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Case ID: 5121 | Stocks | 07/21/2008
According to a law firm press release, a complaint filed June 11, 2008 alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, defendants downplayed and concealed IndyMac's growing exposure to non-performing assets, particularly loans in its pay-option adjustable-rate mortgage ("Option ARM") and homebuilder construction portfolios, and made numerous positive representations regarding the Company's capital position to alleviate investors' fears concerning the Company's capital erosion. As a result of defendants' false statements, IndyMac stock traded at artificially inflated prices during the Class Period, reaching a Class Period high of $24.55 per share in October 2007.
Then on May 12, 2008, IndyMac announced its first quarter 2008 financial results, including a net loss of $184.2 million, or ($2.27) per share, compared with net earnings of $52.4 million, or $0.70 per share, in the first quarter of 2007. On this news, IndyMac's stock dropped to close at $2.32 per share - a two-day decline of $1.11 per share, or 32%, and a decline of 91% from $24.55 per share on October 2, 2007. According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company was not adequately reserving for its losses on mortgage-related assets in violation of generally accepted accounting principles; (b) the Company had far greater exposure to anticipated losses and defaults concerning its book of business related to its homebuilder and Option ARM portfolios than it had previously disclosed; (c) the Company's capital base was not adequate enough to withstand the significant deterioration in the credit and real estate markets and could jeopardize the Company's status as "well capitalized;" (d) IndyMac had not adequately reserved for Option ARMs; and (e) given the Company's exposure to the increased volatility in the credit and real estate markets, the Company had no reasonable basis to make projections about its earnings.
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 HCA, Inc. (HCA), certain of its officers and directors by stockholders who purchased the company's common stock between January 12, 2005 and July 12, 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. The parties have reached a $10 million settlement in an SEC enforcement action filed against Gemstar-TV Guide International, Inc., (Nasdaq:GMST) on behalf of stockholders who purchased the company's common stock between 1999 and 2002. 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. Persons eligible to take part in the settlement should contact the attorneys who prosecuted the action for more information. According to the Complaint, Plaintiff brings this class action on behalf of all persons similarly situated, (the "Class"), other than Defendants and their affiliates, who (1) purchased or otherwise acquired the common shares of EnerNOC, Inc. ("EnerNOC" or the "Company) between November 1, 2007, through and including, February 27, 2008, (the "Class Period"); and/or (2) purchased or otherwise acquired EnerNOC common stock pursuant to Prospectus on Form 424B4 filed November 13, 2007 ("November 13 Prospectus") between November 13, 2007 through and including February 27, 2008, for violations of the federal securities laws. Plaintiff seeks to recover damages caused to the Class by Defendants' violations of Section 11 of the Securities Act of 1933 (the "Securities Act") and Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act").
On September 6, 2005, the Court dismissed several class actions that had been filed against electronic design automation software maker Synopsys, Inc. (Nasdaq:SNPS), and certain of its officers and directors by stockholders who purchased the company's common stock between December 3, 2003, and August 18, 2004. The actions claimed 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. A class action has been filed against A.G. Edwards (NYSE:AGE), and its officers and directors by stockholders who purchased the company's common stock between January 1st, 1990 and February 3rd, 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. The parties have reached a tentative $32 million settlment of several class actions filed against CBT Group, PLC, a subsidiary of e-learning company Skillsoft, PLC (Nasdaq: SKIL) and certain of its current and former officers and directors by persons who purchased American depositary shares issued by CBT Group during the period from April 14, 1998, through October 1, 1998. 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 depositary shares. A claims deadline apparently has not yet been set at this time. |
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