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SEARLES, LLC

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SECURITIES LITIGATION

Corel Corporation Securities Litigation
Hamilton Bancorp Securities Litigation
White v. Heartland High Yield Municipal Bond Fund
Selis v. KTI Corp.
Legato Systems Securities Litigation
Pallas v. Lucent Technologies, Inc.
Medi-Hut Securities Litigation
RehabCare Securities Litigation
Rent-Way Securities Litigation
Sunterra Corp. Securities Litigation
Sykes Enterprises Securities Litigation
USA Detergents Securities Litigation
Worldport Communications Securities Litigation
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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.

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.

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.

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.

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.

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.

In re RehabCare Securities Litigation, United States District Court for the Eastern District of Missouri

    Donovan Searles is co-lead counsel in this securities class action. The suit alleges, among other things, that the defendants issued materially false and misleading statements concerning the company’s staffing division and the internal controls required to provide a reasonable basis for the representations of "outstanding performance" by that division. On January 21, 2002, defendants shocked the market by announcing an earnings shortfall for the fourth quarter of 2001 and a charge of $8.5 to $9.5 million in connection with required technology expenditures. In 2003, defendants moved to dismiss the claims for lack of specificity. Plaintiffs have opposed that motion and expect a decision in the next six (6) months.

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.

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.

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.

 
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