SECURITIES LITIGATION
Request information
about any of these class actions.
In re Corel Corporation Securities Litigation, United States
District Court for the Eastern District of Pennsylvania
Donovan Searles actively participated in the litigation of this securities
class action. The suit alleged that Corel and certain of its senior officers
had misrepresented Corel’s financial condition and the likelihood of
significant revenues from its Linux-based products. In July 2003, the
federal district court granted preliminary approval of a $7 million
settlement for persons who purchased Corel shares between December 7,
1999 and March 20, 2000. A final approval hearing is scheduled for September 12, 2003.
[Complaint ]
[ Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[Request Information ]
In re Hamilton Bancorp Securities Litigation, United
States District Court for the Southern District of Florida
Donovan Searles is one of the co-counsel actively
involved in litigating this securities class action. The suit alleges,
among other things, that the defendants issued materially misleading
financial statements, registration statements and earnings releases
concerning the financial condition and prospects of Hamilton Bancorp.
In January 2002, the Court denied defendants’ various motions to
dismiss. In 2003, the Court certified a class of purchasers of
Hamilton Bancorp securities.
[ Complaint ]
[ Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[Request Information ]
White v. Heartland High Yield Municipal Bond Fund,
United States District Court for the Eastern District of Wisconsin
Donovan Searles was co-counsel actively involved in the
litigation of in this securities class action. The suit alleged, among
other things, that the defendants had misrepresented the net asset values
of various securities held by several funds managed by Heartland Advisors,
Inc. In March 2001, the SEC obtained an Order authorizing it to seize
the assets of several of the funds. In July 2002, the Court finally
approved a partial settlement in the principal amount of $14 million on
behalf of the Class and against all defendants other than defendant
PriceWaterhouseCoopers. The action is proceeding against the
auditor-defendant.
[ Complaint ]
[ Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[Request Information ]
Selis v. KTI Corp., United States District
Court for the District of New Jersey
Donovan Searles served as co-lead counsel in this
securities class action. Plaintiffs alleged on behalf of purchasers
of KTI’s common stock that the defendants had artificially inflated
the market price of KTI’s securities by misrepresenting KTI’s
financial performance and condition. On March 31, 2003, the
federal district court finally approved a $3.8 million settlement
for persons who purchased KTI shares between August 15, 1998 and
April 14, 1999.
[ Complaint ]
[ Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[Request Information ]
In re Legato Systems Securities Litigation, United
States District Court for the Northern District of California
Donovan Searles actively participated in the
litigation of this securities class action. The suit alleged,
among other things, that the defendants issued materially false
and misleading financial reports about Legato which operated to
inflate artificially the price of the company’s publicly traded
securities. In 2003, the Court finally approved a multi-million
settlement for the Class.
[ Complaint ]
[ Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[Request Information ]
Pallas v. Lucent Technologies, Inc.,
United States District Court for the District of New Jersey
Donovan Searles is co-lead counsel in this
stockholder derivative suit brought on behalf of the current
holders of Lucent Technologies, Inc. (NYSE:LU) securities. The stockholder
derivative suit alleged, among other things, that certain officers and
directors of Lucent had caused the company to engage in misleading
accounting and financial reporting practices that exposed Lucent to
liability in consolidated securities class actions. In March 2003,
Lucent announced that the litigation had been settled in principle,
with the insurance carriers of the directors’ and officers’ liability
insurance agreeing to fund a substantial portion of the multimillion
dollar proposed settlement. In addition, Lucent implemented a number
of corporate governance changes.
[ Complaint ]
[ Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[ Request Information ]
In re Medi-Hut Securities Litigation,
United States District Court for the District of New Jersey
Donovan Searles is one of the co-counsel actively
involved in this securities class action. The suit alleges, among
other things, that the former officers and directors of Medi-Hut, as
well as the Company itself, issued materially false and misleading
financial statements and earnings releases that caused Medi-Hut’s
securities to trade at artificially inflated prices. In light of
recent disclosures by Medi-Hut, the named plaintiffs are preparing
and will be filing an Amended Consolidated Class Action Complaint.
[ Complaint ]
[ Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[ Request Information ]
In re Rent-Way Securities Litigation, United States
District Court for the Western District of Pennsylvania
Donovan Searles filed one of the first securities class
action complaints that were eventually consolidated in this case. The suit
alleged, among other things, that certain officers and directors of Rent-Way
caused the company to issue false and misleading financial statements that
in turn artificially inflated the price of Rent-Way’s publicly traded
securities. In June 2003, the Court entered an Order preliminarily
approving a partial settlement of the action against defendants other
than defendant PriceWaterhouseCoopers. A final settlement approval
hearing has been scheduled for September 12, 2003.
[ Complaint ]
[ Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[Request Information ]
In re Sunterra Corp. Securities Litigation, United States District
Court for the Middle District of Florida
Donovan Searles is co-lead counsel for plaintiffs and the proposed class
in this securities class action. The suit alleges, among other things,
that certain of the former officers and directors of Sunterra caused
the company to issue materially misleading financial reports and
earnings releases about the company’s financial performance and
prospects. As a result, plaintiffs contend that they and members
of the class purchased Sunterra securities at prices that were
artificially inflated because of defendants’ misleading statements
and omissions. The suit also names as a defendant Arthur Anderson,
LP, which had audited Sunterra’s financial statements and issued
clean opinions. After filing for bankruptcy, Sunterra withdrew the
financial statements at issue in the suit and stated they should
not be used or relied upon by anyone. The defendants have filed a
renewed motion to dismiss, which is currently pending.
[ Complaint ]
[ Settlement Press Release ]
[ Preliminary Approval Order ]
[ Settlement Notice and Claim Form ]
[ Final Stipulation and Agreement of Settlement ]
[ Court Decision ]
[ Request Information ]
In re Sykes Enterprises Securities Litigation,
United States District Court for the Middle District of Florida
Donovan Searles was co-counsel in this securities class action. The suit
alleged, among other things, that the defendants had issued materially
false and misleading financial statements concerning the condition and
prospects of Sykes Enterprises. In March 2003, the Court finally
approved a $30 million settlement on behalf of the Class.
[ Complaint ]
[ Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[Request Information ]
USA Detergents Securities Litigation, United States
District Court for the District of New Jersey
Donovan Searles was one of several law firms representing investors in a
securities class action against this distribution company headquartered
in New Jersey. The suit alleged that defendants misrepresented the
financial condition and results of operations of USA Detergents, the
impact of which was the fraudulent inflation of the market price for
the company's publicly traded stock. When the true facts were disclosed,
the stock price dropped precipitously, causing substantial losses to
persons who purchased shares between August 7, 1996 and February 5,
1997, the alleged class period. The suit was settled for a multi-million
recovery on behalf of the class members.
[ Complaint ]
[ Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[Request Information ]
In re Worldport Communications Securities Litigation, United States
District Court for the Northern District of Georgia
Donovan Searles was co-lead counsel for the class in this securities class
action. The suit alleged that Worldport and its senior officers had
materially misrepresented Worldport’s financial position and the
fact that the company’s stock was in jeopardy of delisting by
NASDAQ. In October 2001, the federal district court approved a $5.1
million settlement on behalf of persons who purchased Worldport
shares between January 4, 1999 and June 28, 1999.
[ Complaint ]
[Press Release ]
[ Settlement Notice ]
[ Court Decision ]
[Request Information ]