Body armor maker DHB Industries Inc. failed to inform investors that one of its key products, a bullet proof vest, would soon lose the safety certification it needed to be sold to police officers, according to a class action securities fraud lawsuit.
A federal judge has dismissed a class action suit alleging securities fraud filed by shareholders of logistics company Stonepath Group, making it the second suit against the company dismissed in the past two months.
With a $400 million settlement offer, Qwest Communications International Inc. Tuesday moved toward resolving a slew of investor class action lawsuits over alleged securities fraud that led to the company’s restatement of billions of dollars in revenue in 2002.
Just one day after winning $651 million in a class action suit, William Lerach of Lerach Coughlin Stoia Geller Rudman & Robbins LLP has been accused of distorting the settlement to “make himself look better,” according to a press release from the New York State Common Retirement Fund.
Investors in scandal-ridden Yukos Oil Company are taking the offensive against the Russian Federation, accusing the country and its leaders of trying to renationalize the firm without compensation.
It’s time to look at the unintended consequences of booming securities class action damages, the U.S. Chamber of Commerce research institute says in a report that claims the economy is suffering under the whip of over-eager plaintiff firms.
WorldCom investors will receive $651 million in a settlement reached in a consolidated class-action suit against the company. Most of the money will be paid by underwriters of the former telecommunications giant.
Krispy Kreme Doughnuts, a company mired in financial trouble and an increasing number of lawsuits, has filed a motion to dismiss a class-action lawsuit alleging the company made false statements about projected earnings just before the stock collapsed.
Computer hard drive maker Hutchinson Technology and its top executives have been accused of misleading investors by inflating demand for key products and using insider knowledge to sell stock prior to earnings warnings.
Computer-animated movie maker Pixar Studios has been accused in a class action lawsuit of promising unrealistic DVD sales, and allowing executives to reap more than $27 million in insider trading prior to announcing poor results for ‘The Incredibles’.
In a recently filed class action suit, Avon Products Inc. employees allege that CEO Andrea Jung encouraged them to invest in Avon stock while selling her shares in the company, netting her millions but causing the employees to lose a “significant portion” of retirement investments.
Investors took legal action against drug maker Andrx Corp. Tuesday, accusing the pharmaceutical company of violating federal securities laws and misrepresenting the approval status of new drug applications with the U.S. Food and Drug Administration.
Barrier Therapeutics Inc. misled investors about the success of its clinical-stage biopharmaceuticals, according to a complaint filed by investors in federal court Friday.
Shareholders of the now-bankrupt Lernout & Hauspie Speech Products N.V. have filed a class-action lawsuit alleging the company’s executives engaged in massive accounting fraud that led to its eventual downfall.
Five New York pension funds that sued WorldCom Inc. after the company’s collapse have reached a $78.9 million settlement with the fallen telecommunications company.
Drug maker Bristol-Meyers Squibb misled investors in a multi-billion dollar scheme to exaggerate demand its most popular products, according to a complaint filed Wednesday in federal court.
As futures broker Refco’s financial situation becomes increasingly dire, litigation against the company continues to mount, now encompassing the banks that underwrote Refco’s initial public offering.
The Supreme Court has denied a petition for a writ of certiorari that would have reinstated a class action lawsuit alleging that Merrill Lynch and one of its analysts misled investors.
Retailer Abercrombie & Fitch has been hit with several class action lawsuits filed by shareholders alleging that the company made statements that caused stock to trade at an artificially inflated level.
Canadian telecommunications gear maker Nortel Networks Corp. is in talks to settle two securities fraud class-action lawsuits, the company said Friday.