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Case ID: 5043 | Stocks | 07/17/2008
On April 30, 2008, a notice of motion to appoint lead plaintiffs and lead counsels was filed by certain groups and individuals. As a result, an order granting motion to appoint lead plaintiffs and counsels was entered on April 30, 2008.
According to the complaint, during the Class Period the Company’s share price benefited from the market’s perception that Morgan Stanley compared to other investment banks that underwrote larger quantities of these CDOs had relatively low exposure to credit losses related to the subprime mortgage-backed CDOs that it originated. Unbeknownst to the investors, however, during the Class Period Morgan Stanley failed to disclose its significant exposure to losses related to the declining value of the subprime mortgage-related derivatives that the Company traded for its own proprietary account.
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 Antigenics Inc. (AGEN), certain of its officers and directors by stockholders who purchased the company's common stock between September 3, 2003 and March 23, 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. On September 15, 2005 the Court dismissed several class actions that had been filed against computer hardware manufacturer Merix Corporation (Nasdaq:MERX) and certain of its officers and directors by stockholders who purchased the company's common stock between July 1, 2003, and May 13, 2004. The actions claimed 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. According to a press release dated March 19, 2008, a class action lawsuit on behalf of persons who purchased Auction Rate Securities from Wachovia Corporation and Wachovia Securities, LLC, during the Class Period and who continued to hold such securities as of February 13, 2008.
A class action has been filed against DreamWorks Animation SKG, Inc. (NYSE:DWA), certain of its officers and directors by stockholders who purchased the company's common stock between October 27, 2004 and May 10, 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 has been filed against Axonyx Inc. (NasdaqSC:AXYX), and certain of its officers and directors by stockholders who purchased the company's common stock between June 26th, 2003 and February 4th, 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. Axonyx Inc. is engaged in the business of acquiring and developing novel post-discovery central nervous system drug candidates, primarily in areas of memory and cognition. According to press releases dated November 11 and 12, 2008, the complaint charges the defendants and certain of its current and former officers with violations of the Securities Exchange Act of 1934. Between July 25, 2007 and February 12, 2008 (the "Class Period"),The complaint charges that the representations contained in the defendants’ press releases, SEC filings, conference calls and presentations during the Class Period were materially false and misleading when made because they failed to disclose that: (i) the Company was experiencing manufacturing inefficiencies associated with increased production levels and would not be able to meet its stated guidance; (ii) the Company was at risk of losing customers due to its inability to meet demand; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
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