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Case ID: 5214 | Stocks | 11/06/2008
According to a October 30, 2008, press release, the Complaint charges that the defendant and certain of its officers and directors violated federal securities laws by misrepresenting the Company's financial condition. Specifically, defendants failed to disclose that: (i) the Company's hedges to protect it from adverse changes in costs were not working and in fact were harming the Company's results; (ii) the Company's inability to continue to use illegal workers would adversely affect its margins; (iii) the Company's financial results were continuing to deteriorate rather than improve, such that the Company's capital structure was threatened; (iv) the Company was in a much worse position than its competitors due to its inability to raise prices for customers sufficient to offset cost increases, whereas its competitors were able to raise prices to offset higher costs affecting the industry; and (v) the Company had not made sufficient changes to its business model to succeed in the more difficult industry conditions.
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 If you've purchased FAO stock, you may be entitled to claim money in a settlement for $2,225,000. A hearing will be held before the Honorable Michael W. Baylson, United States District Court for the Eastern District of Pennsylvania, 601 Market Street, in a courtroom posted on the Court's schedule, Philadelphia, PA 19106 at 4:00 p.m., on May 16, 2005 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the motion of Plaintiffs' Counsel for attorneys' fees and reimbursement of expenses. According to a press release dated December 9, 2008, the complaint alleges that the defendants made several statements during the Class Period about the Company's Las Cristinas Gold Project located in Sifontes, Venezuela, and that the issuance of the required Venezuelan government permit in connection with that project was imminent. According to a news article published June 10, 2008, Universal Food & Beverage Co. is facing a class-action complaint alleging its directors sold $20 million of their preferred stock while artificially propping up the share price.
A nationwide class action has been filed against banking giant Bank One Corporation alleging that the company mismanaged its employees' 401k accounts. The action is brought under the federal ERISA statute on behalf of all Bank One employees who, between March 22, 2002, and the present, participated in the company's 401k retirement plan and whose investments in the plan included Bank One stock or mutual funds.
According to a law firm press release, the complaint charges Novatel and certain of the Company's executive officers with violations of federal securities laws. A class action has been filed against InfoSonics Corporation (IFO), certain of its officers and directors by stockholders who purchased the company's common stock between May 8, 2006 and June 12, 2006. 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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