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Case ID: 5126 | Stocks | 07/21/2008
According to a law firm press release, a class action was filed on behalf of purchasers of all classes of shares of the Evergreen Ultra Short Opportunities Fund (NASDAQ: EUBAX, EUBBX, EUBCX, EUBIX) (the "Ultra-Short Opportunities Fund" or the "Fund") who purchased or otherwise acquired shares of the Fund within three years of the filing of the lawsuit, seeking to pursue remedies under the Securities Act of 1933 (the "Securities Act"). Prior to August 1, 2005, the Fund was known as the Evergreen Ultra Short Bond Fund.
The complaint alleges that Evergreen Investment Management Co., LLC ("Evergreen Co.") and certain related entities, and officers and directors, violated the Securities Act. Evergreen Investment Management Co., LLC serves as the investment advisor to a group of mutual funds marketed under the Evergreen name. Evergreen Investments is the brand name under which Wachovia Corporation (NYSE:WB) conducts its investment management business. On or about May 29, 2003, the 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 charges that defendants solicited investors to purchase shares of the Fund by stating that the Fund's investment objective was to: "provide current income consistent with preservation of capital and low principal fluctuation." The complaint alleges that these statements were materially false and misleading because the fund employed an undisclosed high-risk strategy that led to realized losses of approximately 18 percent and seeks to recover damages on behalf of the Class. Beginning on or about June 9, 2008, the Fund's per share net asset values declined precipitously across all share classes. On June 19, 2008 the Fund reported that it was liquidating, and that its net assets were only $403 million, far lower than the $731.4 million net asset value reported by the Fund on March 31, 2008.
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 Magma Design Automation, Inc. (NasdaqNM:LAVA), certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2002 and April 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. According to a press release dated October 09, 2008, the Complaint charges AuthenTec 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, operations and prospects, caused AuthenTec's stock price to become artificially inflated, inflicting damages on investors. AuthenTec is a mixed-signal semiconductor company that provides fingerprint authentication sensors and solutions to the high-volume personal computer, wireless device, and access control markets. The Company's sensors enable users to access and control multiple functions on an electronic device by touching or sliding a finger across the sensor.
Deregulation of the market has done stockholders no favors. Several class actions have been filed against jewelry retailer Friedman's, Inc. Friedman's, Inc. (NYSE: FRM, formerly Nasdaq: FRDM) and certain of its officers and directors by stockholders who purchased the company's common stock between January 26, 2000, through November 17, 2003, and all those who purchased Friedman's shares in its offering on February 11, 2002, for $9.50 per share and its offering on September 18, 2003, for $15.00 per share. 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. A class action has been filed against Cyberonics, Inc. (CYBX), certain of its officers and directors by stockholders who purchased the company's common stock between June 15, 2004 and October 01, 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. Mergers often strengthen a corporation, but sometimes hurt stockholders and the public. The class has been certified in an action filed against the Minnesota Corn Processors (MCP) Board of Directors on behalf of all individuals holding MCP Class A shares prior to September 5, 2002, and the who had the right to vote in connection with the 2002 $400 million merger between MCP and Archer Daniels Midland (ADM). The action alleges that the Board hid the fact that they were profiting from the merger illegally while shareholders would only make a fraction of what their shares were worth in the transaction. A class action has been filed against Carrier Access Corporation (NasdaqNM:CACSE) formerly (NasdaqNM:CACS), certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 2003 and May 20, 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. |
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