Securities

  • October 24, 2005

    Hutchinson Technology In Class Action Over False Statements

    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.

  • October 24, 2005

    SEC Proposal To Harmonize Filing Standards For Foreign Companies Sparks Debate

    As the Security and Exchange Commission seeks to attract investment from other countries and to help foster a more globalized investment community, the question of the proper application of securities standards and regulation has critics and supporters facing off.

  • October 24, 2005

    SEC Investigates BanCorp Accounting Discrepancies

    The Securities and Exchange Commission has begun a formal investigation into mortgage loans acquired by Puerto Rican mortgage company First BanCorp. The investigation comes in the wake of several scandals that have recently hit the Puerto Rican banking industry.

  • October 24, 2005

    Pixar In Class Action Over "The Incredibles" DVD-Release

    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’.

  • October 21, 2005

    SEC Reaches Settlement With Participant In Lucent Scandal

    David Ackerman, a former Winstar Communications executive charged with aiding and abetting fraud in the Lucent Technologies fraud scandal, has reached a settlement with the Securities and Exchange Commission.

  • October 21, 2005

    GAO Says SEC Underestimated Budget By $50M

    The Securities and Exchange Commission underestimated its budget needs for fiscal years 2005 and 2006 by almost $50 million, according to a report by the Government Accounting Office.

  • October 20, 2005

    Refco Paid Insiders $1B In Cash Before Collapse

    In a discovery sure to prompt several more class-action lawsuits, Refco’s financial statements revealed that before the firm’s collapse insiders received over $1 billion in cash.

  • October 20, 2005

    Avon Execs Under Fire For Concealing Information

    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.

  • October 12, 2005

    Investors Sue Andrx Amid FDA Skirmish

    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.

  • October 17, 2005

    Barrier Therapeutics Misled Over Clinical Studies, Suit Says

    Barrier Therapeutics Inc. misled investors about the success of its clinical-stage biopharmaceuticals, according to a complaint filed by investors in federal court Friday.

  • October 19, 2005

    EASDAQ Investors File Suit Against Lernout & Hauspie

    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.

  • October 19, 2005

    Pension Funds Win $78.9 M In WorldCom Suit

    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.

  • October 19, 2005

    Bristol-Meyers Squibb In Class Action Over $2B Fraud

    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.

  • October 18, 2005

    Refco Files For Bankruptcy, Agrees To Sell Futures Brokerage

    Just two months after an impressive $585 million initial public offering, Refco Inc. has filed for bankruptcy, agreeing to sell its core futures brokerage for $785 million in order to salvage some of its other subsidiaries.

  • October 18, 2005

    $19B Tug-O-War Pits AIG Against Its Former CEO

    American International Group Inc. and its former chief executive are both claiming control over $19 billion in AIG stock that was once used to provide bonuses to top-performing executives.

  • October 17, 2005

    Dinner Conversation With Wife Spawned Insider Trading, SEC Says

    A Texas man used information he obtained from his wife over dinner to engage in illegal insider trading, according to the Securities and Exchange Commission, which reached a settlement with the man one day after filing its lawsuit against him.

  • October 17, 2005

    Class Action Suits Filed Against Refco Underwriters

    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.

  • October 17, 2005

    Former Milberg Weiss Expert May Finally Cooperate

    Five years after the launch of a probe into illegal kickbacks given to witnesses and lead plaintiffs by class action firm Milberg Weiss, investigators may finally have a lead.

  • October 14, 2005

    SEC Taps Mejia For Chief Litigator

    The Securities and Exchange Commission has named Luis R. Mejia, a SEC litigator instrumental in collecting $400 million from Enron executives accused of fraud, as the new chief litigation counsel for its enforcement division.

  • October 14, 2005

    SEC Sues Wood Partners Over Investment Decision

    The Securities and Exchange Commission has sued Wood River Capital Management LLC, the once high-flying Idaho hedge fund, alleging the firm misled investors by placing the majority of its assets in a single company.