Case Page

 

Case Status:    DISMISSED    
On or around 01/23/2009 (Court's order of dismissal)

Filing Date: February 05, 2007

The original complaint charges that Defendants Quanta, Quanta officers and/or directors as well as underwriters Friedman, Billings & Ramsey, Ltd. and BB&T Capital Markets made, or facilitated, misleading statements in two prospectuses (the "Prospectuses") issued in connection with the December 14, 2005 offering of 11,423,340 common shares at $4.75 per share and 3,000,000 10.25% Series A preferred shares at $25 per share.

The complaint further alleges that with seventeen days to go in the fourth quarter, the Prospectuses stated that Quanta's estimated net losses for 2005 were $68.5 million. As revealed on March 2, 2006, the last day of the Class Period, net losses were $78.7 million -- 15% higher. As a result of this news, Quanta common stock plunged on extremely heavy trading volume from $4.73 per share to $2.83 per share, a decline of approximately 40%. Preferred Quanta shares are trading today around $18 per share -- a significant decline from the $25 preferred offering price.

In May 2007, Washington State Plumbing and Pipefitting Pension Trust was appointed lead plaintiff and Schiffrin Barroway Topaz and Kessler was appointed lead counsel. On July 16, 2007, an Amended Class Action Complaint was filed. A Corrected Amended Complaint was filed the next day. On September 28, 2007, the defendants filed several motions to dismiss the Amended Class Action Complaint. On January 22, 2009, the Defendants’ motions to dismiss were granted and the Complaint was dismissed in its entirety.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: Bermuda

SECURITIES INFORMATION:

Ticker Symbol: QNTA
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 07-CV-00851
JUDGE: Hon. Robert P. Patterson
DATE FILED: 02/05/2007
CLASS PERIOD START: 12/14/2005
CLASS PERIOD END: 03/02/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 07-CV-00851
JUDGE: Hon. Robert P. Patterson
DATE FILED: 07/17/2007
CLASS PERIOD START: 10/04/2005
CLASS PERIOD END: 04/03/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Schiffrin Barroway Topaz & Kessler, LLP (Radnor)
    280 King of Prussia Road, Schiffrin Barroway Topaz & Kessler, LLP (Radnor), PA 19087
    610.667.7706 610.667.7056 · info@sbtklaw.com
No Document Title Filing Date