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Case ID: 5185 | Stocks | 09/23/2008
According to a law firm press release, the complaint alleges that defendants failed to disclose problems MEMC was encountering at its production facilities in Italy and Texas and that because of such production issues the Company's financial results for the quarter ended June 30, 2008 would be below target.
In fact, as alleged in the Complaint, on July 23, 2008, the Company first disclosed that in early June 2008 there was a premature failure of a relatively new heat-exchanger at the Company's Merano, Italy facility which caused second quarter polysilicon output to be reduced by approximately 5%. As further alleged, at approximately the same time, on June 13, 2008, the Company's Pasadena, Texas production facility had to be significantly shut down for approximately a week because of a fire. However, as alleged, defendants failed to disclose these material production problems to investors and the impact they would have on the Company's financial results until July 23, 2008. And, upon these revelations, it is alleged the price of MEMC shares declined 22%, from $53.80 per share to $42.23 per share on much heavier than usual 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 A class action has been filed against Collins & Aikman Corp. (NYSE:CKC), certain of its officers and directors by stockholders who purchased the company's common stock between May 06, 2004 and March 17, 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. A class action has been filed against First BanCorp (FBP), certain of its officers and directors by stockholders who purchased the company's common stock between October 20, 2003 and August 25, 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 petrochemical giant Exxon Mobil Corporation (NYSE:XOM) and certain of its officers and directors by stockholders who purchased, owned, or otherwise acquired Mobil shares and whose Mobil shares were exchanged for Exxon Mobil common stock as a result of the merger transaction approved by shareholders on May 27, 1999. The actions claim that the defendants violated federal securities laws by issuing materially false and misleading financial statements contained in a proxy filed with the Securities and Exchange Commission, overstating the Exxon's financial condition by inflating revenue and failing to account for impaired assets in violation of General Accepted Accounting Principles. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action lawsuit has been filed in the United States District Court for the District of New Jersey, on behalf of all persons who purchased the common stock of Pharmos Corp. ("Pharmos" or the "Company") [Nasdaq:PARS] between May 5, 2003 and December 17, 2004, inclusive, (the "Class Period") against defendants Pharmos and certain officers of the Company. The market timing scandal is affecting some of the largest mutual funds in the market. Several class actions have been filed against mutual fund manager Massachusetts Financial Services Company, its parent, Sun Life Financial, Inc. (NYSE:SLF) and certain of its officers and directors by all purchasers of shares of the MFS Mutual Funds during the period between December 15, 1998 and December 8, 2003. The actions claim that the defendants violated federal securities laws by allowing market timing sales by certain persons and entities. The court has certified the class in a class action filed against the Morgan Stanley Dean Witter Prime Income Trust Fund (Nasdaq: XPITX) by stockholders who purchased shares of the trust between November 1, 1998, and April 26, 2001. |
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