Case Number: No. 03-cv-00250
Practice Area: Securities Fraud & Investor Protection
Case Status: Settled
Settlement Amount: $5.25 million
Court: United States District Court for the Northern District of Texas
Berger Montague obtained a $5.25 million settlement in this securities fraud class action. Led by Executive Shareholder Sherrie R. Savett, the firm filed the lawsuit in the United States District Court for the Northern District of Texas on behalf of its client against the defendant, Carreker Corporation, and certain of its officers. The lawsuit alleged that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements. Specifically, the case alleged that Carreker failed to disclose that it had artificially inflated its revenues, income, and earnings throughout the class period. The improper revenue recognition required a restatement of Carreker’s financial statements. In response to the disclosure of Carreker’s true financial condition, the market value of its common stock plummeted almost 23% in a single day.
If you are an investor and have questions about a potential securities fraud lawsuit, please contact Berger Montague.
About Berger Montague
Berger Montague is a national law firm focusing on complex civil litigation in federal and state courts throughout the United States. For over half a century, Berger Montague has played lead roles in consequential, precedent-setting cases and has recovered over $50 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, and Washington, D.C.