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Case ID: 5225 | Stocks | 11/26/2008
According to a press release dated November 20, 2008, the Company and certain of its officers and directors are charged with violations of the Securities Exchange Act of 1934. PharmaNet is a drug development services company that maintains offices and facilities in North America, Europe, South America, Asia, Africa and Australia and has clients in the branded pharmaceutical, biotechnology, generic drug and medical device industries.
The complaint alleges that the representations contained in PharmaNet’s 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’s backlog contained numerous contracts which were likely to be cancelled; (ii) the Company had ramped up expenses in order to perform contracts even though there was a substantial likelihood that the contracts would be cancelled; (iii) the Company was entering into contracts with highly risky biotechnology and pharmaceutical companies where the risk that the contract would be cancelled was greatly increased; and (iv) given the above factors, defendants lacked a reasonable basis for their positive statements about the Company, its business, backlog and earnings guidance. According to the complaint, on April 30, 2008, PharmaNet issued a press release announcing its financial results for the first quarter of 2008. For the quarter, the Company reported direct revenue of $86.8 million and backlog of $482.9 million. In response to the announcement, the price of PharmaNet stock dropped from $23.86 per share to $17.10 per share on extremely heavy trading volume.
Register your Pharmanet Development Group 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 Pharmanet Development Group, or click the red "submit" button on this page, and a lawyer will review your Pharmanet Development Group 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 Coca-Cola Enterprises, Inc. (CCE), certain of its officers and directors by stockholders who purchased the company's common stock between October 15, 2003 and July 28, 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. A class action has been filed against Atherogenics, Inc. (NASDAQ:AGIX), a GA based research pharmaceutical company and certain of its officers and directors by stockholders who purchased the company's common stock between September 28, 2004 and December 31, 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. A class action has been filed in the Northern District Court of California against SupportSoft, Inc. (NASQAQ: SPRT), a California bases software solutions company, and certain of its officers and directors by stockholders who purchased the company's common stock between January 20, 2004 and October 1, 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. Several class actions have been filed against airport safety equipment designer Flight Safety Technologies, Inc., (Amex:FLT) and certain of its officers and directors by stockholders who purchased the company's common stock between January 14, 2003, and July 16, 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. If you are looking for an electronic technology gadget, Best Buy probably has it. Several class actions have been filed against technology store operator Best Buy Company, Inc. (NYSE: BBY) and certain of its officers and directors by stockholders who purchased the company's common stock between January 9, 2002, and August 7, 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. Several class actions have been filed against energy holding company Progress Energy, Inc. (NYSE: PGN) and certain of its officers and directors on behalf of investors who obtained Contingent Value Obligations (CVOs) in exchange for their Florida Progress common stock pursuant to the closing of the merger of CP&L Energy and Florida Progress Corporation and who purchased the CVOs between November 30, 2000, and February 12, 2002. The actions claim that the defendants violated federal securities laws by failing to inform prospective CVO holders that the tax benefits represented as being made available to synthetic fuel producers, which were critical to the imputed value of the CVOs, would be adversely affected by the application of the alternative minimum tax. |
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