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Case ID: 5040 | Stocks | 07/17/2008
On April 07, 2008, several motions were filed by certain groups and individuals for the appointment of lead plaintiffs and to approve the selection of lead counsels. Just as quickly, several proposed orders granting the above mentioned motions were also entered at the same time. As the case progresses, several responses from the competing motions for the appointment of lead plaintiffs and counsels were filed on May 14, 2008. The judge finally made its order granting the Public Funds Group, the Cobb County Government Employees' Pension Plan, the Dekalb County Pension Plan, and the Mississippi Public Employees Retirement System to be appointed as lead plaintiffs and counsels. The case was quickly followed by a proposed order entered on May 23, 2008 in regards to the consolidation of cases filed by the Public Funds Group. As a result, a stipulation and order to consolidate cases was entered on May 28, 2008.
According to a press release dated February 6, 2008, the complaint charges that Maxim and certain of its former officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by engaging in improper stock option backdating that caused the issuance of materially false and misleading financial statements during the Class Period. Specifically, the complaint asserts that on January 17, 2008, the Company announced that it would be restating its financial statements to record between $550 million and $650 million of additional stock-based compensation expense and that its previously issued financial statements could no longer be relied on. As a result of these adverse disclosures, the Company's stock price has declined 22%.
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 specialty pharmaceutical company American Pharmaceuticals Partners, Inc. (Nasdaq: APPX) and certain of its officers and directors by stockholders who purchased the company's common stock between February 19, 2002, and September 24, 2003. A class action has been filed against Mercury Interactive Corporation (MERQE), certain of its officers and directors by stockholders who purchased the company's common stock between October 22, 2003 and July 5, 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 class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of persons who acquired the common stock of EPIX Pharmaceuticals, Inc. ("EPIX" or "Company"), between July 10, 2003 and January 14, 2005, inclusive (the "Class Period"). Ripples from the mutual fund scandal to continue to widen. A class action has been filed against the Canadian Imperial Bank of Commerce, Canadian Imperial Holdings, Inc., and certain officers by investors who purchased any of the MFS family of mutual funds between January 1, 2001, and September 30, 2003. The actions allege that the defendants violated federal securities laws by failing to disclose that they improperly financed the late trading and timing of the funds’ shares by certain hedge funds. Several class actions have been filed against UK prepared food manufacturer Hibernia Foods, PLC, (OTC:HIBNY.PK) and certain of its officers and directors by stockholders who purchased the company's common stock between August 2, 1999, and October 21, 2003. 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 Lernout & Hauspie Speech Products, N.V. (LHSP), certain of its officers and directors by stockholders who purchased the company's common stock between April 28, 1998 and November 8, 2000. 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. |
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