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Case ID: 5124 | Stocks | 07/21/2008
On June 19, 2008, an Order in regards to early settlement was entered. A stipulation and Order was entered on July 02, 2008 and the case is closed. However, this matter is remanded to the Superior Court of Washington for King County.
According to the complaint, plaintiffs are challenging the sale of Safeco to Liberty Mutual and its wholly owned subsidiary Big Apple Merger Corporation ("Big Apple") in a proposed transaction (the "Sale Agreement") which protects and advances the interests of Safeco's directors and Liberty Mutual at the expense of Safeco's public shareholders and defendants' efforts to conceal material information from plaintiff and Safeco's other public shareholders in conjunction with the same. Specifically, as further alleged below, a majority of Safeco's directors will receive extensive personal compensation as a result of the Sale Agreement- compensation that they would not” otherwise receive at this time absent the Sale Agreement. This conflict of interest caused these directors to be unable to fairly and thoroughly evaluate the Sale Agreement to ensure that they are in the best interest of Safeco and its public shareholders- Additionally, Safeco's directors caused Safeco to file a proxy statement with the SEC on or about May 23, 2008 (and, through the SEC, distribute to Safeco's shareholders over the Internet) which concealed material information from plaintiff and Safeco's other public shareholders.
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 StarTek, Inc. (NYSE:SRT), certain of its officers and directors by stockholders who purchased the company's common stock between February 26, 2003 and May 05, 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 settlement apparently valued at approximately $611,000 in action filed against Tengasco CEO M.E. Ratliff and Tengasco, Inc. (Amex:TGC) on behalf of stockholders who purchased the company's common stock between August 1, 2001, and April 22, 2002. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than July 16, 2004. According to a press release dated September 19, 2008, the complaint charges Oshkosh and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that, during the Class Period, defendants materially misled the investing public, thereby inflating the price of Oshkosh’s common stock, by publicly issuing materially false and misleading statements and omitting to disclose material facts necessary to make defendants’ statements not false and misleading. As alleged in the complaint, these statements and omissions were materially false and misleading in that they failed to disclose the following adverse facts which were known to defendants, or recklessly disregarded by them: (a) that synergies related to Oshkosh’s European facility rationalization program for its refuse business, the Geesink Norba Group, were lower and the cost of such rationalization was higher than represented; (b) that the value of Oshkosh’s European refuse business was impaired and overstated and should have been written down; (c) that Oshkosh’s JLG access-equipment division was experiencing a dramatic decrease in demand; and (d) that, as a result of the foregoing, Oshkosh lacked any reasonable basis to maintain its financial guidance for fiscal 2008.
A class action has been filed in the Middle District Court of Florida against Anchor Glass Container Corporation (NASDAQ: AGCC) and certain of its officers and directors by stockholders who purchased the company's common stock between September 25, 2003 and November 4, 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. Several class actions have been filed against Spanish-language television production company TV Azteca, S.A. de C.V. (NYSE:TZA) and certain of its officers and directors by stockholders who purchased the company's common stock between October 6, 2003, and January 7, 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 parties have agreed on a settlement in several class actions that had been filed against Vaso Active Pharmaceuticals, Inc. (OTCBB:VAPH; formerly Nasdaq:VAPH) and certain of its officers and directors by stockholders who purchased the company's common stock between December 11, 2003, and March 31, 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. |
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