Securities Class Action Lawsuits Filed Against Gliatech, Ford, Priceline.com, and Xerox

Strategic Insights -

Kirby McInerney & Squire, LLP, a law firm specializing in complex litigation, filed class action complaints against Gliatech, Ford, Priceline.com, and Xerox, alleging securities law violations. The complaints allege that the companies made material misrepresentations and omissions, artificially inflating their stock prices and causing damage to investors who bought these securities during the class periods.

Key Takeaways:

  • Gliatech's stock price collapsed 59% on August 29, 2000, after the FDA questioned the integrity of data submitted by Gliatech on its product ADCON-L, causing a $15.19 per share drop.
  • Ford knew about high rates of tire failure and ensuing accidents in its sport utility vehicles, but failed to disclose this information to the public, leading to approximately 100 fatalities.
  • Priceline.com's stock price plummeted 42% in one day on September 27, 2000, after the company disclosed that its third quarter results would not meet expectations.
  • Xerox, its auditors, and certain officers and directors provided materially false and misleading information about the company's financial condition, resulting in a 18.5% and 16% drop in share prices on June 16 and July 27, 2000, respectively.
  • The lawsuits seek to recover losses suffered by investors who bought these securities during the class periods.
  • Kirby McInerney & Squire, LLP has expertise in securities class actions and has recovered hundreds of millions of dollars for shareholders in similar litigation.

Statistics:

  • Gliatech's share price dropped 59% on August 29, 2000.
  • Ford's motor vehicles experienced high rates of tire failure and ensuing accidents, with approximately 100 fatalities.
  • Priceline.com's stock price plummeted 42% in one day on September 27, 2000.
  • Xerox's shares dropped 18.5% on June 16, 2000, and 16% on July 27, 2000.
  • The lawsuits seek to recover losses suffered by investors who bought these securities during the class periods.

Sources:

  • The law firm of Kirby McInerney & Squire, LLP
  • FDA report questioning the integrity of Gliatech's data
  • House Committee on Transportation testimony by Ford's CEO
  • Priceline.com's press release announcing third quarter results
  • Xerox's press release announcing fourth quarter results and praise for sales in Mexico
  • SEC investigation of Xerox's Mexico business
  • Kirby McInerney & Squire, LLP's website and press releases