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Case ID: 5181 | Stocks | 09/22/2008
According to a law firm press release, the complaint alleges that defendants solicited investors to purchase shares of the Intermediate Fund by making statements in its registration statement and subsequent supplemental prospectuses that described the Fund's objective as one that "seeks a high level of current income while preserving principal by investing primarily in a diversified portfolio of debt securities with a dollar-weighted average maturity between three and ten years." Moreover, the registration statement represented that the investment objective of the Intermediate Fund was to invest "at least 80% of its total assets in debt instruments" and to invest in "debt instruments rated investment grade or better."
As alleged in the complaint, these statements, among others, were materially false and misleading because they omitted and/or misrepresented the true facts, including: (a) the actual risks associated with acquiring shares of the Intermediate Fund; (b) that the Intermediate Fund: (i) was heavily invested in high-risk mortgage-backed securities and/or securities tied to the value of subprime mortgages; and (ii) had vast undisclosed exposure to the subprime lending industry; and (c) that the Fund had materially altered its investment strategy, which had resulted in the dramatic deterioration in the quality of the Fund's investment. As a result of defendants' investment strategy, the Intermediate Fund suffered declines of more than 50% by September 2007.
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 lawsuit has been filed in the Southern District Court of New York against Axis Capital Holdings, Ltd. The case involves violations of securities law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. McKesson Corporation, a drug distributor embroiled in an accounting-fraud case since 1999, announced on January 12, 2005 that it has agreed to pay $960 million to settle a class-action shareholder lawsuit. The lawsuit was filed in April 1999, shortly after the company disclosed that its software subsidiary, HBOC, had prematurely booked $40 million in revenue, forcing an earnings restatement. On the day of the disclosure, McKesson's shares plummeted 47%, losing $8.6 billion in value. The settlement will not become final until it has been reviewed and approved by the court at a fairness hearing. No hearing has been scheduled at this time. The parties have reached a tentative $4.5 million settlement in several actions filed against PHP Healthcare Corporation and certain of its officers and directors by stockholders who purchased the company's common stock between July 27, 1995, and November 19, 1998. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than May 13, 2004. A class action has been filed in the District Court of Massachusetts against Aspen Technology, Inc. (Nasdaq:AZPN), a global technology company, by stockholders who purchased the company's common stock between August 8, 2000 and October 29, 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. The parties have reached a tentative $6.9 million settlement of a class action filed against Ramp Networks, Inc. (formerly Nasdaq: RAMP) and certain of its officers and directors by stockholders who purchased the company's common stock between January 24 and September 29, 2000. To recover under the settlement, a completed proof of claim postmarked no later than January 20, 2004, must be mailed to the claims administrator. Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Southern District of New York, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of TOP Tankers, Inc. ("TOP" or the "Company") (NASDAQ: TOPT) between June 28, 2005 and November 28, 2006 (the "Class Period"). |
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