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Investor sues SC armored vehicle maker
Class Action |
2008/03/12 04:52
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| An investor in an armored vehicle maker has filed a lawsuit claiming several former top executives made millions selling stock while failing to warn shareholders about accounting problems. The suit against South Carolina-based Force Protection on behalf of shareholder Allan Candelore seeks class-action status. The Post and Courier of Charleston reports the lawsuit claims top company officials did not warn investors about delays in delivering bomb-resistant vehicles to the U.S. military. Force Protection shares plummeted earlier this month after the company announced it was reshuffling management and told shareholders it had major accounting problems. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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