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Case ID: 5148 | Stocks | 08/07/2008
According to a law firm press release, a class action was filed on behalf of investors who purchased class A shares of certain multi-class MFS stock mutual funds in the aggregate amount of less than $50,000 during the period.
The complaint alleges that, during the Class Period, defendants engaged in a scheme to defraud investors by disseminating prospectuses for the following mutual funds that contain incorrect, incomplete and misleading information: Massachusetts Investors Growth Stock Fund (MIGFX); Massachusetts Investors Trust (MITTX); MFS Aggressive Growth Allocation Fund (MAAGX); MFS Conservative Allocation Fund (MACFX); MFS Core Equity Fund (MRGAX); MFS Core Growth Fund (MFCAX); MFS Emerging Growth Fund (MFEGX); MFS Emerging Markets Equity Fund (MEMAX); MFS Global Equity Fund (MWEFX); MFS Global Growth Fund (MWOFX); MFS Global Total Return Fund (MFWTX); MFS Growth Allocation Fund (MAGWX); MFS International Diversification Fund (MDIDX); MFS International Growth Fund (MGRAX); MFS International New Discovery Fund (MIDAX); MFS International Value Fund (MGIAX); MFS Mid Cap Growth Fund (OTCAX); MFS Mid Cap Value Fund (MVCAX); MFS Moderate Allocation Fund (MAMAX); MFS New Discovery Fund (MNDAX); MFS New Endeavor Fund (MECAX); MFS Research Fund (MFRFX); MFS Research International Fund (MRSAX); MFS Sector Rotational Fund (SRFAX); MFS Strategic Value Fund (MSVTX); MFS Technology Fund (MTCAX); MFS Total Return Fund (MSFRX); MFS Union Standard Equity Fund (MUEAX); MFS Utilities Fund (MMUFX); and MFS Value Fund (MEIAX). According to the complaint, the defendants, in contravention of their disclosure obligations, knowingly presented class A shares as the best performing share class for the long-term, causing the class members to purchase class A shares of the aforementioned mutual funds, when class B and/or class C shares would have been their best investment choice for any holding period. By making misleading disclosures in, and omitting material information from, the prospectuses for these funds, defendants earned excessive profits while the plaintiff and other class members suffered decreased returns on their investments.
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 PainCare Holdings, Inc. (PRZ), certain of its officers and directors by stockholders who purchased the company's common stock between August 27, 2002 and March 15, 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. A class action has been filed against Ramp Corporation (RCOCQ.OB), certain of its officers and directors by stockholders who purchased the company's common stock between April 14, 2004 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. A class action has been filed against Radiation Therapy Service, Inc., (NASDAQ: RTSX) and certain of its officers and directors by stockholders who purchased the company’s common stock between June 17, 2004 and September 8, 2004. The Company owns, operates and manages treatment centers, focused on providing comprehensive radiation treatment alternatives ranging from conventional external beam radiation to newer, technologically advanced options. 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 industrial services provider SPX Corporation (NYSE: SPW) and certain of its officers and directors by stockholders who purchased the company's common stock between July 20, 2003, and February 26, 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. 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.
The parties have reached a tentative $4.5 million in a consolidated class action filed against former e-commerce business solutions provider Clarus Corporation (Nasdaq:CLRS) and certain of its officers and directors by stockholders who purchased the company's common stock between December 8, 1999, and October 25, 2000. Persons eligible take part in the settlement should contact the attorneys for the class for more information. |
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