Not all securities class actions are easy to track

FRT Admin
Site administrator
May 22, 2013

Every now and then there are high profile securities class action cases that get a lot of publicity, like the recent settlements by Bank of America for $2.425 billion and Citigroup for $730 million related to their Bond Class Securities. The financial crisis of 2008 bore many cases like these that have received lots of attention. For those of us in the securities class action industry, it has been interesting watching the wave of big name cases crest and break.

bloodhoundBut what is also fascinating is the number of cases that settle each week involving more obscure companies. We consistently see anywhere from one to five settlements a week, with millions of dollars available for investors. The steadiness of these lesser known settlements is amazing.

Two weeks ago was a case in point. During that time, we identified and filed on behalf of our clients for the following cases: Ikanos Communications, Caraco Pharmaceutical Laboratories, and Sunpower Corporation, as a few examples.

While these cases are less publicized, they are by no means immaterial. The case against Caraco Pharmaceutical Laboratories settled for $2.975 million, while one FRT client had a calculated recognized loss of over $150,000 related to their claim. For the $5 million settlement by Ikanos Communications, one FRT client recorded a recognized loss calculated of over $350,000. And the Sunpower Corporation recently settled a case for $19.7 million, for which one FRT client showed a recognized loss calculation of over $2.6 million.

These organizations are not necessarily household names and the settlement values are not jaw-dropping, but they do add up. As a full-service securities class action partner, FRT not only focuses on the headline cases – we pride ourselves in identifying all eligible litigations and recovering every dollar our clients are entitled to.

Contact FRT today for more information on how we proactively identify and track all domestic and non-US class actions.

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Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

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