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Case ID: 5047 | Stocks | 07/17/2008
On April 28, 2008, a motion to appoint Plumbers’ Union Pension Fund as lead plaintiff was filed.
According to a press release dated February 27, 2008, the complaint charges Swiss Re and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Swiss Re is the world’s largest reinsurer with 70 offices in more than 25 countries. The complaint alleges that during the Class Period, defendants made false and misleading statements about the Company’s financial condition. Specifically, defendants failed to disclose that Swiss Re’s Credit Solutions unit had written two credit default swaps that exposed the Company to great financial risk. In a credit default swap, one party guarantees that a third party borrower will not default on a debt. In this case, Swiss Re guaranteed certain mortgage-backed securities which included some subprime and collateralized debt obligations. When the existence and nature of the credit default swaps was disclosed, Swiss Re’s stock price dropped from CHF97.55 to CHF87.55 (Swiss Francs) the next day.
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 business intelligence solutions provider Business Objects SA (Nasdaq:BOBJ) and certain of its officers and directors by stockholders who purchased the company's common stock between April 23, 2003, and April 30, 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 in the Southern District Court of New York against the Open Joint Stock Company (NYSE: VIP) and certain of its officers and directors by stockholders who purchased the company's common stock between March 24, 2004 and December 8, 2004. The Company, also known as Vimpel Communications or Vympel Communicatii, operates under the 'Bee Line GSM' brand in Russia and 'K-mobile' and 'EXCESS' brands in Kazakhstan. VimpelCom is recognized for introducing two digital cellular communications standards in Russia.
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 investment company Metropolitan Investment Securities Company, Inc., Summit Securities, Inc., and a related company and certain of their officers and directors by investors who purchased the companies’ debentures, stock, or investment certificates between January 1, 2001, and December 15, 2003. The actions claim that the defendants violated federal securities laws by issuing a series of fraudulent misrepresentations to them over this time period, then ceasing operations without returning their money. On April 01, 2008, a notice of non-opposition in regards to the amended motion of the institutional investors group for the appointment of lead plaintiff and lead counsel was filed by Bankinter Gestion De Activos. Just as quickly, minutes of order explaining about the possible dismissal due to the absence of show cause was entered on May 23, 2008. Hence, the court ordered the plaintiffs to show cause why this action should not be dismissed for lack of prosecution and a time frame for submitting related materials has been set.
Several class actions have been filed against biopharmaceutical company Genta, Inc. (Nasdaq:GNTA) and certain of its officers and directors by stockholders who purchased the company's common stock between March 26, 2001, and May 3, 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. On March 25, 2008, a motion to appoint lead plaintiff and counsel was filed by Robotti & Company. As a result, a response to the above mentioned motion to appoint lead plaintiff and counsel was filed on April 11, 2008 by several individuals. As this case proceeds, the court has not made its order to appoint lead plaintiffs and counsels yet.
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