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Case ID: 5160 | Stocks | 08/13/2008
According to a press release dated August 8, 2008, the complaint charges Reddy Ice and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Reddy Ice is the largest manufacturer and distributor of packaged ice in the United States.
Specifically, 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. According to the complaint, from at least 2002 to the present, defendants engaged in a continuing agreement, understanding and conspiracy in restraint of trade to artificially raise, fix, maintain or stabilize prices for packaged ice in the United States in violation of §1 of the Sherman Act, 15 U.S.C. §1. Moreover, defendants divided up the packaged ice market so that they would not compete with other packaged ice makers, such as Arctic Glacier International, Inc. and Home City Ice Co. Specifically, the complaint alleges that Reddy Ice failed to disclose that (a) the Company was recognizing significant amounts of revenues derived from illegal activities in violation of the U.S. antitrust laws; and (b) as a result, the Company’s financial statements were not a fair presentation of Reddy Ice’s results and were presented in violation of U.S. Generally Accepted Accounting Principles and U.S. Securities and Exchange Commission rules. On March 6, 2008, after the markets closed, Reddy Ice issued a press release announcing that “federal officials executed a search warrant at the Company’s corporate office in Dallas on March 5, 2008.” Upon this news, on the next trading day, shares of the Company’s stock fell $7.73 per share, or 33%, to close at $15.38 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 Several class actions have been filed against mutual fund manager Merrill Lynch & Company, Inc., (various stock symbols) and certain of its officers and directors by stockholders who purchased shares or other ownership units of any of the mutual funds carrying the "Merrill Lynch" brand name through Merrill Lynch, Pierce, Fenner & Smith, Inc., acting as broker between May 20, 1999, and the present. The actions claim that the defendants violated federal securities laws by failing to disclose that the company systematically applied incentives and demerits to induce the brokerage’s mid-level managers to maximize sales of Merrill Lynch funds. 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. Several class actions have been filed against prosthetics company Hanger Orthopedic Group, Inc., (NYSE: HGR) and certain of its officers and directors by stockholders who purchased the company's common stock between July 29, 2003, and June 14, 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 in Delaware state chancery court against UnitedGlobalCom (Nasdaq:UCOMA) and certain of its officers and directors by stockholders. The action claims that the defendants violated federal securities laws in its handling of the merger with Liberty Media International, Inc. The stockholder seeks to recover compensatory damages for the loss of value of their stock. A class action has been filed against biopharmaceutical company Titan Pharmaceuticals, Inc. (AMEX: TTP) and certain of its officers and directors by stockholders who purchased the company's common stock between December 1, 1999, and July 22, 2002. 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.
A class action has been filed against pharmaceutical company Biovail Corporation (NYSE: BVF) and certain of its officers and directors by stockholders who purchased the company's common stock between May 17, 2002, and October 30, 2003. 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. |
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