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Case ID: 5071 | Stocks | 07/17/2008
According to a press release dated March 25, 2008, a group of investors sued Morgan Stanley on Tuesday over the brokerage's alleged deceptive marketing of auction-rate securities. The lawsuit, filed in U.S. District Court in Manhattan, alleges that Morgan Stanley "deceptively marketed" auction-rate securities as cash alternatives to money-market funds for investors needing liquidity and failed to make material disclosures about those securities. The complaint is seeking injunctive relief to "compel Morgan Stanley to rescind millions of dollars in ARS transactions" and is seeking compensatory and punitive damages. The lawsuit is seeking class-action status on behalf of thousands of investors who acquired auction-rate securities from Morgan Stanley between March 25, 2003, and Feb. 13, 2008. Auction-rate securities are long-term bonds that have a short-term debt component, in which interest rates are reset in auctions on a daily, weekly or monthly basis. In February, several auctions failed, driving up the interest rates for issuers such as municipalities, student-loan providers and museums. The collapse of the auction-rate securities market has left investors locked into those illiquid investments.
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 Russian petroleum producer Yukos Oil Company (OTC BB:YUKOF.PK; OTC BB:YUKOY.PK; Russia:YUKO) and certain of its officers and directors by stockholders who purchased the company's common stock between February 13, 2003, and October 25, 2003. The actions claim that the defendants violated federal securities laws by failing to disclose that they were using questionable tax schemes to minimize corporate and business taxes owed to the Russian government over this time period, thereby artificially inflating the price of the company's securities. On April 01, 2008, a notice of non-opposition in regards to the amended motion of the institutional investors group for the appointment of lead plaintiff and lead counsel was filed by Bankinter Gestion De Activos. Just as quickly, minutes of order explaining about the possible dismissal due to the absence of show cause was entered on May 23, 2008. Hence, the court ordered the plaintiffs to show cause why this action should not be dismissed for lack of prosecution and a time frame for submitting related materials has been set.
Several class actions have been filed against French power utility ALSTOM, SA (NYSE: ALS) and certain of its officers and directors by stockholders who purchased the company's common stock between November 17, 1998, and June 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 parties have reached a tentative $4.88 million partial settlement of a class action filed against FPA Medical Management, Inc. and certain of its officers and directors by stockholders who purchased the company's securities between February 3, 1997, and May 14, 1998. To recover under the settlement, a completed proof of claim postmarked no later than November 25, 2003, must be mailed to the claims administrator. A class action has been filed against Boston Scientific Corporation (BSX), certain of its officers and directors by stockholders who purchased the company's common stock between March 31, 2003 and August 23, 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. A class action has been filed against IAC/Interactive, a company which acts as intermediary between suppliers and consumers, aggregating large blocks of consumer goods and services (primarily travel-related products such as hotel rooms and airline tickets) from suppliers and selling them to consumers over the Internet (NASDAQ: IACI) and certain of its officers and directors by stockholders who purchased the company’s common stock between March 19, 2003 and August 4, 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. |
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