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Case ID: 5129 | Stocks | 07/21/2008
According to a law firm press release, an institutional investor filed a class action lawsuit against Sonoco Products and certain of its officers and directors charging violations of the Securities Exchange Act of 1934. Sonoco Products manufactures industrial and consumer packaging products, and packaging services primarily in the United States, Europe, and Canada.
The complaint alleges that, during the Class Period, defendants issued a series of materially false and misleading statements concerning the Company's financial performance and prospects. Specifically, the complaint alleges that these statements were materially false and misleading because defendants failed to disclose and/or misrepresented: (i) that the Company was losing market share to its competitors; (ii) that the Company was having operational difficulties in implementing its next generation of products; (iii) that the Company was experiencing weaker sales in its Engineered Carriers and Paper and Consumer Packaging segments, especially in North America; (iv) that the Company was distracted by the loss of a bid on a large contract, which resulted in decreased sales and price concessions on current contracts; (v) that the Company was having a difficult time in moving its old inventory; and (vi) that as a result of the forgoing, the Company had no reasonable basis for its 2007 earnings guidance. On July 20, 2007, the Company announced its financial results for the second quarter of 2007, the period ended July 1, 2007. For the quarter, the Company reported earnings of $0.41 per diluted share, below analysts' expectations. In response to this announcement, shares of the Company's common stock fell $6.30 per share, or over 14%, to close at $38.00 per share, on heavy trading volume. On September 18, 2007, the Company announced that it was reducing its third quarter 2007 base earnings estimate to a range of $0.55 to $0.58 per diluted share. Upon this news, shares of the Company's stock fell $2.42 per share, or over 7%, to close at $30.78 per share, on heavy trading volume.
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 On October 09, 2008, an order scheduling an initial pre-trial conference was entered.
According to a press release dated October 9, 2008, the complaint charges Biovail and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Biovail is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. According to a press release dated November 7, 2008, the lawsuit asserts claims under Sections 11, 12(a)(2) and 15 of the Securities Exchange Act of 1933. The Complaint alleges that defendants made misstatements and omissions of material fact relating to an investment in Lehman Principal Protection Notes and deceived investors as to the risks of investing in those Notes. The Complaint further alleges that UBS offered and sold Lehman Principal Protection Notes as suitable for investors seeking to protect their entire principal investment.
On February 28, 2008, a stipulation and proposed order in regards to consolidating related securities actions was entered. Just as quickly, a motion to appoint lead plaintiff, lead counsel as well as to consolidate cases was filed on March 18, 2008 by several groups and individuals. As a result, the court entered an order on March 27, 2008 to consolidate case 08-CV-1000 under 08-CV-897 for all purposes. As for the appointment of lead plaintiffs and counsels, the court granted the motion filed earlier and entered its order on April 18, 2008.
The parties have reached a final $10.7 million settlement in several actions filed against online flower delivery business FTD.Com, Inc. and its parent, IOS Brands Corporation, by stockholders who purchased FTD.Com class A common stock between March 1, 2002, and June 27, 2002. The actions claim that the defendants violated federal securities laws by breaching their fiduciary duties in conjunction with the companies’ 2002 reorganization. Persons eligible to take part in the settlement must submit proof of claims forms postmarked no later than May 13, 2004. According to a law firm press release, a class action was filed on May 16, 2008 by an institutional investor on behalf of purchasers of Downey Financial Corp. common stock during the period between October 16, 2006 and March 14, 2008.
Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of TOP Tankers, Inc. ("TOP" or the "Company") (NASDAQ: TOPT) between June 28, 2005 and November 28, 2006 (the "Class Period"). |
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