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Case ID: 5118 | Stocks | 07/21/2008
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.
Plaintiffs contend that the sale of this preferred stock was improperly and fraudulently made by defendants who are officers and directors of the company. Plaintiffs want the court to rule on: (a) whether defendants' actions as alleged violated the federal securities laws; (b) whether statements made by defendants to the investing public during the class period misrepresented material facts about the business, prospects, operations and management of Universal; and (c) the extent to which the members of the class have sustained damages and the proper measure of damages.
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 power utility Canadian Superior Energy , Inc. (AMEX:SNG, TSX:SNG) and certain of its officers and directors by stockholders who purchased the company's common stock between November 17, 2003, and March 11, 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 a press release dated June 5, 2008, the complaint charges Healthways and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Healthways provides disease management and wellness programs for health plans, hospitals and small businesses, helping members with diabetes, cancer and other diseases to coordinate care, keep up with treatment and maintain healthy behaviors.
According to a law firm press release, a class action was filed in connection with Fifth Third's acquisition of First Charter on June 6, 2008, and on behalf of shareholders of First Charter as of November 26, 2007 and were solicited to vote on this acquisition.
A class action has been filed against Abercrombie & Fitch Co. (ANF), certain of its officers and directors by stockholders who purchased the company's common stock between June 2, 2005 and August 16, 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. Kahn Gauthier Swick, LLC (“KGS”) announces that it has filed suit against Xinhua Finance Media Ltd. ("Xinhua" or the "Company") (NasdaqNM:XFML), in the United States District Court for the District of New York, on behalf of shareholders who purchased shares of the Company in connection with its $300 million Initial Public Offering (“IPO”) on or about March 9, 2007 or thereafter in the open market. KGS has expanded the lawsuit’s defendants beyond the Company and its underwriters, to now include additional officers and directors, including Graham Earnshaw, Aloysius T. Lawn, John H. Springer, Zhoa Li, Long Qiu Yun and Zhu Shan. Xinhua, the underwriters and these additional defendants are charged with including false and misleading statements in the Registration Statement and Proxy-Prospectus issued in connection with the IPO in direct violation of the Securities Act of 1933. Several class actions have been filed against biotechnology company Cerus Corporation (Nasdaq: CERS) and certain of its officers and directors by stockholders who purchased the company's common stock between October 25, 2000, and September 3, 2003. 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. |
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