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Case ID: 5133 | Stocks | 07/21/2008
On February 25, 2008, several motions to dismiss for lack of jurisdiction by certain individuals were filed. A motion for leave to file a first amended class action complaint and incorporate memorandum of law by certain individuals were filed on April 25, 2008. On May 27, 2008, the Court entered the Order signed by Judge Gregory A. Presnell denying as moot motions to dismiss for lack of jurisdiction and granting in part and denying in part motion for leave to file a First Amended Class Action Complaint.
The Complaint alleges that plaintiffs bring this action against three individuals (“Fraud Defendants”) for their violations of Sections 10(b) and 27 of the Securities Exchange Act of 1934 and fraudulent transfer under Florida Statutes Chapter 726. Plaintiffs’ claims arise from a fraudulent scheme perpetrated by the Fraud Defendants by which hundreds of investors were defrauded out of approximately $22 million through investments in a group of corporate entities that Defendants owned or controlled. Specifically, Defendants used the following entities to defraud investors: Nexstar Communications, LLC; TMT Equipment Company, LLC; TMT Management Group LLC; POSA, LLC; POSA TMT, Camtucket LLC; Televest Communications, LLC; TMT International, LLC, Televest Group, LLC; KBK Partnership LLP; Chilham LLC; Spin Drift, LLC (collectively the “Defendants’ Entities”). Most of the Defendants’ Entities are currently in receivership as a result of an action brought by the Securities and Exchange Commission on February 2, 2006, in the United States District Court for the Middle District of Florida, SEC v. Digges, et al., Case No. 6:06-cv-137-Orl-19KRS (the “SEC Action”). With the filing of the SEC Action, the Securities and Exchange Commission exposed the Defendants’ Entities’ fraud. On that day, the SEC filed a Complaint for Emergency Injunctive and Other Relief, and the Court entered an Order granting the relief sought by the SEC Complaint. It was only with the filing of the SEC Complaint that Plaintiffs and the Class became aware of the Defendants’ Entities’ fraud and uncovered the Fraud Defendants’ role in perpetrating an investment fraud.
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 hospital management company Universal Health Services, Inc. (NYSE:UHS) and certain of its officers and directors by stockholders who purchased the company's common stock between July 21, 2003, and February 27, 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. A class action has been filed against Lazard Ltd. (NYSE:LAZ), certain of its officers and directors by stockholders who purchased the company's common stock between May 04, 2005 and May 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. On April 7, 2008, the case was transferred from the Supreme Court of the State of New York to the U.S. District Court for the Eastern District of New York.
A class action has been filed against eSpeed, Inc.(NasdaqNM:ESPD), and certain of its officers and directors by stockholders who purchased the company's common stock between August 12, 2003 and July 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. A class action lawsuit has been filed against Investors Financial Services Corp. (IFIN), certain of its officers and directors by stockholders who purchased the company's common stock between October 15, 2003 and July 15, 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. Unicapital Corporation (Pinksheets: UCPC.PK) has entered into a settlement of securities class action claims against it. Under the terms of the settlement Unicapiltal will establish an interest bearing fund totaling 5.2 Million Dollars from which class member claims will be paid. The settlement will not become final until it has been reviewed and approved at a fairness hearing, which has been scheduled for January 25, 2005. Parties who wish to participate in the settlement must submit a claim form no later than March 31, 2005. |
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