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Examples of Current CasesPrimus Communication Derivative SuitLead Cuneo Gilbert & LaDuca, L.L.P. Attorneys: This derivative suit was brought by a shareholder on behalf of Primus Communications, Inc. against managers and directors of the company. It was filed in U.S. District Court in the Eastern District of Virginia in September, 2004. It alleges that Primus's shares traded at inflated levels due to materially false and misleading statements issued to the investing public regarding the company's business and prospects. When the truth about Primus' business was revealed, the price of the stock dropped by more than 50% on a single day. The suit alleges that the officers knew of insider information about the firm's weak financial condition, while making false public statements and engaging in insider selling of the company's stock. |
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