Month: September 2009

Week Adjourned: 9.25.09

Psychiatric Solutions feeling a bit under the weatherTop Class Actions

Behavioral Healthcare Behaving Badly? So, another securities class action to report this week, this one centers on Psychiatric Solutions Inc, a company that provides inpatient behavioral healthcare services. Great—they’re in the behaviour business…that’s encouraging…The suit alleges that the folks running the company— directors and officers—failed to disclose problems regarding safeguards and controls for some of its operations, and that the company directors and certain of its officers flogged stock on the back of “materially false and misleading” statements about their financial health.

While this class action obviously affects people who bought Psychiatric Solutions stock, did you know that if you are an employee and have been issued stock or stock options in this company—you may be eligible as a plaintiff in this class action under Employee Retirement Income Security Act (ERISA)?

Top Settlements

Say it isn’t True, True. Another dating story gone wrong—only this time it’s the dating site that’s to blame—not the date. TrueBeginnings LLC, the owner and operator of the True.com Continue reading “Week Adjourned: 9.25.09”

Week Adjourned: 9.18.09

A properly run Dutch auction...taking notes Wachovia?Top Class Actions 

Forgot their Dutch lessons? Perhaps the folks at Wachovia didn’t spring for a trip to Holland to learn how to run an auction. So if you bought Wachovia stock between March 19, 2003 and February 13, 2008 you may be interested to know that Wachovia Corporation was served with a potential class action this week. What did they do? Well, the complaint alleges that throughout the above mentioned period (the class period), Wachovia Securities and A.G. Edwards “engaged in deceptive and manipulative tactics directed at ARS investors to create the appearance of a functioning auction market.” That doesn’t sound good, never mind legal.  

If you own this stock you may want to follow this one.

Top Settlements

DanActivate that Settlement! Dannon has been ordered to pay up in a class action settlement alleging misleading advertising about its Activia and DanActive yogurt products. You mean pro-biotic yogurt can’t cure everything that ails you?  Continue reading “Week Adjourned: 9.18.09”

Week Adjourned: 9.11.09

Corporate bling at banks lately?Top Class Actions

White collar lies? Another bank is facing a securities class action this week. This time it’s Pacific Capital Bancorp. The suit alleges that PCB and certain of its senior executive officers issued materially false and misleading statements and/or concealed material information relating to the Company’s reserves for losses on its loan portfolio, which, you guessed it, is in violation of the law. How unusual. 

If you have some of this stock in your portfolio or stashed away for retirement, check out when you purchased it. The class period for this case is between April 30 2009 and July 30 2009 (was anybody buying stock then?)

Top Settlements

Who says you can’t sue the government? More than 53,000 drivers in the Fargo, North Dakota area would argue, reasonably, that you can, and you can win… I love it… Continue reading “Week Adjourned: 9.11.09”

Week Adjourned: 9.4.09

Some SunTrust HELOC customers found themselves minus a line of creditIt was a big class action week on the home front…

Top Class Actions

Sun Trust HELOC: Now you see it, now you don’t? A potential class action suit was filed this week against Sun Trust Bank over allegations that the financial company decreased, froze or terminated thousands of Home Equity Lines of Credit (HELOC) in ways that may have violated its contractual obligations to its clients. 

In a nutshell, HELOC loans provides credit up to a stated maximum amount within a certain term, the loan collateral being the borrower’s equity in his or her home. 

One 82-year old lady had secured a HELOC of $500,000 against her home, only to have it Continue reading “Week Adjourned: 9.4.09”