Stock Losses
Longfin Stock Quick Rise and Fall Securities Class Action
What should investors think of a company that holds an initial public offering, projects astronomical growth, then admits it lacks even personnel who are skilled in proper reporting? The complaint for this class action alleges that Longfin Corporation stock rose and plunged in a matter of months, based on false impressions of the corporation which Read more
Synacor Overestimates Contract Revenues for 2017 Securities Class Action
News of Synacor’s signing of a three-year contract with AT&T, the largest pay TV provider in the US, seemed promising for the company when it was announced in 2016. But the complaint for this class action claims that Synacor did not disclose that the large revenues projected to come from the contract would not show Read more
Dakota Plains Holdings Stock Manipulation Securities Class Action
The complaint for this class action alleges that Ryan R. Gilbertson and Michael L. Reger founded Dakota Plains Holdings in order to run a stock manipulation scheme. The two made all important decisions concerning the company, the complaint said, yet hid the extent of their ownership as well as their roles and their stock manipulation Read more
Universal Health Services Fraudulent Insurance Claims Securities Class Action
The complaint for this securities class action alleges that Universal Health Services, Inc. (UHS) “manipulated and fabricated” patient intake assessments, including labeling some patients as suicidal when they were not, in order to make money from their insurance policies. It also claims they were held longer than was medically necessary, in order to make more Read more
Rent-A-Center New Point-of-Sales System Problems Securities Class Action
When Rent-A-Center, Inc. (RAC) began rolling out its new point-of-sale (POS) computer system in late 2014, it had significant problems and was already outdated, claim confidential witnesses. The complaint for this class action claims that the company knew of problems but did tell investors because it did not want to take a write-down on the Read more
Endologix Hid Nellix Device’s Migration in the Body, Says Securities Class Action
Endologix, Inc. makes medical devices to treat aortic aneurysms, which can become fatal if not treated properly. When the class period began for this action began, Endologix’s Nellix device had been in use in Europe for three years, and the company claimed the results there were good. But the complaint claims that Nellix had a Read more
Celgene Overly-Optimistic Drug Prospects Securities Class Action
Celgene assured investors that it had three promising drugs, but the complaint for this securities class action claims that its overly optimistic statements about them were violations of the Securities Exchange Act of 1934. During the class period, it says, all of these drugs made disappointing showings, far from the company’s inflated predictions. Read more
TrueCar Fails to Disclose Changes in Connection with USAA Securities Class Action
Is a company liable when it sees a change coming in its largest source of income, but fails to predict the results? The complaint for this class action quotes an official for TrueCar, Inc. as saying that “we saw these coming. It wasn’t like we were blind to them.” The changes were changes to the Read more
Patterson Companies Dental Products Antitrust Securities Class Action
The complaint for this securities class action claims that Patterson Companies, Inc., colluded with its two main dental product competitors to keep prices high and maintain profit margins. Among other things, the companies agreed not to do business with Group Purchasing Organizations, which were intended to enable small practices to obtain bulk prices. This antitrust Read more
Overstock.com Digital Coins and Blockchain Blunders Securities Class Action
Overstock.com, Inc., an online retailer announces that it is going into digital currencies—and its stock rises more than 500% in five months. Is this a rise in real value? No, the complaint for this class action says, and alleges that the company was in violation of the Securities Exchange Act of 1934 because it did Read more