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Case ID: 5220 | Stocks | 11/26/2008
According to press releases dated November 11 and 12, 2008, the complaint charges the defendants and certain of its current and former officers with violations of the Securities Exchange Act of 1934. Between July 25, 2007 and February 12, 2008 (the "Class Period"),The complaint charges that the representations contained in the defendants’ press releases, SEC filings, conference calls and presentations during the Class Period were materially false and misleading when made because they failed to disclose that: (i) the Company was experiencing manufacturing inefficiencies associated with increased production levels and would not be able to meet its stated guidance; (ii) the Company was at risk of losing customers due to its inability to meet demand; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
According to the complaint, on October 23, 2007, the Company held a conference call to discuss its third quarter earnings announcement and the Company’s operations. In response to the disappointing earnings announcement, the price of Anadigics common stock declined from $19.34 per share to $15.60 per share on heavy trading volume. However, defendants continued to conceal that the Company’s manufacturing inefficiencies were continuing to erode the Company’s profitability. Then, on February 12, 2008, Anadigics announced its financial results for the fourth quarter and year-end 2007. Following this announcement, the price of Anadigics common stock dropped from $10.36 per share to $8.86 per share, on extremely heavy trading volume.
Register your Anadigics ComplaintIf you or someone you know has been affected by this case, you may qualify for a money settlement as the result of your financial/economic or other damages that may be awarded either prior to a lawsuit or after the initiation of a lawsuit either currently in progress or filed just for you, possibly a class action lawsuit. Please simply register your complaint by clicking here for Anadigics, or click the red "submit" button on this page, and a lawyer will review your Anadigics complaint. By submitting your complaint, you are asking lawyers to contact you. You are under no obligation to accept their services and you are free to choose which lawyer you want to work with. Lawyers are usually paid out of the proceeds of the settlement or verdict rendered - the lawyers work on "contingency" by fronting the costs of your lawsuit based on their belief that they will recover a settlement for you. 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 Guidant Corporation (GDT), certain of its officers and directors by stockholders who purchased the company's common stock between December 15, 2004 and November 3, 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 DRDGOLD Limited (f/k/a Durban Roodepoort Deep, Limited) (NasdaqSC:DROOY), certain of its officers and directors by stockholders who purchased the company's common stock between October 23, 2003 and February 24, 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 AuthentiDate Holding Corp. (NasdaqNM:ADAT), certain of its officers and directors by stockholders who purchased the company's common stock between September 29, 2003 and May 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. A class action has been filed against Escala Group, Inc. (ESCL), certain of its officers and directors by stockholders who purchased the company's common stock between September 5, 2003 and May 8, 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. 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. A class action has been filed against Concord Camera Corporation, a worldwide designer, developer, manufacturer and seller of image capture products (NASDAQ: LENS) and certain of its officers and directors by stockholders who purchased the company’s common stock between August 14, 2003 and May, 10, 2004. 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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