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Case ID: 5132 | Stocks | 07/21/2008
According to a law firm press release, a class action was filed on June 30, 2008 on behalf of purchasers of the SSgA Yield Plus Fund (NASDAQ: SSYPX) (the "Yield Plus Fund" or the "Fund") who purchased shares of the Fund within the three years that preceded the filing of this lawsuit.
The complaint charges State Street Corporation ("State Street"), and certain related entities, among others, with violations of the Securities Act. State Street Global Advisors ("SSgA") is the investment advisor to the entire group of mutual funds under the State Street name. On or about November 9, 1992, defendants began offering shares of the Yield Plus Fund pursuant to an initial registration statement, filed with the SEC as a Form 485BPOS (the "Registration Statement"). The complaint alleges that defendants solicited investors to purchase shares of the Yield Plus Fund by making statements in the Registration Statement and subsequent supplemental prospectuses that described the "investment objective" of the SSgA Yield Plus Fund as investments "primarily in a diversified portfolio" with "high-quality debt securities" that include "high credit quality," "sophisticated credit analysis" and "team based decision making by experienced investment professionals." As alleged in the complaint, these statements were materially false and misleading because defendants did not adequately disclose the risks associated with investing in the Fund, including, for example, that the Fund was so heavily invested in high-risk mortgage-related or mortgage-backed securities. By June 11, 2007, defendants slowly began lowering the value of the share price for the Yield Plus Fund. Since then, the value of the Yield Plus Fund's share price has been precipitously lowered. By December 12, 2007, the value of the per-share price was reduced to $8.01. The shares were trading as low as $6.60 at the time of the filing of the complaint.
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 software and consulting company Compuware Corporation (Nasdaq: CPWR) and certain of its officers and directors by stockholders who purchased the company's common stock between June 26, 1999, and April 3, 2002. 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 securities class action was commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of Ciphergen Biosystems, Inc. (NASDAQ: CIPHE) between August 8, 2005 and November 16, 2005, inclusive.
A class action has been filed against Electronic Arts Inc. (EA), (NasdaqNM:ERTS), certain of its officers and directors by stockholders who purchased the company's common stock between January 25, 2005 and March 21, 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. On May 13, 2008, a motion to appoint Ropeta Group as lead plaintiff and to approve the selection of lead counsel was filed. Just as quickly, a stipulation and order was entered and signed by Judge Julian Abele Cook on May 19, 2008.
On March 11, 2008, a motion to appoint certain individual as lead plaintiff and to appoint Abraham Fruchter & Twersky LLP as lead counsel was filed. As a result, on March 14, 2007, the Court granted motion to name a certain individual as Lead Plaintiff and appointing Abraham Fruchter & Twersky LLP as Lead Counsel. An Amended Class Action Complaint For Violation Of Federal Securities Law was filed on March 24, 2008. On April 3, 2008, an order denying the motion for undertaking and directing amendment of the caption was denied as moot. The defendant filed motion to dismiss the Amended Complaint on April 25, 2008, which is currently pending before the court.
A class action has been filed against Chicago Bridge & Iron Co. NV (CBI), certain of its officers and directors by stockholders who purchased the company's common stock between March 9, 2005 and February 3, 2006. 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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