This week's highlights (or lowlights, depending on your point of view) on the shareholder class action front:
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O'Connell v. ProQuest Co.: This complaint, filed against ProQuest Company, followed a February 9, 2006 annoucement by the company regarding "material irregularities in its accounting" discovered during a Sarbanes-Oxley review. That didn't take long, did it?
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According to MarketWatch.com's Colorado court sets May hearing for Quest $400M settlement, a hearing will be held on May 19, 2006 to consider the proposed settlement of a shareholder class-action suit filed against Qwest Communications.
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Kops v. NVE Corp.: A complaint was filed against NVE in Minnesota on February 10. Stanford's Securities Class Action Clearinghouse has the details.
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Omnicare, Inc. got hit with its own suit on Monday, February 13. What a way to start a week . . .
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Naryznai v. Dot Hill Systems Corp.: Plaintiffs' firm, Murray, Frank & Sailer LLP, announced that it filed a shareholder class action suit against Dot Hill on February 15, 2006. The complaint was filed on February 9.
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Messinger v. Royal Group Technologies Ltd.: On February 14, two law firms announced a class action suit against Royal Group. The 67-page complaint was filed in New York on February 3.
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Nortel Networks announced a proposed settlement of two shareholder suits. Under the terms of the settlement, Nortel would make a cash payment of US$575 million in cash and issue 628.7 million shares. Processor.com estimates the value of the settlement at $2.5 billion.
And, just in case you missed it, check out this report entitled, Post-Reform Act Securities Settlements: 2005 Review and Analysis, issued by Cornerstone Research on February 7.
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