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Case ID: 5054 | Stocks | 07/17/2008
On May 09, 2008, a motion to appoint lead plaintiff and lead counsel was filed by a certain individual and a proposed order has been entered at the same time. Just as quickly, an Order granting motion to appoint lead plaintiff and for the approval of lead counsel was entered on June 09, 2008.
According to a press release dated March 10, 2003, the Complaint charges Camtek and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning Camtek's business and prospects caused the Company's stock price to become artificially inflated, inflicting damages on investors. Camtek Ltd. engages in the design, development, manufacture and marketing of automated optical inspection systems and related products which are utilized in the printed circuit board (``PCB'') and semiconductor industries to optically inspect various types of electronic product components for manufacturing defects. The Complaint alleges that during the Class Period, defendants artificially inflated the price of Camtek shares by issuing statements touting positive trends in the PCB and semiconductors markets and the strength of Camtek's business and financial performance, but that defendants: (i) knew or recklessly disregarded and failed to disclose to the investing public that the Company lacked requisite internal controls, and (ii) misrepresented the Company's business and future prospects. Thus, the Company had no reasonable basis to make projections about its financial results, and as a result, defendants' Class Period statements concerning the Company's business and future prospects were, at minimum, reckless. The Complaint further alleges that defendants were further motivated to engage in this course of conduct in order to generate proceeds from a private placement with institutional investors in April 2006 whereby the Company garnered approximately $15 million in proceeds. On December 21, 2006, Camtek issued a press release announcing The Company's preliminary financial results for fourth quarter 2006. The Company announced that fourth quarter revenue and earnings were expected to be lower than anticipated ``due to lower revenues in the semiconductor segment.'' This news shocked the market, causing shares of Camtek to plummet $1.28 per share -- a more than 22% drop from the previous day's closing price of $5.77 per share -- to close on December 21, 2006, at $4.49 per share on unusually heavy volume of more than 1.4 million shares traded.
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 According to a law firm press release, plaintiffs filed a class action complaint against NexCen Brands, Inc. on May 28, 2008.
Several class actions have been filed against home appliance manufacturer Salton, Inc. (NYSE:SFP) and certain of its officers and directors by stockholders who purchased the company's common stock between November 11, 2002, and May 11, 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 lawsuit was filed on behalf of all purchasers of the common stock of ChoicePoint, Inc. (CPS: NYSE).
The complaint charges ChoicePoint and certain of its officers and directors with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that defendants, during the Class Period, issued a series of material misrepresentations to the market concerning the Company's financial condition thereby artificially inflating the price of ChoicePoint's common stock.
According to a law firm press release, the complaint charges BankUnited and certain of its officers and directors with violations of the Securities Exchange Act of 1934. BankUnited is the holding company for BankUnited, FSB, which provides consumer and commercial banking products and services to consumers and businesses located primarily in Florida.
Several class actions have been filed against deep discount retailer 99 Cents Only Stores (NYSE: NDN) and certain of its officers and directors by stockholders who purchased the company's common stock between April 20, 2000, and February 4, 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 against GMH Communities Trust (GCT), certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2004 and March 10, 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. |
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