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Case ID: 5059 | Stocks | 07/17/2008
On May 12, 2008, several motions on the appointment of lead plaintiffs, lead counsels and co-lead counsels as well as to consolidate cases were filed by certain individuals and groups. On June 6, 2008, the Court entered the Order consolidating several actions under In re Michael Baker Corp. Securities Litigation, Civil Action No. 08-370. On June 26, 2008, the Court entered the Order appointing Michael Baker Institutional Investors Group as the presumptive lead plaintiff. According to the Order, Michael Baker Institutional Investors Group consists of the Southeast Pennsylvania Transit Authority (“SEPTA”) and the City of Tallahassee Retirement System.
According to a press release dated March 13, 2008, the Complaint charges that MBC and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that throughout the Class Period, Defendants made false and misleading statements inflating reported revenue from the Company's energy business segment. After the close of the market on February 22, 2008, the Company announced that it would be filing a restatement of its first, second and third quarter 2007 financial statements to correct errors in MBC's revenue recognition practices in the energy business segment. The Company's February 22, 2008 disclosure revealed, inter alia, that the amount of the restatement might exceed the total earnings reported for the energy business segment for the first nine months of the 2007 fiscal year -- the business segment that accounted for almost 70 percent of the Company's total earnings for that period. Furthermore, the February 22, 2008 announcement disclosed that the Company was still evaluating whether it would need to restate earnings for fiscal year 2006 financial statements. Following the issuance of the Company's February 22, 2008 press release, the price of the Company's common stock dropped from a closing price of $36.10 on February 22, 2008 to a closing price of $27.57 at the end of the next trading 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 According to a press release dated March 19, 2008, a proposed class-action lawsuit was filed on behalf of those who purchased Schwab YieldPlus Funds Investor Shares or Schwab YieldPlus Funds Select Shares from Charles Schwab Corporation during the Class Period.
Several class actions have been filed against Italian dairy giant Parmalat Finanziaria S.p.A (Pink: PARAF.PK, formerly OTCBB: PARAF) and certain of its officers and directors by stockholders who purchased the company's common stock between January 5, 1999, and December 29, 2003. 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against dental laser system manufacturer Biolase Technology, Inc. (Nasdaq:BLTI), and certain of its officers and directors by stockholders who purchased the company's common stock between October 29, 2003, and July 16, 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 Motion to Dismiss the initial complaint was filed on April 7, 2008, by Arthrocare Corporation. In response, the Plaintiff's Motion to Stay the Motion to Dismiss was filed on April 11, 2008. In addition, certain individual defendants have filed a Motion to Dismiss on May 2, 2008. The motions are currently pending before the court. A class action has been filed against StockerYale, Inc. (NasdaqNM:STKR), certain of its officers and directors by stockholders who purchased the company's common stock between April 19, 2004 and November 09, 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. A settlement has been reached in a stockholder action filed against TransFinancial Holdings, Inc. with respect to its alleged mishandling of a management buyout. Under the proposed settlement, claimants will share from the proceeds of a 2.5 Million dollar fund. Claimants who wish to participate in the settlement have until February 8, 2005 to file claims. The settlement will not become final until it has been reviewed and approved by the court at a fairness hearing, which has been scheduled for February 8, 2005. |
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