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Case ID: 5109 | Stocks | 07/21/2008
According to a law firm press release dated 5/22/2008, a class action lawsuit was filed on behalf the Jacksonville Police and Fire Pension Fund against American International Group, Inc.
The Complaint alleges that during the Class Period, AIG and the individual defendants, including the Chief Executive Officer, Executive Vice President and Chief Financial Officer, Senior Vice President and Chief Risk Officer, and the former head of AIG subsidiary American International Group Financial Products ("AIGFP"), violated the federal securities laws by issuing false and misleading press releases, financial statements, filings with the SEC and statements during investor conference calls. The Complaint alleges that, throughout the Class Period, Defendants repeatedly reassured investors that AIG had successfully insulated itself from the recent turmoil in the housing and credit markets due to its superior risk management. In particular, defendants touted the security of AIGFP's "super senior" credit default swap ("CDS") portfolio, making numerous statements that this portfolio was secure and that AIG's method for accounting for the valuations of this portfolio accurately reflected its value. The complaint continues, saying investors began to learn the truth regarding AIG's financial condition and the Company's exposure to the mortgage market when, on February 11, 2008, the Company disclosed that its outside auditor had determined that there was "material weakness in its internal control" over the financial reporting and oversight relating specifically to its accounting for the CDS portfolio, and that the Company was revising the loss valuations it previously reported. Under the new valuations, losses on the CDS portfolio more than quadrupled -- from the $1.4 billion reported on the CDS portfolio just weeks before to over $4.5 billion. Two weeks later, on February 28, 2008, AIG disclosed that the market valuations on the CDS portfolio would increase to $11.5 billion and revealed for the first time that the Company had notional exposure of $6.5 billion in liquidity puts written on collateralized debt obligations ("CDOs") linked to the sub-prime mortgage market. Finally, on May 8, 2008, the Company disclosed that market valuation losses on the CDS portfolio for the quarter climbed an additional $9.1 billion, for a cumulative loss of $20.6 billion, and that the Company was expecting actual losses on the portfolio to be about $2.4 billion. As a result of these disclosures, the price of AIG stock plunged from a Class Period high of $75.24 per share on June 5, 2008, to $38.37 per share on May 12, 2008, wiping out tens of billions of dollars in shareholder value and causing damage to the class. The Complaint alleges that the Defendants violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder and that two Individual Defendants violated Section 20(a) of the Exchange Act.
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 Several class actions have been filed against e-messaging protection and transaction services provider Zix Corporation (Nasdaq:ZIXI) and certain of its officers and directors by stockholders who purchased the company's common stock between October 30, 2003, and May 4, 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. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against Ligand Pharmaceuticals, Inc., a San Diego, CA based biopharmaceutical company (NASDAQ: LGND) and certain of its officers and directors by stockholders who purchased the company’s common stock between July 28, 2003 and August 2, 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 press release dated October 09, 2008, the Complaint charges AuthenTec and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning the Company's business, operations and prospects, caused AuthenTec's stock price to become artificially inflated, inflicting damages on investors. AuthenTec is a mixed-signal semiconductor company that provides fingerprint authentication sensors and solutions to the high-volume personal computer, wireless device, and access control markets. The Company's sensors enable users to access and control multiple functions on an electronic device by touching or sliding a finger across the sensor.
According to a press release dated November 26, 2008, the complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements were materially false and misleading. A class action has been filed against construction equipment rental supplier United Rentals, Inc. (NYSE: URI) and certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2003 and August 30, 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. NEW ORLEANS, LA--(MARKET WIRE)—October 24, 2006 -- Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of Xethanol Corp. ("Xethanol” or the "Company'') (AMEX: XNL) between January 31, 2006 and August 8, 2006 (the “Class Period”).
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