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Case ID: 5091 | Stocks | 07/18/2008
According to a press release dated April 14, 2008, a class action has been commenced on behalf of purchasers of the common stock of iStar Financial Inc. pursuant and/or traceable to the Company’s secondary public offering on or about December 13, 2007, seeking to pursue remedies under the Securities Act of 1933.
Specifically, the complaint charges iStar Financial and certain of its officers and directors with violations of the Securities Act. iStar Financial operates as a finance company focusing on the commercial real estate industry. According to the complaint, on or about October 9, 2007, iStar Financial filed a Form S-3 Shelf Registration Statement with the Securities and Exchange Commission. On or about December 13, 2007, iStar Financial filed a Prospectus Supplement to the Shelf Registration Statement (the “Registration Statement”) with respect to the secondary offering, which forms part of the Registration Statement, and more than 8 million shares of iStar Financial common stock were sold to the public at $28.41 per share, thereby raising more than $227 million. The complaint alleges that the Registration Statement negligently failed to disclose that the Company was then being negatively impacted by the adverse conditions in the credit markets and was failing to recognize more than $200 million of losses on its corporate loan and debt portfolio. On February 28, 2008, iStar Financial issued a press release announcing its financial results for the fourth quarter of 2007 and fiscal year 2007, the period ending December 31, 2007. For the fourth quarter, the Company reported a loss of ($78.7 million) or ($0.62) per share. The Company further reported that its fourth quarter financial results were impacted by $134.9 million of charges associated with the “impairment of two credits” and that the Company had increased its loan loss provisions by $113 million. In response to this announcement and subsequent analyst downgrades, the price of iStar Financial stock declined from $22.85 per share on February 27, 2008, to $13.98 per share on March 6, 2008.
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 $1.5 million settlement of a class action filed against automotive parts manufacturer Federal-Mogul Corporation (OTCBB: FDMLQ, formerly NYSE: FMO) and certain of its officers and directors by stockholders who purchased the company's common stock between October 22, 1998, and May 25, 2000. To recover under the settlement, a completed proof of claim postmarked no later than January 9, 2004, must be mailed to the claims administrator. A class action has been filed against Able Laboratories, Inc. (NasdaqNM:ABRX), certain of its officers and directors by stockholders who purchased the company's common stock between October 31, 2002 and May 18, 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. According to a law firm press release, a class action alleging violations of the federal securities law against the Federal Home Loan Mortgage Corporation (NYSE:FRE) ("Freddie Mac" or the "Company") and certain of its officers and directors on behalf of purchasers of Freddie Mac securities from November 21, 2007 through August 5, 2008 was filed on August 15, 2008. Kahn Gauthier Swick, LLC ("KGS") announces that it has filed suit against Sourcefire, Inc. ("Sourcefire" or the “Company”) (NasdaqGM:FIRE - News), in the United States District Court for the District of Maryland, on behalf of shareholders who purchased shares of the Company in connection with its Initial Public Offering ("IPO") on or about March 9, 2007, or thereafter in the open market. KGS has expanded the lawsuit’s defendants beyond the Company, Board of Directors and CFO, to include the underwriters involved in the Offering (including, Morgan Stanley, Lehman Bros., UBS Securities and Jeffries & Co.), who are each charged with including or allowing the inclusion of materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the IPO, in direct violation of the Securities Act of 1933. A class action has been filed against EchoStar Communications Corporation (NasdaqNM:DISH), certain of its officers and directors by stockholders who purchased the company's common stock between August 10, 2004 and March 09, 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 Collins & Aikman Corp. (NYSE:CKC), certain of its officers and directors by stockholders who purchased the company's common stock between May 06, 2004 and March 17, 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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