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Case ID: 5219 | Stocks | 11/12/2008
According to a press release dated November 07, 2008, the complaint alleges that the representations contained in Daktronics’ press releases, SEC filings, conference calls and presentations during the Class Period were materially false and misleading when made because they failed to disclose: (i) that the Company was experiencing softness in its digital billboard and sports markets and was not performing according to internal expectations; (ii) that several of the Company’s large orders were being delayed; (iii) that the Company was unable to control its operating expenses; and (iv) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company, its prospects and revenue growth rate.
According to the complaint, on April 5, 2007, after the markets closed, the Company issued a press release revising its fiscal fourth quarter 2007 estimates and giving its initial order growth guidance for fiscal year 2008. Upon this news, the price of Daktronics common stock fell $5.78 per share, or approximately 20%, to close at $22.13 per share, on heavy 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 The parties have reached a tentative settlement apparently valued at approximately $611,000 in action filed against Tengasco CEO M.E. Ratliff and Tengasco, Inc. (Amex:TGC) on behalf of stockholders who purchased the company's common stock between August 1, 2001, and April 22, 2002. Persons eligible to participate in the settlement must file a proof of claim postmarked no later than July 16, 2004. A class action has been filed against Barrier Therapeutics, Inc. (BTRX), certain of its officers and directors by stockholders who purchased the company's common stock between April 29, 2004 and June 29, 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 chemical and pharmaceutical manufacturer Cambrex Corporation (NYSE: CBM) and certain of its officers and directors by stockholders who purchased the company's common stock between October 21, 1998, and July 25, 2003. According to the complaint, filed on June 30, 2008, this case concerns an international fraudulent securities scheme based on the illicit purchases of hundreds of millions of dollars of securities in illiquid U.S. penny stocks in the names of multiple Absolute Capital hedge funds. When the truth about these purchases was revealed in September 2007, the value of the hedge funds promptly plunged by up to 40%, or by hundreds of millions of dollars in the aggregate. Several class actions have been filed against health information purveyor NDCHealth Corporation (NYSE: NDC) and certain of its officers and directors by stockholders who purchased the company's common stock between October 1, 2003, and March 31, 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 biopharmaceutical corporation Adolor Corporation (Nasdaq:ADLR) and certain of its officers and directors by stockholders who purchased the company's common stock between September 23, 2003, and January 14, 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. |
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