It
would be great to take a sabbatical.
Generally, only professors have that opportunity.
Most of us wish in today’s economy that we could have
the chance - if only for two or three months.
Very,
very few in the corporate world ever have that opportunity.
According to yesterday’s Wall
Street Journal, though, Phillip R. Bennett, the CEO of
commodities brokerage firm, Refco (NYSE: RFX), will be getting a
break from his corporate responsibilities. Will his break be a one-year sabbatical or will it be longer?
Difficult to tell at this time.
Refco described his leave of absence as indefinite.
Most
shareholders of Refco may wish his absence is permanent because
its stock dropped 45% on Monday. This occurred after the Company, which went public on August
16, 2005, announced that
it did not properly disclose a $430 million receivable from an
entity owned by the Company’s CEO (Mr. Bennett) and that its
financials going back to fiscal 2002 should not be relied upon.
Investors who purchased from the IPO date through October 7,
2005 are affected. If
you are an affected investor in Refco or any of the others
stocks listed below that are under investigation, you may wish
to contact us at info@securitiessleuth.com
to discuss your options.
Cases
Under Investigation
Dana
Corp (NYSE: DCN)
On
October 10, 2005, the Company announced that it will restate its
2004 financial results as well as its financial results for the
first and second quarters of fiscal year 2005.
Dana stocked dropped from $9.19 to $6.04, a drop of
approximately 34% on heavy volume.
Investors who purchased between April 21, 2004 and
October 7, 2005 are affected.
AMERIGROUP
Corp (NYSE: AGP)
On
September 28, 2005, the Company revealed that it had failed to
account for at least $23 million in medical costs in prior
quarters and its stock plummeted after this announcement.
Investors who purchased AGP stock between April 27, 2005
and September 14, 2005 are affected.
First
BanCorp (NYSE: FBP)
First
BanCorp shareholders recently have seen their stock plummet as a
result of a series of negative developments. First, the Company announced that the SEC was conducting an
informal inquiry into the Company and subsequently announced
that its CEO and CFO were stepping down. Investors who purchased
between October 11, 2000 and September 30, 2005 may be affected.
Spectrum
Brands, Inc. (NYSE: SPTM)
The
Atlanta-based company projects growth and “record” sales in
batteries. Insiders
sell and then the stock drops 31% after the true state of the
Company is revealed. Investors who purchased between January 4,
2005 and September 6, 2005 are affected.
Lexmark
International (NYSE: LXK)
On
October 4, 2005, Lexmark stock dropped significantly after the
Company announced its financial results for the third quarter of
2005 and indicated its 4th quarter would be
significantly below current analysts’ expectations. Prior to
this disclosure, the Company’s CEO sold approximately 48,000
shares of stock. Investors
who purchased between January 24, 2005 and October 4, 2005 may
be affected.
Now
with respect to settled cases.
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
proportionate share of recovery.
Healthtronics
Surgical Services (HRTN)
Class
Period: January 4,
2000 to July 28, 2003
Claims
Deadline: December 31, 2005
Claims
Administrator: Garden City
Contact
info: info@gardencitygroup.com
or 800.327.3664
Caminus
Corp. (CAMZ)
Class
Period: February 12, 2002 to July 8, 2002
Claims
Deadline: October 26, 2005
Claims
Administrator: Garden City
Contact
info: info@gardencitygroup.com
or 800.327.3664
Canadian
Superior Energy (SNG)
Class
Period: November 1, 2003 to March 11, 2004
Claims
Deadline: November 15, 2005
Claims
Administrator: Gilardi
Comerica,
Inc. (CMA)
Class
Period: July 17,
2002 to October 1, 2002
Claims
Deadline: November
23, 2005
Claims
Administrator: Garden City
Contact
info: info@gardencitygroup.com
or 800.327.3664
Quality
Distributions, Inc. (QLTY)
Class
Period: November 6,
2003 to January 18, 2005
Claims
Deadline: December 23, 2005
Claims
Administrator: Garden City
Contact
info: info@gardencitygroup.com
or 800.327.3664
Again, if you are affected by a settled case, then 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
