Week Adjourned: 8.7.09

rosecoloredglassesWhat a week for securities class actions!

Top Class Actions

Too much of a positive outlook? Seems this telecom company had to take off the rose-colored glasses. Comtech got hit with a class action lawsuit this week, alleging that certain of the company’s officers and directors violated federal securities laws by producing overly positive statements regarding the company’s revenue, and future earnings prospects. Apparently the mobile communications business could be doing better. The class period for the suit is between September 17, 2008 and March 9, 2009, inclusive, and anyone who purchased common stock in the company during that time could be eligible.

Top Settlements

Wal-born is Wal-dead? If Wal-born isn’t protecting you from the cold or flu, then perhaps a free flu shot will. Walgreens has agreed to reimburse consumers who purchased the company’s herbal cold remedy—Wal-born—for up to $14.97 per person, or a free flu shot. And, you don’t have to have proof of purchase to qualify, but you still have to submit a claim. 

This act of benevolence is in fact Walgreens’ terms of settlement of a class action lawsuit alleging that the company made false claims regarding its Wal-Born products to the effect that it could treat or prevent the common cold. Wonder if they have a bridge for sale, too?

Allopurinol pure hell and all? Apparently for an 82-year old woman in California. But she’s won a record settlement (in California) of her lawsuit over Stevens-Johnson Syndrome/Toxic Epidermal Necrolysis, also known as SJS/TENS. The jury awarded her more than $6 million after hearing her case. Apparently she had been prescribed Allopurinol to treat gout, but she ended up developing SJS. In some ways you could say she was fortunate, because SJS/TENS can be life-threatening.

No doubt the cash will come in handy as the elderly lady, who was reportedly in good health prior to developing SJS, now depends on other people to assist her with her activities of daily living.

Find out more about SJS Lawsuits.

That’s a wrap for this week. See you at the Bar.

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