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Case ID: 5155 | Stocks | 08/13/2008
The complaint charges MF Global and certain of its officers and directors with violations of the Securities Exchange Act of 1934. MF Global is a broker of exchange-listed futures and options.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's capital and financial results and concealed the material deterioration in the Company's business and the insufficiency of its capital, which would necessitate additional offerings of securities and dilution of the ownership interest of MF Global investors. As a result of defendants' false statements, MF Global stock traded at artificially inflated prices during the Class Period, reaching a high of $14.98 per share in May 2008. On June 17, 2008, MF Global issued a press release announcing its intention to sell approximately $300 million in convertible stock and bonds to repay a bridge loan due in December and updating its current fiscal first quarter 2009 earnings estimates. The expected revenues were well below the levels MF Global's management had led the market to expect just weeks earlier. As a result of this news, MF Global's stock dropped to close at $7.83 per share on June 18, 2008, a decline of 43% from June 17, 2008. On June 19, 2008, The Wall Street Journal published an article regarding the Company's planned $300 million offering and its other recent problems, including a probe by the Commodity Futures Trading Commission alleging one of the Company's brokers colluded with a trader at the Bank of Montreal to set natural-gas prices and speculation about its liquidity position and the desertion of clients. On this news, MF Global's stock dropped to $6.86 per share on June 20, 2008, a decline of 55% from the Class Period high of $14.98 per share in May 2008. According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) MF Global's business was materially weaker than represented and the Company would not be able to achieve the 15%-20% revenue growth projected for fiscal 2009; and (b) MF Global's capital would not be sufficient absent additional infusions which would dilute the ownership of current shareholders.
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 New Orleans, LA (Marketwire) – February 1, 2007 - Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Central District of California, Southern Division, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of Powerwave Technologies, Inc. ("Powerwave" or the "Company'') (Nasdaq: PWAV) between May 2, 2005 and October 9, 2006 (the "Class Period"). According to a law firm press release, a class action was filed in connection with Fifth Third's acquisition of First Charter on June 6, 2008, and on behalf of shareholders of First Charter as of November 26, 2007 and were solicited to vote on this acquisition.
Several class actions have been filed against Citigroup, Inc., the owner and operator of the Salomon Brothers and Smith Barney Mutual Funds, and certain company officers and directors by investors who purchased shares of Smith Barney and Salomon Brothers funds between March 22, 1999, and March 22, 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. On April 01, 2008, a notice of non-opposition in regards to the amended motion of the institutional investors group for the appointment of lead plaintiff and lead counsel was filed by Bankinter Gestion De Activos. Just as quickly, minutes of order explaining about the possible dismissal due to the absence of show cause was entered on May 23, 2008. Hence, the court ordered the plaintiffs to show cause why this action should not be dismissed for lack of prosecution and a time frame for submitting related materials has been set.
According to a law firm press release, a class action has been on behalf of all persons who purchased the common stock of TRM Corporation on May 22, 2008.
A class action has been filed in the Northern District Court of California against Tripath Technology, Inc., a California based technology company, (NASDAQ: TRPH) and certain of its officers and directors by stockholders who purchased the company’s common stock between January 29, 2004 and October 22, 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. |
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