Securities Fraud News
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Johnson & Johnson to Pay $158M to Settle Texas Drug Case |
January 19, 2012 - Johnson and Johnson recently settled with the the state of Texas' Medicaid program for $158M after a whistleblower learned that the drug company was making false or misleading statements about the safety, cost and effectiveness of the anti-psychotic medication Risperdal, and improperly influencing officials and doctors to prescribe it. As a result of J&J's fraudulent actions, its stock price was inflated and its shareholders suffered damages. In this settlement, the Government recovered Medicaid funds paid to J&J as a result of its false claims. However, because of the impact J&J's fraudulent actions has on it's stock price, this is also a form of corporate securities fraud.
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U.S. Charges 7 for Insider Trading of Dell Stock |
January 18, 2012 - Two multi-billion dollar hedge fund advisory firms, seven fund managers and analysts have been accused of forming a $78 million insider trading scheme to purchase shares of a major company based upon nonpublic information. If you had uncovered this scheme and reported it by filing an anonymous complaint here, you could have been entitled to a large monetary reward.
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Netflix Sued in Class Action Alleging Insider Trading |
January 17, 2012 - Netflix is being sued by its shareholders in a class action complaint claiming that the movie rental company failed to inform them that its content contracts were due to expire and would be too costly to renew. As a result, Netflix raised the cost of membership causing its stock to tank. Meanwhile, the CEO of the company sold 190,000 of his shares for $43.2 million. You can anonymously report this type of securities fraud to the attorneys at Levy Phillips & Konigsberg, LLP, to be entitled to a large monetary reward.
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BNY Mellon Nears Settlement on Part of Suit |
January 11, 2012 - A bank that earned big profits is accused of fraudulently overcharging clients for currency trades by executing transactions at one price, but giving clients less favorable prices that were systematically close to the worst prices of the trading day.
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SIGA Execs Sell Stock Before Huge Drop |
January 10, 2012 - Executives in a New York biotech company recently sold off large chunks of stock after learning that the company would lose a $2.8 billion government contract. As a result, shares in the company plummeted into the $2 range. It is questionable whether the company properly disclosed the loss of the contract to the public before the shares were sold.
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Johnson & Johnson Opposes Texas in $1 Billion Risperdal Marketing Trial |
January 9, 2012 - Johnson & Johnson, one of the world's largest pharmacy manufacturers, is involved in protracted litigation involving Risperdal, one of its products. It is alleged that, in order to increase the corporation's bottom line, J&J paid public officials to approve its sale of the drug in various states. It is further alleged that J&J misrepresented the effectiveness and safety of the medication and marketed it for unapproved uses. If proven, such conduct would constitute securities fraud in that the conduct improperly inflated the income of the company. J&J has been found liable to the states of South Carolina and Louisiana. It will shortly go to trial in Texas and has been sued by several other states. If you had reported J&J's conduct to the Government with the attorneys at Levy Phillips & Konigsberg, you may have received millions of dollars in rewards.
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Waco Life Insurance Firm Accused of Systematic Fraud |
January 3, 2012 - A life insurance company is alleged to have committed securities fraud by overstating its revenue by withholding information concerning the true life expectancy of its insureds'. If you have evidence of a corporate fraud scheme like the one detailed in this article, clicking the "Report Securities Fraud" button and completing the form could lead to your recovery of millions of dollars.
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Ex-NFL Star Willie Gault Sued by SEC |
December 20, 2011 - A medical device company, Heart Tronics, Inc., and certain individuals were accused by the SEC of taking part in a scheme to artificially inflate the company's stock price by filing deceiving news releases and making false public statements about its purported sales. If you had reported this information to the Government you may have been rewarded by receiving between 10-30% of the amount recovered by the Government. If you knew of an ongoing securities fraud, would you report it?
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SEC Tackles 'Rudy' in Fraud Case |
December 17, 2011 - The SEC recently alleged that Daniel "Rudy" Ruettinger was a key participant in a so-called pump-and-dump stock scheme that generated more than $11 million in allegedly illicit profits for a now-defunct beverage company, Rudy Nutrition. Specifically, the complaint charges that Rudy Nutrition made false and misleading statements about the company in its news releases, SEC filings and promotional materials to lure investors, inflate the stock price and then sell shares at a profit. Did you know that if you had reported this fraud, you could have been awarded over $2 million dollars?
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Securities Fraud News