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Case ID: 5080 | Stocks | 07/18/2008
A Motion to Dismiss for Failure to State a Claim was filed on May 13, 2008, by SunTrust Banks.
According to a press release dated April 2, 2008, the Complaint alleges that SunTrust violated the securities laws 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/or top-down management directives, SunTrust 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, those who now hold Auction Rate Securities sold by SunTrust cannot liquidate their positions since the auction market for these securities has collapsed.
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 against Martek Biosciences Corporation (NasdaqNM:MATK), certain of its officers and directors by stockholders who purchased the company's common stock between December 09, 2004 and April 27, 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. Several class actions have been filed against mutual funds managers Morgan Stanley, Morgan Stanley Advisors, LP, Morgan Stanley DW, Inc., Van Kampen Investments, Inc., and Van Kampen Asset Management, Inc. (various stock symbols) by persons who purchased the companies’ mutual funds between October 1, 1999, and December 31, 2002. The actions claim that the defendants violated federal securities laws by failing to disclose that they aggressively pushed their sales associates to sell Morgan Stanley and Van Kampen funds, instead of mutual funds owned and managed by other companies, by organizing internal contests offering various prizes to brokers who sold the most in proprietary funds. According to a law firm press release, a class action was filed against the company seeking to pursue remedies under the Securities Exchange Act of 1934 against defendants Hexion Specialty Chemicals, Inc., and certain individuals. 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. A class action has been filed against chemical-based materials manufacturer Solutia Inc. (NYSE: SOI) and certain of its officers and directors by stockholders who purchased the company's common stock between December 16, 1998, and October 10, 2002. Several class actions have been filed against prosthetics company Hanger Orthopedic Group, Inc., (NYSE: HGR) and certain of its officers and directors by stockholders who purchased the company's common stock between July 29, 2003, and June 14, 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.
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