|
Search
Search through the thousands of lawsuits, complaints and recalls on our site.
 |
Case ID: 5077 | Stocks | 07/17/2008
According to the Notice of Voluntary Dismissal signed by Judge Gerard E. Lynch on April 18, 2008, the case has been dismissed without prejudice as to defendants JP Morgan Chase & Co. and J.P. Morgan Securities, Inc.
The Complaint alleges that JPMorgan 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, JPMorgan 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 JPMorgan 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 JPMorgan to “withdraw their support” for the periodic auctions at which the interest rates paid on auction rates securities are set. The Complaint alleges that JPMorgan 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 JPMorgan and other broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (3) JPMorgan 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) JPMorgan 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. If you bought J.P. Morgan Chase & Co. securities and would like to obtain information about the J.P. Morgan Chase & Co. 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 A class action has been filed in the Eastern District Court of Pennsylvania against John J. Brennan for violations of the Investment Company Act. Class members seek compensatory damages, disgorgement of the fees paid to the investment advisors and punitive damages. Several class actions have been filed against petrochemical giant Exxon Mobil Corporation (NYSE:XOM) and certain of its officers and directors by stockholders who purchased, owned, or otherwise acquired Mobil shares and whose Mobil shares were exchanged for Exxon Mobil common stock as a result of the merger transaction approved by shareholders on May 27, 1999. The actions claim that the defendants violated federal securities laws by issuing materially false and misleading financial statements contained in a proxy filed with the Securities and Exchange Commission, overstating the Exxon's financial condition by inflating revenue and failing to account for impaired assets in violation of General Accepted Accounting Principles. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Orange 21, Inc., (NasdaqNM:ORNG), certain of its officers and directors by stockholders who purchased the company's common stock between December 14, 2004 and December 14, 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 class action has been filed against Sunterra Corporation (SNRR), certain of its officers and directors by stockholders who purchased the company's common stock between April 15, 2003 and June 22, 2006. 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 Lattice Semiconductor Corporation (Nasdaq:LSCC), and certain of its officers and directors by stockholders who purchased the company's common stock between April 22, 2003, and April 19, 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 complaint was filed on September 24, 2008.
According to a press release dated September 23, 2008, a class action has been commenced on behalf of purchasers of Constellation Energy Group, Inc. publicly traded securities during the period between January 30, 2008 and September 16, 2008 (the "Class Period"), including the Series A Junior Subordinated Debentures (the "Preferred Securities "), pursuant and/or traceable to the Company's Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with the Company's June 27, 2008 Preferred Securities offering.
|
IT'S FREE
|
© 2000 - 2008 Copyright. All rights reserved nola3, llc.
