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More troubles this week for Guidant (NYSE: GDT) investors.
The medical device maker sued Johnson & Johnson to
force J & J to complete a $25.4 billion acquisition of Guidant.
It's not surprising that J & J has no interest to complete the
deal. On June 17, 2005, the FDA issued a nationwide recall
notification impacting Guidant's implantable defibrillators
and cardiac resynchronization therapy defibrillators.
Subsequently, Guidant warned physicians and patients to
seek replacement of at least 9 different cardiac pacemaker
models. Guidant investors were rocked with more negative
developments last week after New York Attorney General,
Eliot Spitzer, filed a complaint against the Company
alleging fraud in connection with its defibrillator sales.
Shareholder litigation has been brought against the
Company on behalf of investors who purchased Guidant
between December 15, 2004 and November 3, 2005.
Novelis Will Restate
Novelis (NYSE: NVL) produces aluminum rolled products.
The Atlanta-based company supplies aluminum sheet and
foil to a variety of industries worldwide.
On November 7, 2005, after the opening of trading,
the Company announced that it would delay its 3rd
Quarter results and restate its 1st and 2nd Quarters for 2005.
Shares of Novelis dropped approximately 12% on November 7
in heavy trading.
We are investigating the matter and it appears that purchasers
of Novelis between January 19, 2005 and November 4, 2005,
are affected.
Motive Announces Restatement
Texas-based Motive Inc. (NASDAQ: MOTV) supplies
management software for networked products and services.
On October 27, 2005, Motive announced its financial
results for the quarter ended September 30, 2005. More
troubling, the Company also announced that it would restate
its financial results for the quarters ended March 31, 2005,
June 30, 2005 and the six month period ended June 30, 2005.
Shareholder litigation has been brought against the Company
and it appears that shareholders who purchased Motive stock
between April 21, 2005 and June 30, 2005 are affected.
If you are a shareholder in Guidant, Novelis, Motive, or any
of the cases under investigation listed below, you may wish
to contact us at info@securitiessleuth.com to discuss your
options.
Cases Under Investigation
Pixar (NASDAQ: PIXR) While the Company touted the DVD
sales of its movie, The Incredibles, its CFO together sold over
$27 million in Company stock. Subsequently its stock dropped
significantly after the Company lowered its second quarter
guidance and again after it announced the commencement of
an SEC investigation. Investors who purchased Pixar between
January 18, 2005 and August 26, 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.
Dana Corp (NYSE: DCN) On September 15, 2005, the
Company announced that it would likely restate second
quarter 2005 financial results. Dana stocked dropped over
22% on this news in heavy volume. Investors who purchased
between April 21, 2004 and October 7, 2005 are affected.
First BanCorp (NYSE: FBP) First BanCorp shareholders recently
have seen their stock tumble as a result of a series of
negative developments. First, the Company announced that
it had received a letter from the SEC indicating that it was
conducting an informal inquiry into the Company. Second,
on September 30, 2005, the Company announced that its
President and CEO was stepping down and its CFO had also
resigned her position. Investors who purchased between
March 31, 2005 and October 25, 2005 are affected.
Pixar (NASDAQ: PIXR) While the Company touted the DVD
sales of its movie, The Incredibles, its CFO together sold
over $27 million in Company stock. Subsequently its stock
dropped significantly after the Company lowered its second
quarter guidance and again after it announced the
commencement of an SEC investigation. Investors who
purchased Pixar between January 18, 2005 and
August 26, 2005 are affected.
Barrier Therapeutics (NASDAQ: BTEX) On June 29, 2005,
Barrier announced that Hyphanox failed to reach the primary
endpoint of its therapeutic cure in its Phase 3 trial.
BYRX plummeted approximately 45% after this disclosure.
Investors who purchased BTRX between April 29, 2004 and
June 29, 2005 are 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.
Metromedia Fiber Network, Inc. (MFNX)
Class Period: January 8, 2001 to July 2, 2001
Claims Deadline: January 27, 2006 Gilardi
Claims Administrator: Gilardi
Micromuse, Inc. (MUSE)
Class Period: January 18, 2001 to May 17, 2004
Claims Deadline: January 9, 2006
Claims Administrator: A.B. Data
Homestore.com Inc. (HOMS)
Class Period: January 1, 2000 to Decembr 21, 2001
Claims Deadline: December 12, 2005
Claims Administrator: Rust Consulting
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
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