Practice Area: Securities Fraud & Investor Protection
Case Status: Settled
Settlement Amount: $2 million
Berger Montague served as Lead Counsel and obtained a $2 million settlement in this securities fraud class action against Concord Camera Corp. and several of its officers. Led by Executive Shareholder Sherrie R. Savett, the case was litigated in the United States District Court for the Southern District of Florida, and sought damages for the class under Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and against the officers for violations of Section 20(a) of the Securities and Exchange Act of 1934. The lawsuit alleged that the defendants made materially false and misleading statements regarding: (1) the decline in demand of single use cameras from its largest customer, Kodak; (2) the unprofitability in the digital camera market; (3) problems related to its inventory valuation; and (4) its inadequate internal controls; and that these false and misleading statements caused Concord’s stock to steadily decline.
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.