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Case ID: 5048 | Stocks | 07/17/2008
On May 16, 2008, an order denying motion to appoint a certain individual as lead plaintiff and counsel was entered. Just as quickly, an order granting certain individuals as lead plaintiffs and counsels was entered on May 20, 2008. In addition, on May 21, 2008, a motion to consolidate lead case No. 08-687 and member case no. 08-1472 was filed. As a result, an order granting motion to consolidate lead case No. 08-687 was entered on May 22, 2008.
On April 21, 2008, the Court granted the motion to transfer the first filed case from the United States District Court for the Eastern District of Louisiana to the Southern District of Texas. The case was then ordered consolidated with Lead Case In re Superior Offshore International, Inc. Securities Litigation, Civil Docket 08-CV-687, in the Southern District of Texas. Several class actions were filed in the United States District Court for the Eastern and Western Districts of Louisiana and the Southern District of Texas. The complaint charges Superior Offshore, certain of its officers and directors, and the Company's underwriters -- collectively, "defendants" -- with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in violation of the Securities Act of 1933. Specifically, the complaint alleges that on April 20, 2007, Superior Offshore and Company insiders sold over 10 million shares of common stock to the public, raising gross proceeds in excess of $152 million. However, unbeknownst to investors at the time of the IPO, the Company's core business was not performing according to plan, its core market in the Gulf of Mexico was declining, and defendants would be forced to immediately transform and reorganize the Company, and enter into new, untested markets such as Deep Water and International Operations. Moreover, at the time of the IPO, Superior Offshore was not operating according to plan, such that the Company's sales already had been, and foreseeably would continue to be, adversely affected. Beginning on August 14, 2007 -- after defendants and other Company insiders liquidated over $49 million of their personally held shares -- Superior Offshore revealed the truth about the Company, including that the problems existing at the time of the IPO would result in extremely disappointing results for the foreseeable near-term, and would force defendants to reorganize and transform the Company. Later, on November 14, 2007, shares again declined after defendants belatedly revealed that the Company was operating even below its recently revised forecasts, and that its core business was operating even worse than previously disclosed. On January 9, 2008, the Company announced that it was suspending its prior substantially downward revised guidance. Following these belated disclosures, shares of Superior Offshore fell from their offering price of $15 per share to approximately $3.50 per share as a direct result of defendants' belated disclosures.
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 electrical and technology contracting company Integrated Electrical Services, Inc. (NYSE:IES), and certain of its officers and directors by stockholders who purchased the company's common stock between November 10, 2003, and August 13, 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. According to a law firm press release, the complaint alleges that the Funds and the Funds' registrants, the Funds' adviser, First Trust Advisors L.P., the Funds' sub-advisers, and certain of the Funds' officers and/or directors with violations of the Securities Exchange Act of 1934 and the Securities Act of 1933.
Kahn Gauthier Swick, LLC ("Kahn Gauthier") today announced that it filed a class action lawsuit in the United States District Court for the Eastern District of Louisiana on behalf of purchasers of OCA, Inc. ("OCA" or "the Company") (NYSE:OCA) common stock during the period between May 18, 2004 and June 6, 2005 (the "Class Period").
Stericycle, Inc., the leading provider in North America of medical waste management and compliance services for the healthcare community, announced today that it has entered into a preliminary settlement to resolve a pending class action lawsuit by the minority shareholders of Stericycle's publicly traded majority-owned subsidiary, 3CI Complete Compliance Corporation, and by 3CI. The settlement remains subject to court approval. Several class actions have been filed against corporate services conglomerate The BISYS Group, Inc. (NYSE:BSG), and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2000, and May 17, 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 Northern District Court of California against Tripath Technology, Inc., a California based technology company, (NASDAQ: TRPH) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 29, 2004 and October 22, 2004. 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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