complaint charges that MMA and certain of its present and former officers, directors, and control persons violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing materially false and misleading statements pertaining to MMA's business prospects, financial condition, and financial performance. The lawsuit charges that, during the Class Period, the Company and its officers and directors, caused to be issued numerous false and misleading statements concerning the adequacy of the Company's internal controls and the value and performance of its tax-exempt bond portfolio. The Complaint alleges that defendants failed to disclose and misrepresented the true financial condition and operations of the Company. On January 28, 2008, the Company announced that it was slashing its dividend and would again delay the filing of its restated financials. Before the market opened the following day, the Company disclosed that the previously announced restatement would impact an even greater portion of the Company's business. As a result of these disclosures, the Company's stock opened for trading at $12.33 per share and closed at $9.19 per share, or 46% below the prior day's close. A similar, purported class action complaint was also filed in the U.S. District Court for the District of Maryland with class period between May 3, 2004 to January 29, 2008. If you bought Municipal Mortgage & Equity, LLC securities and would like to obtain information about the Municipal Mortgage & Equity, LLC lawsuit, then you are invited to call Kahn Gauthier Swick, LLC toll free at (866) 467-1400 to speak with an attorney or visit www.kgscounsel.com. 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 HydroFlo, Inc. (HYRF), certain of its officers and directors by stockholders who purchased the company's common stock between July 18, 2005 and October 26, 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. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Sterling Financial Corporation ("Sterling" or the "Company") (NasdaqGS:SLFI - News) who purchased shares of the Company between April 27, 2004 and May 25, 2007 have until July 24, 2007 to move for appointment as Lead Plaintiff in a securities fraud class action lawsuit currently pending in the United States District Court for the Southern District of New York. No class has yet been certified in this action. A class action has been filed against ConAgra Foods, Inc. (NYSE:CAG), certain of its officers and directors by stockholders who purchased the company's common stock between September 18, 2003 and June 07, 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 March 28, 2008, a motion to consolidate cases, to appoint lead plaintiffs and counsels was filed. Just as quickly, on April 14, 2008, a response to the previously mentioned motion was filed by WCI Communities, Inc. At the same time, a motion to reset trial was filed on April 11, 2008. The court granted its motion to reset trial on April 14, 2008. However, the court denied the motion to consolidate cases, to appoint lead plaintiffs and counsels and entered its order on May 28, 2008.
A class action has been filed against Taser International Inc. (NASDAQ: TASR), an AZ based manufacturer of Taser guns, and certain of its officers and directors by stockholders who purchased the company's common stock between November 4, 2004 and January 6, 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 settlement has been reached in a stockholder action filed against TransFinancial Holdings, Inc. with respect to its alleged mishandling of a management buyout. Under the proposed settlement, claimants will share from the proceeds of a 2.5 Million dollar fund. Claimants who wish to participate in the settlement have until February 8, 2005 to file claims. The settlement will not become final until it has been reviewed and approved by the court at a fairness hearing, which has been scheduled for February 8, 2005. |
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