Majesco Entertainment Company $8,099,000.00 08/21/2008
- International Business Machines Corp. $20,000,000.00 08/26/2008
- The St. Paul Travelers Companies, Inc. $77,000,000.00 08/27/2008
- VERITAS Software Corp. $21,500,000.00 08/28/2008
- IIC Industries, Inc. $2,542,756.00 08/30/2008
- American Italian Pasta Co. $3,500,000.00 09/05/2008
- Telik, Inc. $5,000,000.00 09/06/2008
- Biovail Corp. $138,000,000.00 09/08/2008
- Biovail Corp. (Canada) $138,000,000.00 09/08/2008
- American Tower Corp. $14,000,000.00 09/09/2008
- OSI Pharmaceuticals, Inc. $9,000,000.00 09/09/2008
- Atlas American RSP Index Fund (n/k/a The Renaissance U.S. RSP Index Fund) (Canada) $20,000,000.00 09/10/2008
- HIA, Inc. $1,000,000.00 09/10/2008
- TOP Tankers, Inc. $1,200,000.00 09/12/2008
- American International Group, Inc. (SEC) $800,000,000.00 09/12/2008
- Brooks Automation, Inc. $7,750,000.00 09/16/2008
- LeapFrog Enterprises, Inc. $2,300,000.00 09/20/2008
- Workstream, Inc. $3,900,000.00 09/22/2008
- Pro Net Link Corp. $1,225,000.00 09/23/2008
- KLA-Tencor Corp. $65,000,000.00 09/25/2008
- R&G Financial Corp. $51,000,000.00 09/26/2008
- Xethanol Corp. $2,800,000.00 09/26/2008
- Heritage Municipal Bonds (SEC) $5,233,966.00 10/08/2008
- Lumenis Ltd. $20,100,000.00 10/09/2008
- First Horizon Pharmaceutical Corp. $4,650,000.00 10/10/2008
- Restoration Hardware, Inc. (2007) $3,700,000.00 10/14/2008
- PainCare Holdings, Inc. $2,000,000.00 10/14/2008
- Xerox Corp. $750,000,000.00 10/15/2008
- Career Education Corp. $4,900,000.00 10/17/2008
- Team Telecom International Ltd. $4,300,000.00 10/25/2008
- U.S. Auto Parts Network, Inc. $10,000,000.00 10/29/2008
- Tommy Hilfiger Corp. $16,000,000.00 10/29/2008
- FARO Technologies, Inc. $6,875,000.00 10/30/2008
- Tenet Healthcare Corp. $65,000,000.00 10/30/2008
- Chiron Corp. $30,000,000.00 11/01/2008
- Exodus Communications, Inc. (2001) $5,000,000.00 11/05/2008
- Levi Strauss & Co. $5,000,000.00 11/07/2008
- Merge Technologies, Inc. $16,000,000.00 11/12/2008
- CP Ships Limited $1,300,000.00 11/13/2008
- Petco Animal Supplies, Inc. $20,250,000.00 11/14/2008
- Buca, Inc. $1,600,000.00 11/14/2008
- Iridium World Communications, Ltd. $20,000,000.00 11/17/2008
- Iridium World Communications, Ltd. $14,850,000.00 11/17/2008
- The Tube Media Corp. $600,000.00 11/17/2008
- Iridium World Communications, Ltd. $8,250,000.00 11/17/2008
- Royal Dutch Petroleum / Shell Transport (SEC) $120,000,000.00 11/18/2008
- Royal Dutch Petroleum Company/The Shell Transport and Trading Company PLC $89,508,000.00 11/18/2008
- Viseon, Inc. $550,000.00 11/19/2008
- Coca-Cola Company $137,500,000.00 11/21/2008
- Bayer AG $18,500,000.00 11/25/2008
- Arch Leasing Corporation Trust (Ser. 1 Coll. Tr. Bonds) $2,100,000.00 11/26/2008
- Mercury Interactive Corp. $117,500,000.00 11/29/2008
- MCSi, Inc. $2,250,000.00 12/11/2008
- Magma Design Automation, Inc. $13,500,000.00 12/17/2008
- Nvidia Corporation (SEC) $596,000.00 12/27/2008
- Atlas Cold Storage Holdings Inc. (Canada) $40,000,000.00 03/02/2009
Parmalat Finanziaria SpA
ISIN(s): IT0003121644; XS0072522690; XS0073339433; XS0074477364;
KYG693264064; XS0084903847; XS0085752748; XS0089553365; XS0095639620
XS0098549164; XS0098549677; XS0100135770; IT0001157202; XS0102619961;
XS0104273478; XS0106583577; XS0110650586; XS0111622402; XS0118659688;
IT0000960044; XS0123321068; XS0124248922; XS0125198423; XS0132599175;
XS0135579349; XS0140751941; XS0146388656; XS0156987058; XS0158370121;
XS0170717184; XS0171287872; XS0171288177; XS0176831013; US073913AB18;
US70775L4023; XS0083921881; GB0054047484
Cusip(s): 4714404, 7128369
Class Period: January 5, 1999 until December 18, 2003
Parmalat was a major dairy products company based in Italy, which collapsed in December 2003 amidst allegations of a massive fraud involving high-ranking Parmalat insiders and various banks and audit firms during the time period from January 5, 1999 until December 18, 2003 (“Class Period”). In the wake of Parmalat’s collapse, numerous US securities class actions were brought, beginning on January 5, 2004, on behalf of all defrauded purchasers of global Parmalat securities during the Class Period (including US and non-US purchasers of Parmalat equity and debt securities sold in the US and abroad) against numerous parties involved in the allegedly fraudulent conduct, including Bank of America (“BofA”), Citibank, Deloitte & Touche (“D&T”), and Grant Thornton (“GT”). At the same time a global bankruptcy proceeding has been going on in Italy as well as numerous criminal proceedings.
The preliminary damage estimates are around $8 billion, making this case one of the biggest non-US related securities litigation in history. The collapse of Parmalat wiped out its equity, and purchasers of its debt securities lost approximately 80% of the value of their securities. Parmalat shares were traded principally on the Milan Stock Exchange, and it can be expected that the largest portion of the losses occurred on the European continent.
The court in the U.S. securities class action decided on July 24, 2007 that for “lack of U.S. conduct” by the co-defendant banks and auditors, no U.S. remedies were available to foreign purchasers seeking to pursue their claims against these co-defendants. Nevertheless, the US securities class action is continuing against the remaining Parmalat defendants. However, substantial recovery possibilities against the banks and auditors involved in the fraud have been eliminated in the US, so that foreign purchasers must now consider and evaluate the pursuit of these claims in another judicial forum, most likely in Europe.
Please contact us if you have significant purchases during the class period.
Back to special cases