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Case ID: 5116 | Stocks | 07/21/2008
According to a press release dated June 5, 2008, a class action has been commenced on behalf of purchasers of the Fidelity Ultra-Short Bond Fund who purchased the Fund within three years of the filing of this lawsuit, seeking to pursue remedies under the Securities Act of 1933.
Specifically, the complaint charges Fidelity Management & Research Company ("FMR Co.") and certain related entities, among others, with violations of the Securities Act. FMR Co. is the investment advisor to the entire group of mutual funds under the Fidelity name. The complaint alleges that on or about August 23, 2002, defendants began offering shares of the Ultra-Short Bond Fund pursuant to an initial registration statement, filed with the SEC as a Form 485BPOS (the "Registration Statement"). The complaint alleges that defendants solicited investors to purchase shares of the Ultra-Short Bond Fund by making statements that described the Fund as a fund that: (i) "Seeks a high level of current income consistent with the preservation of capital"; (ii) "allocates its assets across different market sectors and maturities"; (iii) has a "similar overall interest rate risk to the Lehman Brothers® 6 Month Swap Index"; and (iv) is geared toward the "preservation of capital." As alleged in the complaint, these statements were materially false and misleading because defendants did not adequately disclose the risks associated with investing in the Fund, including, for example, that the Fund was: (i) failing to compete with the Lehman Brothers® 6 Month Swap Index; and (ii) so heavily invested in high-risk mortgage-backed securities. By June 11, 2007, defendants slowly began lowering the value of the share price for the Ultra-Short Bond Fund. Since then, the value of the Ultra-Short Bond Fund's share price has been precipitously lowered. By November 15, 2007, the value of the per-share price was reduced below $9. The shares were trading as low as $8.25 as of the filing of the complaint.
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 According to a press release dated September 23, 2008, the Complaint charges Spectranetics 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 and operations caused Spectranetics' stock price to become artificially inflated, inflicting damages on investors. A class action has been filed against New York Community Bancorp, Incorporated, a New York bank serving the New York metro region, including the boroughs of New York City, Long Island and Westchester County, and Essex, Hudson, and Union counties in New Jersey (NYB) and certain of its officers and directors by stockholders who purchased the company's common stock between June 27, 2003 and May 9, 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 was filed against defendants Synchronoss, its President, CEO and Chairman and its CFO and Treasurer. According to the complaint, defendants violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5, by issuing a series of material misrepresentations to the market during the Class Period.
A class action has been filed against Constar International Inc. (Nasdaq: CNST), a global producer of polyethylene terephthalate (PET) plastic containers for food and beverages, and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to Constar's November 2002 Initial Public Offering.
According to a news article published June 10, 2008, Universal Food & Beverage Co. is facing a class-action complaint alleging its directors sold $20 million of their preferred stock while artificially propping up the share price.
Several class actions have been filed against piping systems provider The Shaw Group, Inc., (NYSE: SGR) and certain of its officers and directors by stockholders who purchased the company's common stock between October 19, 2000, and June 10, 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. |
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