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Case ID: 5089 | Stocks | 07/18/2008
On June 26, 2008, the Court entered the Opinion and Order #96177, signed by U.S. District Judge Shirley Wohl Kram, consolidating two actions under the caption "In re Global Cash Access Holdings, Inc. Securities Litigation, Master file No. 08-Cv-3516 (SWK). Further, according to the Order, the City of Richmond Retirement Systems is appointed lead plaintiff and the law firm of Grant & Eisenhofer, P.A., is appointed lead counsel.
According to a press release dated April 11, 2008, a class action lawsuit was commenced on behalf of a class of all persons who purchased or acquired shares of common stock of Global Cash Access Holdings, Inc., pursuant or traceable to the Company's initial public offering which commenced on September 22, 2005, and who held such shares of GCA common stock until November 14, 2007. The claims asserted arise under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933, respectively 15 U.S.C. 77k, 77l(a)(2) and 77o, and have been asserted against: GCA; current and former directors; controlling shareholders M&C International and Summit Partners, L.P.; and underwriters Goldman Sachs & Co., Inc. and JP Morgan Securities Inc. The complaint alleges that: (a) the Company's internal controls were deficient causing its finance and accounting departments to be unable to accurately calculate the amount of commissions payable to the Company's customers; (b) GCA had improperly computed the amount of commissions it was required to pay many of its customers resulting in the Company failing to comply with contractual terms; and (c) GCA's expenses (i.e. cost of revenues) during 2005 were understated resulting in an overstatement of gross profit margins and net income. The subsequent disclosure of these facts resulted in the decline of the Company's common stock price, causing Plaintiff and the other members of the Class to suffer damages.
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 parties have reached a tentative $65 million settlement in several actions filed against funeral and cemetery company Service Corporation International (SCI) (NYSE:SRV) on behalf of stockholders who purchased the company's common stock or call options, sold put options, held employee stock options in Equity Corporation (ECI) that became options to acquire SCI stock, or held employee stock options to purchase SCI common stock under a plan between July 17, 1998, and January 1999. Persons eligible to take part in the settlement should contact attorneys for the class for more information as soon as possible. Several class actions have been filed against the officers and directors of biotechnology company Organogenesis, Inc. (formerly AMEX: ORG) by stockholders who purchased the company's common stock between November 15, 1999, and January 30, 2002. 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 Par Pharmaceutical Companies, Inc. (PRX), certain of its officers and directors by stockholders who purchased the company's common stock between April 29, 2004 and July 5, 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. - Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Inphonic, Inc. ("Inphonic" or the “Company”) (NasdaqGM:INPC - News) who purchased shares of the Company between August 2, 2006 and May 3, 2007 (the "Class Period"), have until July 6, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the District of Columbia. No class has yet been certified in this action. A class action has been filed against HCA, Inc. (HCA), certain of its officers and directors by stockholders who purchased the company's common stock between January 12, 2005 and July 12, 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 Mamma.com Inc. (NasdaqSC:MAMA), and certain of its officers and directors by stockholders who purchased the company's common stock between May 12, 2004 and February 16, 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. |
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