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Case ID: 5090 | Stocks | 07/18/2008
According to a press release dated April 11, 2008, the class action is brought against Oppenheimer Holdings Inc., Oppenheimer & Co. Inc, Oppenheimer Asset Management and Freedom Investments Inc. (collectively, "Oppenheimer"), in connection with the sale of auction rate securities, auction rate preferred stock, auction market preferred stock, variable rate preferred securities, money market preferred securities, periodic auction rate securities and auction rate bonds (collectively, "Auction Rate Securities").
The Complaint alleges that Oppenheimer 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. The Complaint alleges that Oppenheimer 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 Oppenheimer 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 Oppenheimer to "withdraw their support" for the periodic auctions at which the interest rates paid on Auction Rate Securities are set. The Complaint alleges that Oppenheimer failed to disclose the following material facts about the Auction Rate Securities it sold to investors: (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 Oppenheimer and other broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (3) Oppenheimer 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) Oppenheimer 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.
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 Kahn Gauthier Swick, LLC hereby gives notice that it has filed a class action lawsuit in the United States District Court for the District of New Jersey on behalf of purchasers of the common stock of Vonage Holdings Corp. ("Vonage" or the "Company") (NYSE: VG). If you would like to discuss this action or have any questions about this notice or your rights, please contact us via telephone at (866) 467-1400. 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. A class action has been filed against TXU Corporation (TXU), certain of its officers and directors by stockholders who purchased the company's common stock between September 15, 2004 and October 13, 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. On April 07, 2008, several motions were filed by certain groups and individuals for the appointment of lead plaintiffs and to approve the selection of lead counsels. Just as quickly, several proposed orders granting the above mentioned motions were also entered at the same time. As the case progresses, several responses from the competing motions for the appointment of lead plaintiffs and counsels were filed on May 14, 2008. The judge finally made its order granting the Public Funds Group, the Cobb County Government Employees' Pension Plan, the Dekalb County Pension Plan, and the Mississippi Public Employees Retirement System to be appointed as lead plaintiffs and counsels. The case was quickly followed by a proposed order entered on May 23, 2008 in regards to the consolidation of cases filed by the Public Funds Group. As a result, a stipulation and order to consolidate cases was entered on May 28, 2008.
On April 30, 2008, a notice of motion to appoint lead plaintiffs and lead counsels was filed by certain groups and individuals. As a result, an order granting motion to appoint lead plaintiffs and counsels was entered on April 30, 2008.
Several class actions have been filed against technology company Wave Systems Corporation (Nasdaq: WAVX) and certain of its officers and directors by stockholders who purchased the company's common stock between July 31, 2003, and February 2, 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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