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Case ID: 5062 | Stocks | 07/17/2008
On May 16, 2008, two motions for the appointment of lead plaintiffs, for the selection of lead counsels and to consolidate cases were filed by Southwest Carpenters Pension Trust and several individuals. The court has not entered its order on these motions yet.
According to a press release dated March 17, 2008, the complaint charges NeuroMetrix and certain of its officers and directors with violations of the Securities Exchange Act of 1934. NeuroMetrix designs, develops, and sells medical devices used to diagnose neuropathies and neurovascular disease in the United States. The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s NC-stat device, which is a strap-on or hand-held device that allows physicians, usually general practitioners, to test for problems like carpal tunnel syndrome and back pain without the need for an exam from a specialist. According to the complaint, throughout the Class Period, unbeknownst to shareholders, NeuroMetrix’s sales of its NC-stat device were artificially inflated as: (i) the efficacy of the Company’s NC-stat device was highly questionable and concerns were being raised by practitioners; (ii) health insurers were increasingly denying reimbursement for procedures using the Company’s NC-stat device or raising significant payment issues; (iii) the Company instructed doctors to bill under the same insurance billing codes as the competing needle procedure rather than applying for its own insurance billing code in order to enable practitioners to get reimbursement; and (iv) the Company was improperly giving doctors kickbacks in the form of free sensors for referring other doctors to the NC-stat system. As the truth began to be disclosed, shares of NeuroMetrix common stock plummeted, causing substantial losses to investors. If you bought NeuroMetrix Inc. securities and would like to obtain information about the NeuroMetrix Inc. lawsuit, then you are invited to call Kahn Gauthier Swick, LLC toll free at (866) 467-1400 to speak with an attorney or visit www.kgscounsel.com. 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 pharmaceutical company Taro Pharmaceutical Industries, Ltd. (Nasdaq:TARO) and certain of its officers and directors by stockholders who purchased the company's common stock between February 20, 2003, and July 29, 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 Ligand Pharmaceuticals, Inc., a San Diego, CA based biopharmaceutical company (NASDAQ: LGND) and certain of its officers and directors by stockholders who purchased the company’s common stock between July 28, 2003 and August 2, 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. Several class actions have been filed against technology company Mobility Electronics, Inc. (Nasdaq: MOBE) and certain of its officers and directors by stockholders who purchased the company's common stock between September 2, 2003, and January 5, 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 Fidelity Management & Research Company and FMR Company, Inc., on behalf of all shareholders in the Fidelity Contrafund, the Fidelity Growth & Income Fund, the Fidelity Magellan Fund, the Fidelity Blue Chip Growth Fund, and the Fidelity Low-Priced Stock Fund, who allege that the companies have charged them excessive fees for the management of the funds, in violation of federal securities laws. A class action has been filed against Concord Camera Corporation, a worldwide designer, developer, manufacturer and seller of image capture products (NASDAQ: LENS) and certain of its officers and directors by stockholders who purchased the company’s common stock between August 14, 2003 and May, 10, 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. CASE DISMISSED: Several class actions were filed against venture capital organization TechHarvest Group, LLC, numerous affiliated companies, and certain of its officers and directors, on behalf of purchasers of membership interests in Harvest AirPrime, LLC; Harvest Storage Technology Group, LLC; and Woodcarvers Limited, LLC, between November 20, 1998, and December 31, 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. On February 28, 2006, the United States District Court for the Central District of California entered an Order Dismissing Action and Entering Final Judgment in the Robert T. Harvey Securities Litigation. |
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