A Shareholder Of AuthenTec Inc. (NASDAQ: AUTH) Has Filed A Class Action Lawsuit Against AuthenTec Inc. Over Alleged Violations Of Federal Securities Laws
On Thursday, October 09, 2008, a shareholder has filed a proposed class action lawsuit in the United States District Court for the Middle District of Florida on behalf of all persons or entities who purchased or otherwise acquired the securities of AuthenTec, Inc. (Nasdaq:AUTH) between April 28, 2008 and September 5, 2008 for alleged violations of federal securities laws by materially false and misleading statements concerning AuthenTec, Inc.’s business, operations and prospects.
If you currently hold or purchased or otherwise acquired the securities of AuthenTec, Inc. (Nasdaq:AUTH) between April 28, 2008 and September 5, 2008 you should contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers) There is a deadline running until December 08, 2008. Contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers) today!
According to the Complaint charges AuthenTec and certain of the Company’s executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants’ material omissions and dissemination of materially false and misleading statements concerning the Company’s business, operations and prospects, caused AuthenTec’s stock price to become artificially inflated, inflicting damages on investors.
The plaintiff alleges that between April 28, 2008 and September 5, 2008 defendants knew or recklessly disregarded that their public statements concerning AuthenTec’s business and operations were materially false and misleading. The stockholder argues that defendants issued favorable revenue guidance and touted the Company’s financial performance, as well as AuthenTec’s prospects for sales and revenue growth. For example, on July 28, 2008 the Company provided revenue guidance of $19 million to $20 million for the third quarter of 2008 and $72 million to $78 million for the full year of 2008. But then on September 7, 2008, AuthenTec shocked investors when it issued a press release in which it revised downward its previously issued financial guidance and on this news, AuthenTec’s shares declined $3.84 per share, or 60.1 percent, to close on September 8, 2008 at $2.55 per share, so the lawsuit.
If you currently hold or purchased or otherwise acquired the securities of AuthenTec, Inc. (Nasdaq:AUTH) between April 28, 2008 and September 5, 2008 you should contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers) There is a deadline running until December 08, 2008. Contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers) today!
A Shareholder Has Filed A Class Action Lawsuit Against Biovail Corp. (NYSE:BVF) Over Alleged Violations of Federal Securities Laws By Issuing False And Misleading Statements During The Regulatory Approval Process For Its antidepressant Drug
On Wednesday, October 8, 2008 a shareholder has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of Biovail Corporation (NYSE:BVF) securities during the period between December 14, 2006 and July 19, 2007 over alleged violations of federal securities laws by issuing false and misleading statements during the regulatory approval process for its antidepressant drug commonly known as Wellbutrin XL.
If you were or are an investor in Biovail Corp. (NYSE:BVF) between December 14, 2006 and July 19, 2007, you have certain rights and there are strict deadlines running (December 5, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
According to the complaint the plaintiff alleges that Biovail Corp. and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
Specifically the complaint alleges that between December 14, 2006 and July 19, 2007 defendants made false and misleading statements about a drug in development called BVF-033, a salt formulation of bupropion, an antidepressant commonly known as Wellbutrin XL. Specifically, defendants’ statements failed to disclose that while the FDA required a single dose study to demonstrate the bioequivalence of generic Wellbutrin XL, defendants had submitted a multiple-dose study to demonstrate the bioequivalence of BVF-033. Thus, defendants’ FDA application for BVF-033 failed to meet the requirements set forth by the FDA such that approval was likely to be materially delayed. Then on July 20, 2007, before the market opened, Biovail Corp. issued a press release announcing that it had received a non-approval letter from the FDA for its new drug application for BVF-033 and as a result of this disclosure, Biovail Corp.’s stock price dropped from $25.51 per share to $20.03 per share in a single day, so the lawsuit.
Biovail Corp. commented on Filing of Lawsuit and said the Biovail “believes the claim is completely without merit and will defend itself vigorously. “
If you were or are an investor in Biovail Corp. (NYSE:BVF) between December 14, 2006 and July 19, 2007, you have certain rights and there are strict deadlines running (December 5, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
Shareholder Of Intermediate Fund And RHY Fund Has Filed A Class Action Lawsuit Against Morgan Keegan & Company, Inc, Morgan Asset Management, Inc, Regions Financial Corp, Related Companies And Officers And Directors Over Alleged Violations Of Federal Securities Laws
On Monday, October 6, 2008, a shareholder of Intermediate Fund and a shareholder of Intermediate Fund and RHY Fund have filed a proposed class action lawsuit in the United States District Court for the Western District of Tennessee on behalf of all persons who purchased or otherwise acquired the shares of certain closed-end mutual funds (NYSE:RHY; NYSE:RMA; NYSE:RSF; NYSE:RMH) offered by Regions Morgan Keegan Trust, including shares of the RMK Multi-Sector High Income Fund, Inc. (the “RHY Fund”), the RMK Advantage Income Fund (the “RMA Fund”), the RMK Strategic Income Fund (the “RSF Fund”) and the RMK High Income Fund (the “RMH Fund) (collectively referred to as the “Funds”), pursuant and/or traceable to the Funds’ false and misleading Registration Statements and Prospectuses during the period December 6, 2004 through February 6, 2008 and purchasers of any of the Funds during the period from December 8, 2006 through December 5, 2007. against Morgan Keegan & Co., Inc., Morgan Keegan Asset Management, Inc., Regions Financial Corporation and related companies and officers and directors. The plaintiffs allege violations of Federal Securities Laws by issuing materially false and misleading statements regarding the Funds’ portfolios and financial results.
If you are an investor in shares of certain closed-end mutual funds (NYSE:RHY; NYSE:RMA; NYSE:RSF; NYSE:RMH) offered by Regions Morgan Keegan Trust, including shares of the RMK Multi-Sector High Income Fund, Inc. (the “RHY Fund”), the RMK Advantage Income Fund (the “RMA Fund”), the RMK Strategic Income Fund (the “RSF Fund”) and the RMK High Income Fund (the “RMH Fund) (collectively referred to as the “Funds”), pursuant and/or traceable to the Funds’ false and misleading Registration Statements and Prospectuses during the period December 6, 2004 through February 6, 2008 and purchased any of the Funds during the period from December 8, 2006 through December 5, 2007, you have certain rights and there are strict deadlines running (December 5, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
According to the complaint the plaintiffs allege that the Funds’ registrants, the Funds’ administrator, Morgan Keegan & Company, Inc. (”Morgan Keegan”), the Funds’ adviser, Morgan Keegan Asset Management, Inc., Regions Financial Corp. and certain of Morgan Keegan’s officers and/or directors violated the Securities Act of 1933 and the Securities Exchange Act of 1934. The complaints allege that defendants issued materially false and misleading statements regarding the Funds’ portfolios and financial results and as a result of defendants’ false statements, the Funds’ shares traded at artificially inflated prices.
Specifically the stockholders allege that portions of the Funds’ portfolios were invested in collateralized debt obligations (”CDOs”), including CDOs backed by subprime mortgages to high-risk borrowers. For years, shares of the Funds traded within narrow ranges. The shareholders argue that in early March 2007, as the subprime crisis began to emerge, the Funds began to trend lower as the market learned of their exposure to the subprime market, but shares of the Funds continued to trade at artificially inflated prices as the full extent of the Funds’ exposure had not yet been revealed. Then in summer of 2007 as the housing and credit crisis deepened the Funds continued to play down and conceal the Funds’ growing exposure to the problems in the subprime market, but in the beginning in early July 2007, the Funds began to acknowledge serious problems in their portfolios related to the Funds’ exposure to the subprime market and on November 7, 2007, Portfolio Manager James C. Kelsoe wrote a letter to investors in which he acknowledged further problems the portfolios faced due to the deterioration in the housing sector and the subprime mortgage crisis, so the lawsuit. As a result the shares continued to collapse subsequent to these announcements as the impact of the risky holdings in the Funds’ portfolios became more apparent to the market and the price of the Funds’ shares collapsed, so the plaintiffs.
If you are an investor in shares of certain closed-end mutual funds (NYSE:RHY; NYSE:RMA; NYSE:RSF; NYSE:RMH) offered by Regions Morgan Keegan Trust, including shares of the RMK Multi-Sector High Income Fund, Inc. (the “RHY Fund”), the RMK Advantage Income Fund (the “RMA Fund”), the RMK Strategic Income Fund (the “RSF Fund”) and the RMK High Income Fund (the “RMH Fund) (collectively referred to as the “Funds”), pursuant and/or traceable to the Funds’ false and misleading Registration Statements and Prospectuses during the period December 6, 2004 through February 6, 2008 and purchased any of the Funds during the period from December 8, 2006 through December 5, 2007, you have certain rights and there are strict deadlines running (December 5, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
A Shareholder of General Electric (NYSE: GE) Has Filed A Class Action Lawsuit Against General Electric For Allegedly Violating Federal Securities Laws
On Friday, October 3, 2008, a shareholder has filed a proposed class action lawsuit in the United States District Court for the Southern District of New York on behalf of all purchasers of General Electric Company (NYSE: GE) common stock and call option during the period beginning September 25, 2008 through and including October 1, 2008 against General Electric Company and certain of its officers over alleged violations of Federal Securities Laws by falsely stating during an conference call on September 25th, 2008, that it would not require any additional fund raising through debt, equity, or otherwise during the fourth quarter-ended December 31st, 2008.
If you were or are an investor in General Electric Company (NYSE: GE) common stock and call option during the period beginning September 25th, 2008 through and including October 1st, 2008 you have certain rights and there are strict deadlines running (December 2, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
According to the complaint the plaintiff alleges that General Electric Co. and certain of its officers violated Section 10(b) and Section 20(a) of the Securities Exchange Act of 1934. Specifically the complaint accuses that during an investor conference call on September 25th, 2008, defendants falsely stated that General Electric Co. would not require any additional fund raising through debt, equity, or otherwise during the fourth quarter-ended December 31st, 2008.
Then on October 1, 2008 General Electric Co. announced that it planned to offer at least $12 billion of common stock in a public offering. On October 2, 2008, before market open, General Electric Co. announced the offering was to be priced at $22.25 per share, well-below the stock’s prior day closing price of $24.50 per share and below its 52 week low and as a result of the news that the stock offering was priced at less than the current market price caused General Electric Co.’s stock price to fall over 9% on October 2nd, 2008,so the lawsuit.
If you were or are an investor in General Electric Company (NYSE: GE) common stock and call option during the period beginning September 25th, 2008 through and including October 1st, 2008 you have certain rights and there are strict deadlines running (December 2, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
A Shareholder Of Medicis Pharmaceutical Corp. (NYSE MRX) Has Filed A Class Action Lawsuit Against Medicis Pharmaceutical Corp. For Allegedly Issuing Materially Inaccurate Financial Statements
On Friday, October 3, 2008, a shareholder has filed a proposed class action lawsuit in the United States District Court for the District of Arizona on behalf of all purchasers of Medicis Pharmaceutical Corp. (NYSE: MRX) stock during the period from October 30, 2003 through September 24, 2008 for allegedly violating federal securities laws by issuing materially inaccurate financial statements to the investing public.
If you were or are currently an investor in Medicis Pharmaceutical Corp. (NYSE: MRX) stock between October 30, 2003 through September 24, 2008, you have certain rights and there are strict deadlines running (December 2, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)
The complaint accuses Medicis Pharmaceutical Corp. and certain of its officers for violation of Sections 10(b) and 20(a) of the Exchange Act. Specifically the plaintiff alleges Medicis Pharmaceutical Corp. issued a series of materially false and misleading press releases and filed corresponding forms with the SEC within the class period. Then on September 24, 2008 the truth began to emerge and Medicis Pharmaceutical Corp. announced that it intends to restate its financial statements for each of the accounting periods beginning July 1, 2003 and ending June 30, 2008, and that investors can no longer rely on these financial statements. According to the complaint the restatement was necessary because Medicis Pharmaceutical Corp. applied an improper accounting method in determining reserves for sales returns between October 30, 2003 and September 24, 2008. As a result of this news stock price of Medicis Pharmaceutical Corp. was caused to fall significantly, damaging investors, so the lawsuit.
If you were or are currently an investor in Medicis Pharmaceutical Corp. (NYSE: MRX) stock between October 30, 2003 through September 24, 2008, you have certain rights and there are strict deadlines running (December 2, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)
A Shareholder Has Filed A Class Action Lawsuit Against Nomura Asset Acceptance Corp. Over Allegedy False And Misleasing Registration Statements And Prospectus Supplements
On Thursday, September 25, 2008, a shareholder has filed a proposed class action lawsuit in the United States District Court for the District of Massachusetts on behalf of purchasers of Nomura Asset Acceptance Corporation Mortgage Pass-Through Certificates pursuant and/or traceable to false and misleading Registration Statements dated July 29, 2005 and April 24, 2006, and Prospectus Supplements issued in connection with the Certificates between September 27, 2005 and December 1, 2006 against Nomura Asset Acceptance Corporation and certain of its officers and directors. The proposed class includes purchasers of Certificates in the following trusts:
Alternative Loan Trust 2006-AF1; Alternative Loan Trust 2006-AF2
Alternative Loan Trust 2006-AP1; Alternative Loan Trust 2006-AR1
Alternative Loan Trust 2006-AR2; Alternative Loan Trust 2006-AR3
Alternative Loan Trust 2006-AR4; Alternative Loan Trust 2006-WF1
If you purchased one of the trusts listed above, thus Nomura Asset Acceptance Corporation Mortgage Pass-Through Certificates pursuant and/or traceable to false and misleading Registration Statements dated July 29, 2005 and April 24, 2006, and Prospectus Supplements issued in connection with the Certificates between September 27, 2005 and December 1, 2006, you have certain rights and there are short deadlines running (November 24, 2008). You should contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
According to the complaint the plaintigg alleges Nomura AssetAcceptance Corp, certain of its officers and directors and the issuers and underwriters of the Certificates with violations of the Securities Act of 1933. Specifically, the complaint alleges that on July 29th, 2005 and April 24th, 2006, Nomura Asset Acceptance Corporation and the issuers caused Registration Statements to be filed with the Securities and Exchange Commission (“SEC”) in connection with, and for the purpose of, issuing Mortgage Pass-Through Certificates and the certificates were issued pursuant to Prospectus Supplements, each of which was incorporated into the Registration Statements. The plaintiff alleges that the Registration Statements included false statements and/or omissions about the origination practices and appraisal practices which generated the underlying mortgage loans and as a result the certificates sold to plaintiff and the class were secured by assets that had a greater risk profile than what was represented in the Registration Statements. Then by the fall of 2007, the truth about the performance of the mortgage loans that secured the certificates began to be revealed to the public and the rating agencies began to put negative watch labels on certificate tranches or classes, ultimately downgrading many and as a result the certificates are no longer marketable at prices anywhere near the price paid by plaintiff and the Class and the holders of the Certificates, so the lawsuit. Plaintiff seeks to recover damages on behalf of all purchasers of Mortgage Pass-Through Certificates pursuant and/or traceable to the Registration Statements.
If you purchased one of the trusts listed above, thus Nomura Asset Acceptance Corporation Mortgage Pass-Through Certificates pursuant and/or traceable to false and misleading Registration Statements dated July 29, 2005 and April 24, 2006, and Prospectus Supplements issued in connection with the Certificates between September 27, 2005 and December 1, 2006, you have certain rights and there are short deadlines running (November 24, 2008). You should contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
Shareholder Have Filed Class Action Lawsuits On Behalf Of The Public Shareholders Of Longs Drug Stores Corporation (NYSE: LDG) Against Longs Drug Stores Corporation And Members of Longs’ Board of Directors Over The Acquisition By CVS Caremark
On Friday, August 19th, 2008 a shareholder has filed the first a proposed class action lawsuit in California Superior Court in Contra Costa County on behalf of the public shareholders of Longs Drug Stores Corporation (NYSE: LDG) against Longs Drug Stores Corporation and certain members of Longs’ Board of Directors arising out of their breaches of fiduciary duty in connection with the acquisition of Long Drugs Corp by CYV Ceremark Corp. The second lawsuit was filed on August, 22, 2008.
If you purchased or otherwise acquired stock of Longs Drug Stores Corporation (NYSE: LDG) and currently hold the shares, you have certain rights and there are strict and short deadlines running (October 17th, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
Background of the lawsuits is that on August 12th , 2008, Longs Drugs Corp. agreed to be acquired by CVS Caremark for approximately $2.9 billion via tender offer. The complaint alleges that the proposed Acquisition Proposal is an unlawful plan through which CVS Caremark would acquire all shares of Longs without providing material disclosures, for inadequate consideration and under circumstances is unfair to the class. One complaint alleges that according to numerous public statements in support of the Proposed Transaction as made by CVS Caremark Chief Executive Officer Tom Ryan, Long’s real estate assets are a key component of the transaction and a substantial expected benefit to CVS Caremark. The complaint alleges that according to CEO Ryan’s public statements Long’s real estate assets are worth a conservative estimate of $1 billion, which CVS Caremark would be able to monetize to its benefit. After the Proposed Transaction was announced and CVS Caremark CEO Ryan made his remarks, several major shareholders of Longs started to question whether the true value of Longs’ real estate assets was actually far higher, so the lawsuit. The plaintiff alleges in addition that the agreement entered into between Longs, CVS Caremark Corp. and Blue MergerSub erects several barriers meant to deter competing bids and to prevent Longs shareholders from receiving full value for their shares, like even if Longs Drugs Corp were to receive a superior bid for the Company, Longs Drugs Corp. would be required to pay CVS Caremark a break-up fee of $115 million, or an astounding 4.5% of the equity value of the Proposed Transaction. Furthermore the stockholders allege that the Longs Directors structured the Proposed Transaction so that CVS Caremark need not comply with the usual corporate formalities that go along with the usual third-party merger.
Instead,so the complaint they added significant “deal protections” in the Proposed Transaction, the Longs Directors granted a “top-up” option to CVS Caremark that allows CVS Caremark to complete a “short form” merger even it never pays a price sufficient to obtain 90% of the Long Drugs Corp’s outstanding shares. According to one complaint the “top up” option allows CVS Caremark to pay the lowest possible price necessary to get the required 66-2/3% of the Company’s shares, but enjoy the benefits of a short form merger. The plaintiff accuses that the inclusion of this provision makes clear the parties’ intent to avoid applicable shareholder voting protections at the expense of Longs shareholders.
If you purchased or otherwise acquired stock of Longs Drug Stores Corporation (NYSE: LDG) and currently hold the shares, you have certain rights and there are strict and short deadlines running (October 17th, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
A Shareholder Of Fannie Mae Preferred Stock (Series T; NYSE: FNM-PT) Has Filed A Class Action Lawsuit Against Five Underwriters And Four Senior Executives of Fannie Mae Over Allegedly Materially False And Misleading Statements
A shareholder of Federal National Mortgage Association (Fannie Mae) Preferred Stock (Series T) has filed a proposed class action lawsuit on behalf of all investors who purchased or otherwise acquired Fannie Mae’s 8.25% Non-Cumulative Preferred Stock, Series T (NYSE: FNM-PT), pursuant or traceable to the Fannie Mae’s May 13th, 2008, Offering Circular, in the United States District Court for the Southern District of New York against five Underwriters, including Merrill Lynch, Citigroup, Morgan Stanley, UBS Securities and Wachovia Capital Markets, and four senior executives of Fannie Mae over allegedly materially false and misleading statements.
If you purchased or otherwise acquired Fannie Mae’s 8.25% Non-Cumulative Preferred Stock, Series T (NYSE: FNM-PT), pursuant or traceable to the Fannie Mae’s May 13th, 2008, Offering Circular by Merrill Lynch, Citigroup, Morgan Stanley, UBS Securities and Wachovia Capital Markets, you have certain rights and there are strict and short deadlines running (November 14th, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
According to the complaint the plaintiff alleges that the Underwriter Defendants’ statements made in connection with the Offering were materially false and misleading. The Offering involved the sale of approximately 80 million shares of non-cumulative, non-convertible, perpetual fixed-rate preferred stock, at an offering price of $25 per share and was part of Fannie Mae’s effort to raise at least $6 billion in new capital through public offerings of new securities during May, 2008, so the lawsuit.
The plaintiff alleges that Fannie Mae’s senior officers (defendants here) repeatedly assured the marketplace that this round of capital-raising would put the company on a sound financial footing and that they believed that additional infusions of cash would not be necessary for the foreseeable future. The stockholder accuses the five Underwriter Defendants that hey participated in the review and drafting of the Offering Circular, which was the official sales document for the Offering, solicited sales of the shares, and identified themselves, on the cover of the Offering Circular, as the underwriters for the Offering, so the lawsuit. The Underwriter Defendants purchased 14 million shares each of the Offering, delivered the Offering Circular to prospective investors, and resold those shares to investors in the Offering. The complaint alleges that the Underwriter Defendants’ statements made in connection with the Offering were materially false and misleading.
If you purchased or otherwise acquired Fannie Mae’s 8.25% Non-Cumulative Preferred Stock, Series T (NYSE: FNM-PT), pursuant or traceable to the Fannie Mae’s May 13th, 2008, Offering Circular by Merrill Lynch, Citigroup, Morgan Stanley, UBS Securities and Wachovia Capital Markets, you have certain rights and there are strict and short deadlines running (November 14th, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
A Shareholder Has Filed A Lawsuit On Behalf Of Investors in Lehman Brothers Holdings Inc. Preferred Series J Stock Against Certain Officers And Directors Of Lehman Brothers And Certain Underwriters
On Wednesday, September 24, 2008, a shareholder has filed a class action lawsuit in the United States District Court, Southern District of New York, on behalf of all persons who purchased the Preferred Series “J” stock of Lehman Brothers Holdings Inc. (OTC: LEHJQ or LEHMQ) from the date of the its public offering on February 5, 2008, and all purchasers traceable thereto against certain officers and directors of Lehman and certain Underwriters of the Offering,
If you purchased or otherwise acquired Preferred Series “J” stock of Lehman Brothers Holdings Inc. (OTC: LEHJQ or LEHMQ) from the date of its public offering on February 5, 2008 , you have certain rights and there are strict and short deadlines running (November 21st, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
The lawsuit was filed against certain officers and directors of Lehman Brothers Holding and certain Underwriters including Bank of America Securities LLC (NYSE:BAC), Citigroup Global Markets Inc. (NYSE:C), Merrill Lynch, Pierce, Fenner & Smith Inc. (NYSE:MER), Morgan Stanley & Co. Inc. (NYSE:MS), UBS Securities LLC (NYSE:UBS), and Wachovia Capital Markets, LLC (NYSE:WB). According to a press release by a law firm the complaint asserts that Lehman Brothers Holding’s prospectus contained both material misstatements and omissions, which Plaintiff and the Class relied upon to their detriment. The representations made in its prospectus were materially false and misleading because at the time of the Offering, Lehman was already suffering from several adverse factors that were not revealed and/or adequately addressed in the document; including the failure to set aside adequate allowances to cover the its ever increasing portfolio of underperforming sup-prime related products and to adequately write-down commercial and residential mortgage and real estate assets. According to the Lawsuit these factors were already causing a material adverse affect on Lehman Brothers Holding’s business and directly led to Lehman’s September 15th, 2008 announcement that it was seeking protection under the Federal Bankruptcy Code. The plaintiff alleges that as a result of the false and misleading statements the market price of Lehman Preferred J was artificially inflated during the Class Period. The shareholder alleges that would he and the other members of the Class known the truth, they would not have purchased said securities, or would not have purchased them at the inflated prices that were paid.
If you purchased or otherwise acquired Preferred Series “J” stock of Lehman Brothers Holdings Inc. (OTC: LEHJQ or LEHMQ) from the date of its public offering on February 5, 2008 , you have certain rights and there are strict and short deadlines running (November 21st, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
A Shareholder of Freddie Mac Series Z Preferred Stock Has Filed A Class Action Lawsuit Against Some Underwriters Over Alleged Failure to Warn Investors about Freddie Mac’s Exposure to Mortgage-Related Losses
On Tuesday, September 23rd, 2008, a shareholder Freddie Mac 8.375% Non-Cumulative Perpetual Preferred Stock, Series Z filed a class action lawsuit in U.S. District Court for the Southern District of New York on behalf of all persons who purchased Freddie Mac 8.375% Non-Cumulative Perpetual Preferred Stock, Series Z (NYSE:FRE-PZ) against some of the underwriters for the Series Z Preferred stock: Goldman Sachs & Co., J.P. Morgan Chase & Co., and Citigroup Global Markets, Inc.
If you purchased Freddie Mac 8.375% Non-Cumulative Perpetual Preferred Stock, Series Z (NYSE:FRE-PZ) in the offering or from November 29, 2007 or thereafter or Freddie Mac (NYSE: MAC) common shares between November 29, 2008 and August 5, 2008, or other Freddie Mac preferred stock series, you should contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers), sicne there is a Deadline, which will expire on October 14, 2008.
The complaint from the shareholder of Freddie Mac 8.375% Non-Cumulative Perpetual Preferred Stock, Series Z alleges that the defendant underwriters violated Section 12(a)(2) of the Securities Act of 1933. Plaintiff alleges that the Offering Circular and other offering materials for the $6 billion preferred stock offering, failed to warn investors about Freddie Mac’s fatal exposure to mortgage-related losses, poor underwriting standards and risk management procedures, and the negative impact of those failings on the adequacy of Freddie Mac’s capital. Defendants were underwriters of the Series Z Preferred initial public offering. They sold the shares to the public in a firm commitment underwriting at $25 per share less than a year ago. The shares now trade at $2 per share.
If you purchased Freddie Mac 8.375% Non-Cumulative Perpetual Preferred Stock, Series Z (NYSE:FRE-PZ) in the offering or from November 29, 2007 or thereafter or Freddie Mac (NYSE: MAC) common shares between November 29, 2008 and August 5, 2008, or other Freddie Mac preferred stock series, you should contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers), sicne there is a Deadline, which will expire on October 14, 2008.
A Shareholder Has Filed A Class Action Lawsuit Against Spectranetics ( NASDAQ: SPNC) Over Alleged Federal Securities Law Violations
On Tuesday, September 23th, 2008, a shareholder has filed a proposed class According to the complaint the plaintiff alleges that Spectranetics Corp. and certain of the Company’s executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants’ material omissions and dissemination of materially false and misleading statements concerning the Spectranetics Corp.’s business and operations caused Spectranetics Corp.’ stock price to become artificially inflated, infliaction lawsuit on behalf of all persons or entities who purchased the common stock of Spectranetics Corp. (NASDAW: SPNC) between April 19th, 2007 and September 4th, 2008 in the United States District Court for the District of Colorado in Denver against Spectranetics Corp. and its two top executives over alleged violations of federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of Spectranetics.
If you purchased or otherwise acquired who common stock of Spectranetics Corp. (NASDAW: SPNC) between April 19th, 2007 and September 4th, 2008, you have certain rights and there are strict and short deadlines running (November 21st, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
cting damages on investors. The stockholder alleges that between April 19, 2007 and September 4th, 2008 defendants knew or recklessly disregarded that their public statements concerning its business and operations were materially false and misleading.
The plaintiff alleges that on September 4th, 2008, Spectranetics Corp. shocked investors when reports surfaced that Federal Officials had served search warrants on the Company and NASDAQ halted trading of Spectranetics Corp. ‘ common stock. That evening, Spectranetics Corp. issued a press release disclosing that the Company was jointly served by the FDA and U.S. Immigration and Customs Enforcement with a search warrant relating to the promotion, use, testing, marketing, and sales of certain Spectranetics Corp. products, and payments made to medical personnel and an identified institution for this application. According to the complaint the search warrant also requested information about two post-market studies completed during the period from 2002 to 2005 and payments to medical personnel in connection with those studies, as well as information regarding compensation packages for certain Spectranetics Corp.’s personnel.
As a result on this news, NASDAQ subsequently halted trading of shares in Spectranetics Corp., but only after it shares had already fallen $4.27 per share, or 47 percent, to $4.73 per share. Then, so the lawsuit, on following day, September 5th, 2008, shares of Spectranetics Corp. were allowed to resume trading and closed at $5.63 per share, a decline of $3.37 per share, or 37 percent, from the September 3rd, 2008 closing price of $9.00 per share. Plaintiff seeks to recover damages on behalf of Class members.
If you purchased or otherwise acquired common stock of Spectranetics Corp. (NASDAW: SPNC) between April 19th, 2007 and September 4th, 2008, you have certain rights and there are strict and short deadlines running (November 21st, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
A Shareholder Has Filed A Class Action Lawsuit Against Constellation Energy Group, Inc. (NYSE: CEG) Over Allegedly Materially False And Misleading Statements
On Monday, September 22nd, 2008, a shareholder has filed a proposed class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of Constellation Energy Group, Inc. (NYSE:CEG) publicly traded securities during the period between January 30th, 2008 and September 16th, 2008 , including the Series A Junior Subordinated Debentures, pursuant and/or traceable to the Constellation Energy Group, Inc’s Registration Statement and Prospectus issued in connection with the Constellation Energy Group, Inc’s June 27, 2008 Preferred Securities offering against Constellation Energy Group, and certain of its offivers and directors over allegedly materially false and misleading statements.
If you purchased or otherwise acquired publicly traded securities during the period between January 3th0, 2008 and September 16th, 2008 , including the Series A Junior Subordinated Debentures, pursuant and/or traceable to the Constellation Energy Group, Inc’s Registration Statement and Prospectus issued in connection with the Constellation Energy Group, Inc’s June 27th, 2008 Preferred Securities offering, you have certain rights and there are strict and short deadlines running (November 21st, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
According to the complaint the plaintiff alleges that Constellation Energy Group, Inc. and certain of its officers and directors and its underwriters violated the Securities Exchange Act of 1934 and the Securities Act of 1933. Specifically the complaint alleges that due to defendants’ positive, but false, statements, Constellation’s stock closed as high as $88.25 per share on June 9th, 2008 and on June 27th, 2008, defendants consummated the sale of Constellation Energy Group, Inc.’s Preferred Securities pursuant to the false and misleading Registration Statement, selling 18 million shares at $25.00 per share for proceeds of approximately $435.8 million. In July 2008 Constellation Energy Group, Inc. reported favorable financial results and reaffirmed EPS guidance of 5.75 per share for 2008. But in August 2008, analysts questioned Constellation Energy Group, Inc.’s accounting and the implications of a credit downgrade. Then, on September 15th, 2008, investors and the market became aware of Constellation Energy Group, Inc.’s exposure to Lehman Brothers Holdings Inc.’s bankruptcy, which affected the Constellation Energy Group, Inc. ‘s ability to engage in energy-related trades and as a result of this news Constellation Energy Group, Inc.’s shares dropped to $47.99 or a 50% decline from the Constellation Energy Group, Inc.’s high of $97.34 per share between January 30th, 2008 and September 16th, 2008, so the lawsuit. The plaintiff alleges that the defendants were aware of the material undisclosed information which contradicted their public statements. The plaintiff seeks to recover damages on behalf of all purchasers of Constellation publicly traded securities January 30th, 2008 and September 16th, 2008 , including the Series A Junior Subordinated Debentures, pursuant and/or traceable to the Constellation Energy Group, Inc’s Registration Statement and Prospectus issued in connection with the Constellation Energy Group, Inc’s June 2th7, 2008 Preferred Securities.
If you purchased or otherwise acquired publicly traded securities during the period between January 30th, 2008 and September 16th, 2008 , including the Series A Junior Subordinated Debentures, pursuant and/or traceable to the Constellation Energy Group, Inc’s Registration Statement and Prospectus issued in connection with the Constellation Energy Group, Inc’s June 27th, 2008 Preferred Securities offering, you have certain rights and there are strict and short deadlines running (November 21st, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
Shareholders in The Reserve Primary Fund (RFIXX, RSFXX, RPRXX, RPIXX, RPVXX, RPLXX, RFFXX, RPFXX, REPXX, RESPR12) Have Filed A Class Action Lawsuits
On Friday, September 19, 2008 a shareholder in the Reserve Primary Fund has filed a class action lawsuit in the U.S. District Court for the Southern District of New York on behalf of a proposed class of purchasers of shares of The Reserve Fund’s Primary Fund (NASDAQ: RFIXX, RSFXX, RPRXX, RPIXX, RPVXX, RPLXX, RFFXX, RPFXX, REPXX, RESPR12) during the period September 28, 2007 through September 16, 2008.. Other investors of The Reserve Fund’s Primary Fund (NASDAQ: RFIXX, PRFXX) (the “Fund”) filed class actions on behalf of investors who owned shares in any class of the Primary Fund, a series of the Reserve Fund, who had not requested redemption of their shares by 3 p.m. E.S.T. on Tuesday, September 16, 2008 against Financial Adviser, the Underwriter, and the Trustees of the Reserve Fund.
If you are or were an investor who owned shares in any class of the Primary Fund (NASDAQ: RFIXX, PRFXX), a series of the Reserve Fund, who had not requested redemption of their shares by 3 p.m. E.S.T. on Tuesday, September 16, 2008 or purchased shares of The Reserve Fund’s Primary Fund (NASDAQ: RFIXX, RSFXX, RPRXX, RPIXX, RPVXX, RPLXX, RFFXX, RPFXX, REPXX, RESPR12) during the period September 28, 2007 through September 16, 2008, you have certain rights and there are short deadlines running (November 18, 2008). You should contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
The Reserve Fund is an investment trust organized under Massachusetts law, headquartered in New York City. The Trust consists of Mutual Funds, of which the Primary Fund is a series. The Primary Fund is a money market mutual fund that is required, by law, to invest in only the highest quality securities and debt obligations.
The Complaint on behalf of purchasers of shares of The Reserve Fund’s Primary Fund (NASDAQ: RFIXX) (the “Fund”) during the period September 28, 2007 through September 16, 2008, alleges that the Fund and the Fund’s underwriter, investment adviser, officers and trustees and the other related Defendants, violated Sections 11, 12 and 15 of the Securities Act of 1933 by making false and misleading statements and omissions concerning the lack of true diversification of the Fund’s assets, safety of principal, access to liquidity and exposure to at least face value debt of $785 million of the now defunct Lehman Brothers Holdings, Inc., and thus the Fund’s Registration Statement and Prospectus issued September 28, 2007, pursuant to which members of the proposed class purchased or acquired shares of the Fund during the Class Period, was materially false and misleading.
According to the complaint investor who owned shares in any class of the Primary Fund, a series of the Reserve Fund, who had not requested redemption of their shares by 3 p.m. E.S.T. on Tuesday, September 16, 2008 allege that the defendants violated its legal obligations, as imposed by Section 8 of the Investment Company Act and the SEC’s Rule 2A-7 thereunder, the Primary Fund had invested in, and continued to invest in, approximately $785 million in commercial paper and other debt obligations issued by Lehman Brothers Holdings, Inc. (”Lehman”) (Pink Sheets:LEHMQ).
The complaint further alleges that by Friday, September 12, 2008, Lehman’s financial situation had become desperate; yet defendants continued to hold the debt obligations. Then on September 15, 2008, when Lehman Brothers Holdings filed for bankruptcy, defendants were still holding onto $785 million of its debt obligations, which were now worthless and furthermore by the afternoon of September 16, defendants had allowed about a dozen institutional investors to withdraw a total of over $40 billion from the fund, at the “net asset value” price of $1.00 per share, so the lawsuit.
The plaintiff alleges that it was not until the markets closed on September 16 that defendants issued a press release announcing that the net asset value of the fund had been reduced to 97 cents per share, a shocking and extremely rare development known in the industry as “breaking the buck.” The press release announced that investors who had sought redemption up to 3 P.M. that day would receive $1 per share, but that subsequent requests for redemption would be at the 97 cents price, and that payments for those shares would be withheld for up to 7 days.
According to the complaint the plaintiff alleges that the defendants violated Section 8 of the Investment Act of 1940 by deviating from the Fund’s fundamental investment objectives without approval by the shareholders of the Fund and by allowing massive redemptions by a favored few investors at an inflated price of $1.00 per share and that these actions gave an unfair advantage to certain fund investors at the expense of others, and in a manner which violated the Fund’s stated procedure as well as defendants’ fiduciary obligations to investors.
If you are or were an investor who owned shares in any class of the Primary Fund (NASDAQ: RFIXX, PRFXX), a series of the Reserve Fund, who had not requested redemption of their shares by 3 p.m. E.S.T. on Tuesday, September 16, 2008 or purchased shares of The Reserve Fund’s Primary Fund (NASDAQ: RFIXX, RSFXX, RPRXX, RPIXX, RPVXX, RPLXX, RFFXX, RPFXX, REPXX, RESPR12) during the period September 28, 2007 through September 16, 2008, you have certain rights and there are short deadlines running (November 18, 2008). You should contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
A Shareholder Has Filed A Class Action Lawsuit Against Canadian Imperial Bank of Commerce (NYSE: CM) Over Allegedly Materially False And Misleading Statements
On Friday, September 19th, 2008, a shareholder has filed a proposed class action lawsuit in the United States District Court for the Southern District of New York on behalf of all purchasers of the securities of Canadian Imperial Bank of Commerce (NYSE: CM) on the New York Stock Exchange (”NYSE”), and all U.S. purchasers of the securities of CIBC between May 31, 2007 and May 28, 2008 over allegedly materially false and misleading statements.
If you purchased or otherwise acquired securities of CIBC (NYSE: CM) between May 31, 2007 and May 28, 2008 , you have certain rights and there are strict and short deadlines running (November 18th, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
According to the complaint the plaintiff alleges that CIBC and certain of its officers and directors violated the Securities Exchange Act of 1934. Specifically the complaint alleges that the statements contained in CIBC’s press releases, SEC filings, conference calls and presentations during the Class Period were materially false and misleading by falsely representing that CIBC’s exposure to subprime CDOs was not a major risk issue and failing to accurately describe its total exposure to the U.S. subprime mortgage market. The plaintiff alleges that on December 6th, 2007, CIBC released fourth quarter results that stunned the banking community by revealing a surprisingly large exposure to the troubled U.S. housing market.
Then CIBC said its write-downs had already reached $1 billion, and warned of significantly higher losses in the future related to its $9.8 billion in hedged exposure to the subprime mortgage and CDO market and as a result to this announcement its shares fell 8.4% over the next two trading days, from $85.83 to $78.59. The plaintiff alleges that it was not until May 29th, 2008 that the CIBC’s full exposure to U.S. subprime mortgages was finally revealed and it swung to a fiscal second-quarter loss as it took a $2.51 billion loss related to its structured credit activities, and analysts said the potential for more write-downs looms even though the bank has taken charges totaling approximately $6 billion in the past year, so the lawsuit. CIBC stock plummet to $63.93 per share on June 6th, 2008.
Plaintiff seeks to pursue remedies under the Securities Exchange Act of 1934 and seels to recover damages purchasers of CIBC securities between May 31, 2007 and May 28, 2008.
If you purchased or otherwise acquired securities of CIBC (NYSE: CM) between May 31, 2007 and May 28, 2008 , you have certain rights and there are strict and short deadlines running (November 18th, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
A Shareholder of Canadian Imperial Bank of Commerce (NYSE:CM) Has Filed A Class Action Lawsuit Against CIBC For Allegedly Violating Federal Securities Laws In Connection With Its Exposure to The US Sub Prime Market
On Friday, September 19, 2008, a shareholder has filed a proposed class action lawsuit in in the United States District Court for the Southern District of New York on behalf of purchasers of Canadian Imperial Bank of Commerce common stock during the period between May 31, 2007 and May 28, 2008 from the New York Stock Exchange (NYSE)
If you are or were an investor in Canadian Imperial Bank of Commerce (CIBC) - (NYSE:CM) common stock during the period between May 31, 2007 and May 28, 2008 from the New York Stock Exchange (NYSE) you have certain rights and there are strict deadlines running (November 18,2008). You should contact immediately the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers) !
According to the complaint the plaintiff alleges that CIBC and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The action alleges that Defendants misled investors by falsely representing that CIBC’s exposure to subprime CDOs was not a major risk issue and failing to accurately describe its total exposure to the U.S. subprime mortgage market.
The complaint alleges that the statements contained in CIBC’s press releases, SEC filings, conference calls and presentations between May 31, 2007 and May 28, 2008 were materially false and misleading. Specifically the stockholder alleges that on December 6, 2007, CIBC released fourth quarter results that stunned the banking community by revealing a surprisingly large exposure to the troubled U.S. housing market. CIBC said its write-downs had already reached $1 billion, and warned of significantly higher losses in the future related to its $9.8 billion in hedged exposure to the subprime mortgage and CDO market, so the lawsuit. As a result of this announcement its shares fell 8.4% over the next two trading days, from $85.83 to $78.59. But the plaintiff alleges that it was not until May 29, 2008 that the Company’s full exposure to U.S. subprime mortgages was finally revealed causing the Company’s stock to plummet to $63.93 per share on June 6, 2008.
If you are or were an investor in Canadian Imperial Bank of Commerce (CIBC) - (NYSE:CM) common stock during the period between May 31, 2007 and May 28, 2008 from the New York Stock Exchange (NYSE) you have certain rights and there are strict deadlines running (November 18,2008). You should contact immediately the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers) !
A Shareholder Has Filed A Class Action Lawsuit Against Oshkosh Corp. ( NYSE:OSK) Over Allegedly Materially False And Misleading Statements
On Friday, September 19th, 2008, a shareholder has filed a proposed class action lawsuit in the United States District Court for the Eastern District of Wisconsin behalf of purchasers of Oshkosh Corporation (NYSE: OSK) common stock during the period between November 1st, 2007 and June 25th, 2008 over allegedly materially false and misleading statements.
If you purchased or otherwise acquired Oshkosh Corporation (NYSE: OSK) common stock during the period between November 1st, 2007 and June 25th, 2008, you have certain rights and there are strict and short deadlines running (November 18th, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
According to the complaint the plaintiff alleges that Oshkosh and certain of its officers and directors violated the Securities Exchange Act of 1934. The stockholder accuses that between November 1st, 2007 and June 25th, 2008 the defendants materially misled the investing public, thereby inflating the price of Oshkosh Corp.’s common stock, by publicly issuing materially false and misleading statements and omitting to disclose material facts necessary to make defendants’ statements not false and misleading. As alleged in the complaint, these statements and omissions were materially false and misleading in that they failed to disclose the following adverse facts which were known to defendants. Then on June 26th, 2008, Oshkosh Corp. announced that it was revising downwards the estimates for its third quarter and full fiscal 2008 financial results because of, among other things, the impairment of its goodwill associated with the Company’s European refuse collection vehicle manufacturer, the Geesink Norba Group and as a result of this disclosure, shares of Oshkosh Corp. common stock dropped 33%, to close at $22.29 per share, so the lawsuit. Plaintiff seeks to recover damages on behalf of all purchasers of Oshkosh common stock between November 1st, 2007 and June 25th, 2008.
If you purchased or otherwise acquired Oshkosh Corporation (NYSE: OSK) common stock during the period between November 1st, 2007 and June 25th, 2008, you have certain rights and there are strict and short deadlines running (November 18th, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
A Shareholder of Northern Trust Corp. (NASDAQ: NTRS) Has Filed A Class Action Lawsuit Over Auction rate Securities
On Friday, September 19, 2008 a shareholder of Northern Trust Corporation Auction Rate Securities (NASDAQ: NTRS) filed a proposed class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of Northern Trust’s auction rate securities during the period over auction rate securities.
If you are or were an investor in Northern Trust Corporation : Auction Rate Securities (NASDAQ: NTRS) between September 16, 2003 through February 13, 2008, you have certain rights and there are short deadlines running (November 18, 2008). You should contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
According to the complaint the plaintiff alleges that between September 16, 2003 through February 13, 2008 Northern Trust Corp. materially misrepresented the liquidity of and risks associated with auction rate securities and omitted material facts about the auction rate securities market. Specifically as alleged in the complaint, even though a number of auctions began to fail in the Summer of 2007 and thereafter, Northern Trust Corp. continued to encourage investors to purchase auction rate securities and continued to represent to investors that these securities were like cash or money market accounts and were highly liquid, safe investments for short-term investing, without adequately disclosing the risks associated with the securities and as a result of the withdrawal of support by all of the major broker-dealers the market for auction rate securities collapsed, rendering more than $300 billion of outstanding securities illiquid.
If you are or were an investor in Northern Trust Corporation : Auction Rate Securities (NASDAQ: NTRS) between September 16, 2003 through February 13, 2008, you have certain rights and there are short deadlines running (November 18, 2008). You should contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
A Shareholder Has Filed A Class Action Lawsuit Against Carter’s, Inc. (NYSE:CRI) Over Allegedly Materially False And Misleading Statements
On Friday, September 19th, 2008, a shareholder has filed a proposed class action lawsuit in the United States District Court for the Northern District of Georgia, on behalf of all purchasers of the securities of Carter’s, Inc. (NYSE:CRI) between February 21st, 2006 and July 24th, 2007 over allegedly materially false and misleading statements about their ability to turn the operations of acquired company Oshkosh B’Gosh around.
If you purchased or otherwise acquired securities of Carter’s, Inc. (NYSE:CRI) between February 21st, 2006 and July 24th, 2007, you have certain rights and there are strict and short deadlines running (November 18th, 2008). You should immediately contact the Schutzverein für Rechte der Bankkunden e.V. (Protection Association for Bank Customers)!
According to the complaint the plaintiff seeks to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”). Specifically, the complaint alleges that Defendants issued materially false and misleading statements about their ability to turn the operations of acquired company Oshkosh B’Gosh around. Then on July 24, 2007, Carter Inc.’s announced that it was taking a large write-down ($142.9 million) on the tangible assets/goodwill of its Oshkosh subsidiary and as a result of this news its shares reacted negatively falling from $24.87 to $22.75 per share by the end of trading on July 25, 2007, or a 8.5% decline in value, so the lawsuit.
If you purchased or otherwise acquired securities of Carter’s, Inc. (NYSE:CRI) between February 21st, 2006 and July 24t