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Wednesday, August 28, 2013 9:52:37 AM
The first was a class action against GE. The basis for the suit was that the CEO "misled investors by issuing false and misleading public filings and statements between September 25, 2008 and March 18, 2009..." Essentially, the CEO stated GE would not lower its dividend numerous times, then lowered the dividend. The settlement is $40M, less costs and fees. Nearly 7 years after the debacle, I'll likely collect pocket change - GE has millions of investors.
The other company was PolyMedix, which is now in Chapter 7 bankruptcy. The CEO ran the company into the ground and by the time he was ousted, there wasn't enough money left to continue operations. The new CEO and BOD tried to get the company uplisted (sound familiar?) by reverse splitting the stock and a public offering but the investment community wasn't buying it and the company defaulted on a $6.8M loan and had to file for bankruptcy. At that point, whether there is any progress on the lawsuit, the company has no funds to settle it.
All this demonstrates that shareholder lawsuits rarely work and even when they do, only the attorneys make any real money.
Will there be a lawsuit against Invivo? Very possible. Frank withheld material information when he stated the 5-patient trial would commence in Q3-2013 and would be completed by the end of 2014, with success bringing sales by 2015. He obviously was aware of the FDA's requirement to stagger the implants over nearly two years and, although he alluded to possible additional FDA-required trials, he made it sound as if that might not be necessary if the 5-patient trial was successful. There's the lawsuit basis right there.
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