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Case ID: 5198 | Stocks | 10/08/2008
According to the press release, the complaint charges that the defendant Corporation and certain of its officers violated Sections 10(b) and 20(a) of the Exchange Act by issuing materially inaccurate financial statements to the investing public. On September 24, 2008, Medicis announced that it intends to restate its financial statements for each of the accounting periods beginning July 1, 2003 and ending June 30, 2008, and that investors can no longer rely on these financial statements. The restatement is necessary because Medicis applied an improper accounting method in determining reserves for sales returns during the Class Period. News of the pending restatement caused Medicis' stock price to fall significantly, damaging investors.
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 Martek Biosciences Corporation (NasdaqNM:MATK), certain of its officers and directors by stockholders who purchased the company's common stock between December 09, 2004 and April 27, 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 specialty chemical manufacturer Ferro Corporation (NYSE:FOE) and certain of its officers and directors by stockholders who purchased the company's common stock between October 28, 2003, and July 22, 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 against disease management program provider Matria Healthcare, Inc. (Nasdaq: MATR) and certain of its officers and directors by stockholders who purchased the company's common stock between October 24, 2001, and June 25, 2002. A class action has been filed against Fidelity Management & Research Company and FMR Company, Inc., on behalf of all shareholders in the Fidelity Contrafund, the Fidelity Growth & Income Fund, the Fidelity Magellan Fund, the Fidelity Blue Chip Growth Fund, and the Fidelity Low-Priced Stock Fund, who allege that the companies have charged them excessive fees for the management of the funds, in violation of federal securities laws. Several class actions have been filed against human resource manager Ceridian Corporation (NYSE:CEN) and certain of its officers and directors by stockholders who purchased the company's common stock between April 17, 2003, and July 19, 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. 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. |
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