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Case ID: 5065 | Stocks | 07/17/2008
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.
Specifically, the complaint claims Charles Schwab Corporation headquartered in San Francisco, CA, the funds' underwriter, investment advisers and officers and directors issued untrue statements regarding the lack of diversification of these funds and the extent of investments assigned to sub-prime mortgage backed and related securities. The complaint alleges the funds registration statements and prospectuses contained untrue statements of material facts, and omitted important information regarding the funds' investments, ultimately misleading investors. On Nov. 15, 2004, the Company began offering the Schwab YieldPlus investment funds through a registration statement and prospectus. The YieldPlus funds are advertised by the defendants as 'a safe alternative to money market funds that preserve principal while being designed with your income needs in mind'. Throughout the Class Period the Company claimed the funds were investments in a large, well-diversified portfolio, a seasoned team of taxable bond portfolio managers actively managed the funds, and that investment in Schwab YieldPlus would return higher yields on cash with only marginally higher risk, a smart alternative. Since July of 2007, the share price for the funds began lowering, for a total loss of 18 percent. Today the funds stand at an all-time low of $7.96, down more than 11 percent from Jan. 1, 2008. The lawsuit claims the funds are not well diversified, instead concentrated in a single risky industry with more than 50 percent of the funds assets invested in the mortgage industry. The lawsuit seeks remedies under the 1933 Act on behalf of all fund purchasers during the Class Period. According to Judge William Alsup’s April 28th orders, motion to relate cases were granted. If you bought The Charles Schwab Corporation securities and would like to obtain information about the The Charles Schwab Corporation 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 On May 08, 2008, a motion to consolidate cases was filed by the City of Livonia Employees' Retirement System and TETRA Technologies Inc. As a result, the Judge granted the motion to consolidate cases and entered its order at the same time.
A class action has been filed against Forest Laboratories, Inc. (NYSE:FRX), certain of its officers and directors by stockholders who purchased the company's common stock between August 15, 2002 and September 01, 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 personal protection and safety equipment manufacturer Abatix Corporation (Nasdaq:ABIX) and certain of its officers and directors by stockholders who purchased the company's common stock between 5:05 p.m. Eastern Standard Time on April 14, 2004, and 8:24 a.m. EST on April 21, 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 Sipex Corporation (NasdaqNM:SIPX), and certain of its officers and directors by stockholders who purchased the company's common stock between April 11, 2003 and January 20, 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. The parties have reached a tentative $12,026,000 settlement of a class action filed against software company Allaire Corporation (formerly Nasdaq: ALLR) and certain of its officers and directors by stockholders who purchased the company's common stock between December 7, 1999, and September 18, 2000. To recover under the settlement, a completed proof of claim postmarked no later than December 18, 2003, must be mailed to the claims administrator. A class action has been filed against chemical and pharmaceutical manufacturer Cambrex Corporation (NYSE: CBM) and certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 1998, and July 25, 2003. |
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