|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 5050 | Stocks | 07/17/2008
On February 29, 2008, the case was removed from Supreme Court of the State of New York, County of Nassau, to the U.S. District Court for the Eastern District of New York.
According to the complaint originally filed in the Supreme Court of the State of New York, County of Nassau, this is a securities class action on behalf of all persons who acquired the preferred stock of Wachovia Corporation pursuant and/or traceable to a false and misleading registration statement and prospectus issued in connection with the Company’s May 2007 offering of the Company’s 6.375% Trust Preferred Securities. This action asserts strict liability claims under the Securities Act of 1933 against Wachovia, its senior insiders, the Wachovia trust which issued the securities, and the investment banks which underwrote the May 2007 Offering. Defendant Wachovia is registered as a financial holding company and a bank holding company, and provides commercial and retail banking and trust services through full-service banking offices. Wachovia is headquartered in Charlotte, North Carolina and has branch offices in the United State and around the globe. Defendants consummated Wachovia’s Offering pursuant to the false and misleading Registration Statement, selling 30 million shares at $25 per share, for proceeds of approximately $750 million. Wachovia ultimately announced huge charges associated with its mortgage portfolio, causing the price of Wachovia’s common stock and the preferred securities issued in the Offering to decline. The true facts which were omitted from the Registration Statement were: (a) Defendants’ portfolio of collateralized debt obligations (CDOs) contained billions of dollars worth of impaired and risky securities, many of which were backed by subprime mortgage loans; (b) Defendants failed to properly account for highly levered loans such as mortgage securities; and (c) Wachovia had been heavily involved in mortgages involving the pay-option adjustable rate mortgage (ARMs). These pay-option ARMs provided that, during the initial term of the loan, borrowers could pay only as much as they desired with any underpayment being added to the loan balance. These loans would become toxic (for both Wachovia and the borrowers) once house prices stopped increasing at a rapid rate.
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 Two class action cases have been filed in San Diego Superior Court against strip mall developer Price Legacy Corporation (Nasdaq: PLRE) and certain of its officers and directors by stockholders. The actions claim that the defendants breached their fiduciary duty to stockholders in a recent merger with PL Retail LLC. Specifically, the stockholders claim that PL Retail did not pay fair value when it acquired Price Legacy and that Price legacy should have held out for a better price. Kahn Gauthier Swick, LLC (“KGS”) has filed the first class action lawsuit against China Sunergy Co. Ltd. (“China Sunergy” or the “Company”) (NasdaqGM: CSUN) in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased the common stock of China Sunergy in connection with the Company’s IPO on or about May 17, 2007, or who purchased shares thereafter in the open market. No class has yet been certified in this action. A class action has been filed against AuthentiDate Holding Corp. (NasdaqNM:ADAT), certain of its officers and directors by stockholders who purchased the company's common stock between September 29, 2003 and May 27, 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 Martek Biosciences Corporation (NasdaqNM:MATK), certain of its officers and directors by stockholders who purchased the company's common stock between December 09, 2004 and April 27, 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 PETCO Animal Supplies, Inc. (NasdaqNM:PETC), certain of its officers and directors by stockholders who purchased the company's common stock between November 18, 2004 and April 14, 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 Shurgard Storage Centers, Inc. (NYSE:SHU), certain of its officers and directors by stockholders who purchased the company's common stock between May 09, 2001 and March 26, 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. |
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
