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Case ID: 5099 | Stocks | 07/21/2008
According to a press release dated April 30, 2008, the complaint charges Arbitron and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Company, through its subsidiaries, provides media and marketing information services in the United States and internationally. The Company's Portable People Meter ratings service is purportedly capable of measuring radio, broadcast television, cable television, Internet broadcasts, satellite radio and television audiences, and retail store video and audio broadcasts.
Specifically, the complaint alleges that, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (i) that the Company's scheduled implementation of its Portable People Meter ratings service in certain major markets was not performing according to internal expectations and the Company was experiencing significant difficulties such that it would have to delay its implementation; and (ii) as a result, defendants lacked a reasonable basis for their positive statements about the timing of the implementation of Arbitron’s Portable People Meter ratings service and the Company's prospects and future earnings. On November 26, 2007, Arbitron announced that "it [would] delay the commercialization of its Portable People Meter (PPM) radio ratings service in nine markets" and that the Company would be revising its financial guidance for 2007 and its outlook for 2008. In response to this announcement, the price of Arbitron common stock declined $7.21 per share, or over 14.74%, to close at $41.70 per share, on unusually high 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 - 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 Rhodia S.A. (NYSE:RHA), certain of its officers and directors by stockholders who purchased the company's common stock between April 26, 2001 and March 23, 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. According to a law firm press release, a class action lawsuit was filed on May 30, 2008 against Tomo Therapy, Inc.
The complaint charges TomoTherapy and certain of its officers and directors with violations of the Securities Exchange Act of 1934. TomoTherapy develops, markets, and sells the Hi-Art system, a radiation therapy system for the treatment of various types of cancers.
Several class actions have been filed against rich media communications company First Virtual Communications, Inc. (Pink Sheets:FVCC.PK), and certain of its officers and directors by stockholders who purchased the company's common stock between March 29, 2004, and August 23, 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. According to the Notice of Voluntary Dismissal signed by Judge Gerard E. Lynch on April 18, 2008, the case has been dismissed without prejudice as to defendants JP Morgan Chase & Co. and J.P. Morgan Securities, Inc.
A class action has been filed against Tag-It Pacific, Inc. (TAG), certain of its officers and directors by stockholders who purchased the company's common stock between November 14, 2003 and August 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. |
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