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Case ID: 5212 | Stocks | 11/06/2008
According to a October 29, 2008, press release, the complaint alleges that October 15, 2008, the Company announced the departures of its Chief Executive Officer and four other senior executives. In response to this surprise announcement, the price of the company’s common stock dropped approximately 15%. Merely a week later, on October 22, 2008, defendants stunned investors by acknowledging that the Company was reviewing the recognition of revenue related to customer contracts signed in the first quarter of 2008 and that it expected to restate its financial statements not only for that quarter, but also the first half of 2008. As a result of these disclosures, the company’s stock price dropped another 25%, as the artificial inflation caused by defendants' false and misleading statements came out of the stock price.
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 On April 01, 2008, a notice of non-opposition in regards to the amended motion of the institutional investors group for the appointment of lead plaintiff and lead counsel was filed by Bankinter Gestion De Activos. Just as quickly, minutes of order explaining about the possible dismissal due to the absence of show cause was entered on May 23, 2008. Hence, the court ordered the plaintiffs to show cause why this action should not be dismissed for lack of prosecution and a time frame for submitting related materials has been set.
According to a press release dated December 10, 2008, the Complaint alleges that during the Class Period, Medtronic, its Chief Executive Officer and Chief Financial Officer violated the federal securities laws by issuing false and misleading press releases, financial statements, filings with the Securities and Exchange Commission and statements during investor conference calls. The Complaint alleges that, throughout the Class Period, Medtronic – a medical device manufacturer -- made repeated false statements to the investing public concerning one of its flagship products, the INFUSE Bone Graft ("INFUSE"), representing to investors that it was a valuable and reliable source of revenues for the Company.
On June 23, 2008, the Court entered the Memorandum and Order consolidating the action and approving the motion to appoint Western Washington Laborers-Employers Pension Trust as lead plaintiff and approving lead plaintiff’s selection of Coughlin Stoia Geller Rudman & Robbins as lead counsel and Dysart Taylor as liaison counsel. Aerosonic helps pilots get where they are headed. Several class actions have been filed against aviation instrument maker Aerosonic Corporation (Amex: AIM) and certain of its officers and directors by stockholders who purchased the company's common stock between May 3, 1999, and March 17, 2003. 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 Ditech Communications Corp. (NasdaqNM:DITC), certain of its officers and directors by stockholders who purchased the company's common stock between August 25, 2004 and May 26, 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. According to a press release dated December 13, 2008, the complaint alleges violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and names as defendants China Organic and certain of its officers and directors. |
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