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Case ID: 5163 | Stocks | 08/22/2008
According to a law firm press release, a class action alleging violations of the federal securities law against the Federal Home Loan Mortgage Corporation (NYSE:FRE) ("Freddie Mac" or the "Company") and certain of its officers and directors on behalf of purchasers of Freddie Mac securities from November 21, 2007 through August 5, 2008 was filed on August 15, 2008.
The Complaint alleges that the Company misled investors as to the soundness of the Company's mortgage portfolio, its underwriting standards and the adequacy of its capital. It took on massive exposure to subprime and other non-traditional risky loans and under-reserved for bad loans and sub-prime investments leading to delayed asset write-downs. Freddie Mac common shares which traded in the $30 range in late 2007 have been decimated by the subsequent revelations of the Company's losses and write-downs, so that Freddie Mac common shares are now trading below $6, wiping out hundreds of millions of dollars in shareholder value. Due to the continuing deteriorating situation, there have been suggestions that a government bail-out might be necessary.
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 The parties have reached a $10 million settlement in an SEC enforcement action filed against Gemstar-TV Guide International, Inc., (Nasdaq:GMST) on behalf of stockholders who purchased the company's common stock between 1999 and 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. Persons eligible to take part in the settlement should contact the attorneys who prosecuted the action for more information. The parties have reached a final $10.7 million settlement in several actions filed against online flower delivery business FTD.Com, Inc. and its parent, IOS Brands Corporation, by stockholders who purchased FTD.Com class A common stock between March 1, 2002, and June 27, 2002. The actions claim that the defendants violated federal securities laws by breaching their fiduciary duties in conjunction with the companies’ 2002 reorganization. Persons eligible to take part in the settlement must submit proof of claims forms postmarked no later than May 13, 2004. On April 11, 2008, several motions to appoint lead plaintiffs and lead counsels were filed by several different groups and individuals.
The parties have reached a tentative $11.7 million settlement of several class actions filed against networking solutions business FORE Systems, Inc. (formerly Nasdaq: FORE) and certain of its officers and directors by stockholders who purchased the company's common stock between July 19, 1996, and April 1, 1997. 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. To recover under the settlement, a completed proof of claim postmarked no later than January 14, 2004, must be mailed to the claims administrator. Kahn Gauthier Swick, LLC ("KGS") announces that shareholders of TNS, Inc. (NYSE:TNS) who purchased, exchanged or otherwise acquired the common stock of TNS on or about September 16, 2005 pursuant to the company's secondary offering have until June 5, 2006 in which to move for appointment as lead plaintiff in a securities fraud class action lawsuit currently pending in the United States District Court for the Eastern District of Virginia. A class action has been filed against content management software provider Stellent, Inc. (Nasdaq: STEL) and certain of its officers and directors by stockholders who purchased the company's common stock between October 2, 2001, and April 1, 2002. |
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