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Case ID: 5061 | Stocks | 07/17/2008
On May 16, 2008, a motion to appoint an individual to serve as lead plaintiff and for approval of the selection of lead counsel was filed.
According to a press release dated March 17, 2008, the Complaint alleges that Deutsche Bank violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which these securities traded. Auction rate securities are either municipal or corporate debt securities or preferred stocks which pay interest at rates set at periodic "auctions." Auction rate securities generally have long-term maturities or no maturity dates. The Complaint alleges that, pursuant to uniform sales materials and top-down management directives, Deutsch Bank offered and sold auction rate securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the Complaint, holders of auction rate securities sold by Deutsche Bank and other broker-dealers have been unable to liquidate their positions in these securities following the decision on February 13, 2008 of all major broker-dealers including Deutsche Bank to "withdraw their support" for the periodic auctions at which the interest rates paid on auction rates securities are set. The Complaint alleges that Deutsche Bank failed to disclose the following material facts about the auction rate securities it sold to the class: (1) the auction rate securities were not cash alternatives, like money market funds, but were instead, complex, long-term financial instruments with 30 year maturity dates, or longer; (2) the auction rate securities were only liquid at the time of sale because Deutsche Bank and other broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (3) Deutsche Bank and other broker-dealers routinely intervened in auctions for their own benefit, to set rates and prevent all-hold auctions and failed auctions; and (4) Deutsche Bank continued to market auction rate securities as liquid investments after it had determined that it and other broker dealers were likely to withdraw their support for the periodic auctions and that a "freeze" of the market for auction rate securities would result.
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 A class action has been filed against online trader Ameritrade, as well as the American Stock Exchange and certain Amex specialist firms on behalf of investors who sought to execute direct access limit orders to buy or sell options listed at the American Stock Exchange by certain specialist firms and who were wrongfully refused executions and suffered damages between April 2, 2001 and December 3, 2004 inclusive (the "Class Period"). Kahn Gauthier Swick is investigating possible legal actions, against stockbrokers and other investment advisors, on behalf of investors who lost $100,000 or more. When an investor believes that his or her stockbroker or investment advisor acted improperly, the investor will naturally seek compensation for the losses suffered as a result of the broker's or advisor's misconduct. Most investor disputes against stockbrokerage firms and investment advisors are resolved through individual actions rather than class actions. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of TNS, Inc. (NYSE:TNS) who purchased, exchanged or otherwise acquired the common stock of TNS on or about September 16, 2005 pursuant to the company's secondary offering have until June 5, 2006 in which to move for appointment as lead plaintiff in a securities fraud class action lawsuit currently pending in the United States District Court for the Eastern District of Virginia. Several class actions have been filed against postsecondary education provider ITT Educational Services, Inc. (NYSE:ESI) and certain of its officers and directors by stockholders who purchased the company's common stock between October 16, 2003, and February 25, 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. The parties have reached a tentative settlement, valued at at least $1.6 million, of a class action filed against Frontier Insurance Group, Inc. (Pink Sheets: FTER, formerly OTCBB: FTER and certain of its officers and directors by stockholders who purchased the company's common stock between February 10 and November 8, 1994. According to a press release dated March 28, 2008, the complaint charges MoneyGram and certain of its officers and directors with violations of the Securities Exchange Act of 1934. MoneyGram, through its subsidiaries, provides payment services in the United States, as well as through a network of retail agents in North America, Latin America, western Europe, eastern Europe, Africa, India, Asia Pacific, and the Middle East.
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