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Case ID: 5175 | Stocks | 09/22/2008
According to a law firm press release dated September 5, 2008, a class action complaint has been filed against the company and certain current and former officers and directors. The Complaint alleges violations of Section 11 and Section 15 of the Securities Act of 1933, including allegations of material misrepresentations and omissions in Quest's Registration Statement and Prospectus issued in connection with the Initial Public Offering ("IPO") on November 7, 2007. The class period begins with the IPO on November 7, 2007 and continues through August 25, 2008.
Quest Energy and certain of its officers and a controlling entity are charged with including, or allowing the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the Company's IPO, in violation of the Securities Act of 1933. In particular, despite raising $150 million in its IPO, Quest Energy failed to properly disclose related party transactions between its former CEO and an entity he controlled. On August 25, 2008 Quest Energy announced the resignation of CEO Jerry Cash after the Oklahoma Department of Securities' inquiry concerning, among other issues, questionable transfers of Quest Energy funds to an entity Mr. Cash controlled. The Company announced the creation of a special committee to conduct an internal investigation. After these announcements, the price of Quest Energy shares has fallen dramatically. If you bought Quest Resource Corporation securities and would like to obtain information about the Quest Resource Corporation lawsuit, then you are invited to call Kahn Gauthier Swick, LLC toll free at (866) 467-1400 to speak with an attorney or visit www.kgscounsel.com. 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 According to the complaint, throughout the Class Period defendants issued public statements which they knew or recklessly disregarded were materially false and misleading I and failed to fully disclose material adverse facts concerning Fremont General's business, operations and prospects. Ripples from the mutual fund scandal to continue to widen. A class action has been filed against the Canadian Imperial Bank of Commerce, Canadian Imperial Holdings, Inc., and certain officers by investors who purchased any of the MFS family of mutual funds between January 1, 2001, and September 30, 2003. The actions allege that the defendants violated federal securities laws by failing to disclose that they improperly financed the late trading and timing of the funds’ shares by certain hedge funds. Several class actions have been filed against software company BEA Systems, Inc., (Nasdaq:BEAS) and certain of its officers and directors by stockholders who purchased the company's common stock between November 13, 2003, and May 13, 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 December 11, 2008, the complaint charges GS Mortgage, certain of its officers and directors and the issuers and underwriters of the Certificates with violations of the Securities Act of 1933. GS Mortgage engages in securitizing mortgage assets and related activities.
The parties have reached a tentative $410 million settlement in several class actions filed against defense contractor Raytheon Company (NYSE:RTN) and certain of its officers and directors by stockholders who purchased the company's common stock between January 28, 1999, and October 12, 1999. The actions claimed 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 action should contact attorneys for the class. A class action has been filed against Tibco Software, Inc. (NasdaqNM:TIBX), certain of its officers and directors by stockholders who purchased the company's common stock between September 21, 2004 and March 01, 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. |
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