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Case ID: 5102 | Stocks | 07/21/2008
According to a press release dated May 22, 2008, a class action complaint has been on behalf of certain current and former shareholders of Huntington Bancshares Incorporated ("Huntington") whose shares of stock in Waterfield Mortgage Company, Incorporated ("Waterfield") were converted into shares of stock in Sky Financial Group, Inc. ("Sky Financial") in connection with Sky Financial's October 2006 acquisition of Waterfield, and then converted into shares of stock in Huntington in connection with Huntington's July 2007 merger with Sky Financial. The complaint names Huntington and certain Individuals as defendants. The complaint alleges that Huntington, as successor in interest to Sky Financial, violated sections 11 and 12(2) of the Securities Act of 1933, and that the individuals are liable because, under section 15 of the Securities Act of 1933, they were Control Persons of Sky Financial. The complaint seeks damages for members of alleged class who sold shares of stock in Huntington during the class period from November 16, 2007 to the present, or who continue to hold shares of stock in Huntington.
The complaint specifically alleges that Sky Financial, and the Individual Defendants made false and misleading statements in, and omitted material information from, certain of Sky Financial's registration statements and prospectuses regarding various material matters, including Sky Financial's undisclosed lending relationship with a sub-prime residential mortgage company called Franklin Credit Management Corporation ("Franklin Credit"), investment allocation, performance, loan characteristics, sub-prime exposure, and other matters. On April 5, 2006, Sky Financial filed a Form S-4 Registration Statement and proxy statement/prospectus, and on July 26, 2006, Sky Financial filed a near identical Form S-4/A Amendment No. 1 and proxy statement/prospectus to its April 5, 2006 Form S-4 Registration Statement. Defendants falsely and misleadingly described Sky Financial as a company with a "conservative credit culture" and a "disciplined lending practice." Defendants omitted any mention of Sky Financial's relationship with Franklin Credit, and falsely and misleadingly mischaracterized Sky Financial's $1.2 billion in loans to Franklin Credit as commercial loans rather than residential mortgage loans. On November 16, 2007, Huntington made the first in a series of announcements of material information that was materially and qualitatively different from information that previously had been provided to the alleged plaintiff class. On December 3, 2007, Huntington announced the retirement of defendant Marty A. Adams, the former chairman of Sky Financial who, after Huntington's merger with Sky Financial, had become Huntington's president and chief operating officer.
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 Vertex Pharmaceuticals Inc. (Nasdaq: VRTX) and certain of its officers and directors by stockholders who purchased the company's common stock between March 27, 2000, and September 24, 2001. Motorola says it has settled a securities class action lawsuit related to Turkish wireless company Telsim. The California State Teachers' Retirement System has reached a preliminary settlement of $17.5 million with PricewaterhouseCoopers in a class action lawsuit accusing the accounting firm of violating its professional responsibilities in its audits of Homestore.com Inc. in 2000 and 2001. The parties have submitted to an arbitration agreement valued at approximately $7,184,561 in a class action filed against Columbian bank Bancolumbia SA (NYSE: CIB) (formerly known as the Banco de Colombia) and certain of its officers and directors by minority stockholders who purchased the company's common stock. The action claims that the defendants harmed the minority stockholders by violating federal securities laws. Minority stockholders should contact the class attorneys for information on how to participate in the action. A class action has been filed against Terayon Communication Systems, Inc. (TERN), certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2004 and March 1, 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. The parties have reached a final $8 million settlement in a class action filed against NTS Development Company. The action alleged that NTS and an affiliate company cheated investors out of millions of dollars by mismanaging limited partnerships and then repurchasing them from the investors at a deep discount, in violation of state law. Persons eligible to participate in this action should contact attorneys for the class as soon as possible. |
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