Securities Class Action Lawsuits
Securities/Stock Fraud
Stock fraud occurs when the issuer of the security makes false statements about the company's status or fails to disclose important facts that may affect stock value, causing investors to buy or sell stocks under false pretenses. Claims can be brought against the issuer of the security, i.e. the public company, the company's officers, directors, or others involved in the violation, including stock brokers, underwriters, or auditors.
Stock Broker Fraud / Arbitration
There are a number of ways a Stock Broker or Financial Advisor can break laws surrounding investment practices. Stockbroker fraud or negligence can include misrepresenting stocks or risks, recommending unsuitable stocks, charging excessive transaction fees, or failing to diversify an investor's portfolio. It is a stockbroker's responsibility to consider their client's best interest in all investment transactions.
Stock Options / ERISA (Employee Retirement Income Security Act)
ERISA regulates employee benefit and pension plans; employee benefits and retirement plans can be tied into stock options. Employees and retired employees can file a lawsuit against a company and/or its officers for breaching fiduciary responsibilities and putting stock options and pension plans at risk.
SECURITIES ARTICLES AND INTERVIEWS Recovering Your Mutual Fund Losses
 Boston, MA: So, you have just received word that your mutual fund losses are staggering. Your fund manager either did not recognize that there were problems with the fund, or did recognize problems but failed to act quickly enough to protect you from further declines in your mutual funds. Luckily, you can count on mutual fund ERISA regulations to help protect your money when your mutual fund manager did not. [ Read More ]
Auction Rate Securities "Class Action is Dead"
 Kansas City, MO: If you have been waiting for a class action lawsuit to compensate you for money lost in Auction Rate Securities it might be time to consider filing an arbitration. According to Diane Nygaard, founder of the Nygaard Law Firm, it appears that class action lawsuits will not help clients who had money in the auction rate securities market. Unfortunately, there are still firms who have not entered into a global settlement with their auction rate securities clients, leaving those clients without their money. [ Read More ]
Mutual Fund Losses Can Be Recovered With Help from an Attorney
 New York, NY: When you're invested in mutual funds and suffer mutual fund losses, such a loss is usually devastating to the average investor. Few are the investors who do it for sport. Most do it out of desperation to fund a retirement, or as a means to send the kids to college. With traditional retirement plans now virtually a thing of the past, Americans have been called upon to fund their own retirement. [ Read More ]
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MORE SECURITIES
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IN THE NEWS
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JUN-29-09: Bernard Madoff recently convicted for masterminding the largest Ponzi scheme in history, was sentenced to 150 years in prison on Monday. [CNN: MADDOFF GETS 150 YEAR PRISON SENTENCE]
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JUN-05-09: Marcus Schrenker, a 38-year old money manager form Indiana, has pled guilty to deliberately crashing a plane in a residential neighborhood in Florida. It was a botched attempt to fake his own death and escape a crumbling marriage and financial problems. [AP: MONEY MANAGER GUILTY IN PLANE CRASH]
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MAY-26-09: An appeals court in the US has ruled that Merck & Co must defend itself against a shareholder lawsuit filed over information concerning the now defunct drug Vioxx. Merck had argued that the 2-year window within which investors much file a federal securities lawsuit had been filed too late. [BLOOMBERG: VIOXX SECURITIES CLASS ACTION]
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MAY-22-09: A class action against MoneyGram International will proceed after U.S. District Judge David Doty denied its motion to dismiss allegations of securities fraud because the plaintiffs failed to assert a primary violation.
[COURTHOUSE NEWS SERVICE: MONEYGRAM CALSS ACTION PROCEEDS]
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MAY-19-09: Lawyers representing plaintiffs alleging a fiduciary breach in the operation of the RadioShack 401(k) have asked a federal judge to certify the suit as a class action. The suit would potentially represent as many as 13,000 current and former employees.
[PLAN ADVISOR: RADIOSHACK EMPLOYEES SUE OVER ERISA]
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MAY-11-09: A securities class action launched against Canadian drug maker Biovail was dismissed by a New York court last week. The suit alleged investors had been mislead about the regulatory approval of BVF-033, a formulation of an antidepressant. The suit was filed in 2008. [REUTERS UK: BIOVAIL SUIT DISMISSED]
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| Grubb & Ellis alleging violations of fiduciary duties to shareholders and securities laws. |
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Stock Fraud: Has this Happened to You?
I lost almost all my savings and my husband's life insurance. Because I trusted a stock broker. I moved to the Tampa Bay area around Florida 10 years ago after my husband died at the age of 46 from colon cancer. With two young children to support, I needed to be close to my parents. And I also needed them for financial support
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| Marvell Settles Shareholder Class Action for $72 Million |
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| Evergreen Wachovia, Settle Securities Allegations over Ultra Short Opportunities Fund |
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| Tyco Settles with Michigan State for $24.5 Million |
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Mismanagement of 401K
Defendant: ~Principal Financial Group, Inc. (ERISA Stock Fraud)
PFG failed to inform me of the rollover options when I was separated from my employer in January 2008. They only mailed this notice 1 year later. During this year they showed wrong over-optimistic numbers on my statements, which hid the losses, then removed the losses from page 1 of the statement. Due to mismanagement I lost 50% of my 401K.
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Examples of Investment Fraud by Public Companies
- Misrepresentations - the company announces false statements or omits details of the company's financial status or sales performance with intent to attract and retain investors.
- Violations of the Generally Accepted Accounting Principles (GAAP).
- Illegal Insider Trading - employees or officers of the company trade stocks based on non-public information.
- Violations of Employee Retirement Income Security Act (ERISA) - the company's trustees breach their fiduciary duty by allowing employees to trade stock at artificially inflated prices due to undisclosed problems.
- Industries that have experienced stock fraud and securities fraud lawsuits in 2004-2005 include insurance, technology, communications, medical, and utilities.
Examples of Stock Broker Fraud
- Misrepresentation/Omission - a broker intentionally misleads or does not disclose details and risk factors of a certain stock to the client.
- Unsuitability - a broker recommends investments/stocks that are unsuited for the client's risk level and finances.
- Churning - a broker conducting an unnecessary quantity of transactions which generate profit per transaction fees for the broker.
- Overconcentration - a broker fails to diversify a client's investment portfolio.
- Tipping - brokers and brokerage houses tipping clients to buy or sell securities based on non-public information. Also referred to as Illegal Insider Trading which includes brokers selling IPO, pre-public stocks to favored clients/friends.
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Securities Fraud
Investors especially small investors have lost millions upon millions of dollars due to stock fraud.
Companies that trade their stocks have legal responsibilities to those who buy their stock. Stock brokers also have legal obligations to the people they sell their stocks to. If either a company or a broker has committed fraud against you, you may be able to get some of your investment back.
Securities fraud class action lawsuits can be brought against the persons or entities that violated the Securities and Exchange Act of 1934 (the "Exchange Act") and/or the Securities Act of 1933 (the "Securities Act").
Claims can be brought against the issuer of the security, i.e. the public company, the company's officers, directors, or others involved in the violation, including stock brokers, underwriters, or auditors.
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Securities Fraud Legal help
If you or a loved one has suffered losses from securities fraud, please click the link below to send your complaint to a lawyer to evaluate your claim at no cost or obligation.
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