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Case ID: 5112 | Stocks | 07/21/2008
According to a law firm press release, plaintiffs filed a class action complaint against NexCen Brands, Inc. on May 28, 2008.
The complaint charges NexCen and certain of its officers and directors with violations of the Securities Exchange Act of 1934. NexCen operates as a brand management and franchising company in the United States and internationally. The Company owns, licenses, franchises, and markets a portfolio of brands, including Bill Blass, Waverly, The Athlete’s Foot, Shoebox New York, Great American Cookies, MaggieMoo’s, Marble Slab Creamery, Pretzel Time, and Pretzelmaker. The complaint alleges that, during the Class Period, defendants issued a series of materially false and misleading statements that misrepresented and failed to disclose: (i) that the Company was able to finance a portion of the Great American Cookies acquisition by agreeing to an accelerated-redemption feature, which would force the Company to pay back half of its borrowing by a certain date; (ii) that the Company was unable to comply with this accelerated-redemption feature, which would reduce the amount of cash available to the Company; (iii) that the Company had no reasonable basis for its earnings guidance for fiscal 2008; and (iv) as a result of the foregoing, the Company’s ability to continue as a going concern was in serious doubt. Then, on May 19, 2008, the Company announced that it “expects to amend the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007.” The Company also stated that its prior financial guidance for 2008 “is no longer applicable.” Moreover, the Company revealed that it “is actively exploring all strategic alternatives to enhance its liquidity, including potential capital market transactions, the possible sale of one or more of its businesses, and discussions with the company’s lender.” Upon this news, shares of the Company’s stock fell $1.95 per share, or 77%, to close at $0.58 per share, on heavy 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 A class action has been filed against clothing manufacturer Warnaco Group, Inc. (Nasdaq: WRNC) and certain of its officers and directors by stockholders who purchased the company's common stock between December 11, 1997, and July 20, 2000.
Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of Radian Group Inc. (“Radian” or the “Company”) (NYSE:RDN - News) who purchased securities of the Company between January 23, 2007 and July 31, 2007 (the "Class Period"), have until October 15, 2007 to move for appointment as Lead Plaintiff in a securities class action lawsuit currently pending in the United States District Court for the Eastern District of Pennsylvania. No class has yet been certified in this action. On March 3, 2008, a motion to appoint Southern Ohio Iron Workers as lead plaintiff and to approve the selection of lead and liaison counsel was filed. Just as quickly, a motion to dismiss was filed by Comcast on March 10, 2008. The judge entered his order consolidating all related cases, appointing Southern Ohio Iron Workers as lead plaintiff and approving law firm of Coughlin Stoia Geller Rudman & Robbins LLP as lead counsel. The plaintiffs did not delay in filing an Amended Complaint with the court on May 19, 2008.
The parties have reached a tentative $4.5 million in a consolidated class action filed against former e-commerce business solutions provider Clarus Corporation (Nasdaq:CLRS) and certain of its officers and directors by stockholders who purchased the company's common stock between December 8, 1999, and October 25, 2000. Persons eligible take part in the settlement should contact the attorneys for the class for more information. 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. According to a law firm press release, a class action has been commenced on behalf of purchasers of MRV Communications, Inc. common stock during the period between March 31, 2003 and June 5, 2008 (the "Class Period"). The complaint charges MRV and certain of its current and former officers with violations of the Securities Exchange Act of 1934.
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