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Case ID: 5078 | Stocks | 07/18/2008
According to a press release dated April 02, 2008, the complaint charges Candela and certain of its officers and directors with violations of the Securities Exchange Act of 1934 (the “Exchange Act”). Candela engages in the development and commercialization of laser and light-based systems that allow physicians and personal care practitioners to treat various cosmetic and medical conditions worldwide.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. According to the complaint, the true facts, which were known by defendants but concealed from the investing public, were as follows: (i) that the Company was quickly losing market share to competitors as it lacked a competitive multi-configuration/multi-application device; and (ii) that the Company had received communications from Palomar Medical Technologies, Inc. (“Palomar”) regarding the alleged infringement of Palomar’s patents by Candela, which was material information for investors as Palomar had made it a pattern and practice of suing the cosmetic laser industry for infringement and had successfully forced numerous competitors to license its technology and, at a minimum, the prospect of patent litigation presented increased costs to the Company; and (iii) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its earnings and prospects. On August 21, 2006, after the close of the market, Candela issued a press release announcing its financial results for its fourth fiscal quarter and fiscal year 2006. For the fourth quarter, the Company reported net income of $0.10 per share – far below analysts’ earnings expectations of $0.23 per share. In response to the announcement, the price of Candela stock declined from $14.49 per share to $10.33 per share on extremely heavy trading volume.
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 The class has been certified in numerous consolidated class actions filed against clothier Abercrombie & Fitch Company (NYSE:ANF) and certain of its officers and directors by stockholders who purchased the company's common stock between October 8, 1999, and October 13, 1999. 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 $3.25 million settlement in several actions filed against John Alden Financial Corporation and certain of its officers and directors by stockholders who purchased the company's common stock between October 20, 1994, and May 3, 1995. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than May 16, 2004. A class action has been filed against investment banking firm Duncan-Williams, Inc., by bondholders who purchased from Duncan-Williams Series 2000 municipal bonds issued by Capstone Improvement District of Brookwood, Alabama (Capstone bonds). The action claims that the defendants violated federal securities laws by misrepresenting and failing to disclose material facts in connection with the sale of Capstone bonds to plaintiffs and other purchasers.
A class action has been filed against Hypercom Corporation (NYSE:HYC), and certain of its officers and directors by stockholders who purchased the company's common stock between April 30, 2004 and February 03, 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 $7,337,500 settlement in an action filed against HA-LO Industries, Inc., and certain of its officers and directors by stockholders who purchased the company's common stock between February 18, 1999, and July 30, 2001. Persons eligible to take part in the settlement must submit a proof of claim form postmarked no later than December 31, 2004, to be eligible for a portion of the settlement. The class action lawsuit was filed July 15, 2005 by New York attorneys on behalf of purchasers of shares in game publisher Majesco seeking monetary compensation. The lawsuit alleges violations of the federal securities laws by Majesco Entertainment Company and certain of its officers and/or directors. The lawsuit is on behalf of purchasers of the securities of Majesco Entertainment Company (NASDAQ: COOL) between December 8, 2004 to July 12, 2005, inclusive (the "Class Period") seeking monetary compensation under the Securities Exchange Act of 1934.
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