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Indiana-based
CTS Corporation (NYSE: CTS) engages in the design,
manufacture, assembly, and sale of electronic components and
sensors, and provides electronics manufacturing services.
On February 9, 2006, before the opening of trading, CTS
announced
an investigation of accounting issues identified while
reconciling
accounts related to payables and inventory. The Company
further
disclosed that its full year 2006 diluted earnings per share will
be
significantly below its previously disclosed estimates and that
the
accounting issues may affect multiple quarters in 2006 and, as
a
result, management has determined that the Company's
financial
statements for the first three quarters of 2006 should not be
relied
upon. Not surprisingly, CTS dropped significantly on this news.
It
appears that investors who purchased CTS between April 25,
2006
and February 8, 2007, are affected.
Misleading Prospectuses at Quanta Capital Holdings, Ltd
Bermuda-based Quanta Capital Holdings, Ltd. (NASDAQ: QNTA),
through its subsidiaries, provides insurance and reinsurance
products,
as well as risk assessment and risk consulting services.
It is alleged that the Company and some of its officers
and/or
directors and underwriters Friedman, Billings & Ramsey, Ltd.
and
BB&T Capital Markets made, or facilitated, misleading
statements in
two prospectuses issued in connection with the December 14,
2005
offering of 11,423,340 common shares at $4.75 per share and
3,000,000 10.25% Series A preferred shares at $25 per share.
With seventeen days to go in the fourth quarter, the
Prospectuses
stated that Quanta's estimated net losses for 2005 were $68.5
million.
As revealed on March 2, 2006, the last day of the Class Period,
net
losses were $78.7 million -- 15% higher. As a result of this
news,
Quanta common stock plunged on extremely heavy trading
volume
from $4.73 per share to $2.83 per share, a decline of
approximately
40%. Preferred Quanta shares are trading today around $18
per
share -- a significant decline from the $25 preferred offering
price.
Investors who purchased stock between December 14, 2005 and
March 2, 2006, are affected.
We are investigating the two situations discussed above and if
you
are an affected investor in any of these cases or the other
cases
listed below under investigation, you may wish to contact us
at
info@securitiesleuth.com or 877 511 4717.
Other cases under investigation are:
Active Power, Inc. (NASDAQ: ACPW)
Celestica, Inc. (NYSE: CLS)
Coast Financial Holdings, Inc. (NASDAQ: CFHI)
Globalstar Inc. (NASDAQ: GSAT)
Hornbeck Offshore Services, Inc. (HOS)
LECG Corporation NASDAQ: (XPRT)
Nutrisystem (NNASDAQ: NTRI)
Thor Industries, Inc. (NYSE: THO)
Now with respect to securities cases that have recently settled.
If you
are an affected investor – you purchased any of these stocks
during
the relevant class period, you may wish to contact the
claims
administrator to obtain additional information. Remember, if
you
don’t submit your claim form, you won’t receive your share
of
any settlement.
Wilbros Group, Inc. (WG)
Class Period: May 6, 2002 to May 16, 2005
Claims Deadline: February 28, 2007
Claims Administrator: Garden City
Krispy Crème Doughnuts (KKD)
Class Period: March 8, 2001 to April 18, 2005
Claims Deadline: March 5, 2007
Claims Administrator: Gilardi
Information regarding other recent settled cases, including
the
cases listed below can be found at www.securitiessleuth.com.
Adelphia Communications (ADELQ)
Advanced Neuromodulation Systems, Inc. (ANSI)
Amerigroup Corp. (AGP)
Philip Services Corp. (PHV)
Again you should contact the claims administrator (rather than
us).
However, if you are an affected investor in any of the
companies
under investigation, you many wish to contact us so that you
can
consider your options.
Likewise, if you happen to be aware of corporate restatements
or
other financial fraud -- especially if you're a victim --
you're
encouraged to contribute to the Sleuth by giving your own
tip-offs
at www.securitiessleuth.com or by e-mailing info@securitiessleuth.com.
You can also call Mark McNair at 877-511-4717. If you have a
friend or
colleague you think would benefit from The Sleuth, please pass
along
this issue and ask them to sign up at
www.cartville.com/app/join.asp?MerchantID=47994.
Warmest regards,
Mark McNair
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