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Case ID: 5215 | Stocks | 11/06/2008
According to a October 31, 2008, press release, the complaint alleges that during the Class Period, defendants made false and misleading statements about General Growth’s access to financing. Specifically, defendants represented that the company had the ability to refinance billions of dollars in debt that was coming due in the fall of 2008 and spring of 2009 on acceptable terms. In fact, the company did not have access to such financing. Further, defendants failed to disclose that the Company’s President/Chief Operating Officer and its Chief Financial Officer had received loans from the Chief Executive Officer’s family trust in violation of the Company’s own Code of Business Conduct and Ethics.
On September 22, 2008, the Company announced that it was pursuing a comprehensive evaluation of its financial and strategic alternatives. On October 3, 2008, the Company suspended its dividend and then, on October 27, 2008, announced it was marketing for sale its portfolio of retail properties in Las Vegas. On this series of disclosures, General Growth’s stock price collapsed, falling from $21.42 on September 19, 2008 to less than $2.00 per share on October 27, 2008, or nearly 95% from its Class Period high of $43.83 per share. If you bought General Growth Properties, Inc. securities and would like to obtain information about the General Growth Properties, Inc. lawsuit, then you are invited to call Kahn Gauthier Swick, LLC toll free at (866) 467-1400 to speak with an attorney or visit www.kgscounsel.com. 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 Several class actions have been filed against wireless carrier US Unwired, Inc. (OTC BB:UNWR.OB), and certain of its officers and directors by stockholders who purchased the company's common stock between May 23, 2000, and August 13, 2002. 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. According to a press release dated November 25, 2008, The complaint charges Savient and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Savient is a specialty biopharmaceutical company focused on developing and marketing pharmaceutical products that target unmet medical needs. The Company is developing Puricase, also referred to as pegloticase, for the control of uric acid in patients with gout, whose signs and symptoms are inadequately controlled by conventional urate lowering therapy due to ineffectiveness, dose limiting toxicity, hypersensitivity or other contraindications. The original complaint charges Bear Stearns and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Bear Stearns, through its broker-dealer and international bank subsidiaries, provides investment banking, securities and derivatives trading, clearance, and brokerage services worldwide.
According to a law firm press release, a class action was filed alleging violations of the federal securities laws on behalf of purchasers of FCStone Group, Inc. The defendants include the Company and members of senior management. The suit is pending in the United States District Court for the Western District of Missouri.
Several class actions have been filed against technology company Datatec Systems, Inc. (Nasdaq: DATCE) and certain of its officers and directors by stockholders who purchased the company's common stock between June 26 and December 16, 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 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. |
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