Case Page

 

Case Status:    DISMISSED    
On or around 05/03/2013 (Court's order of dismissal)

Filing Date: August 28, 2007

The original Complaint charges McGraw-Hill’s Chief Financial Officer and Executive Vice President of with violations of federal securities laws. Plaintiff claims that defendant's misleading statements or omissions concerning McGraw-Hill's business and operations caused the Company's stock price to become artificially inflated, inflicting damages on investors. Specifically, the Complaint alleges the defendant misrepresented or failed to fully disclose that McGraw-Hill's subsidiary Standard & Poor's assigned excessively high ratings to bonds backed by risky subprime mortgages -- including bonds packaged as collateralized debt obligations -- which was materially misleading to investors concerning the quality and relative risk of these investments.

According to a press release dated February 14, 2008, in an order handed down on Monday, Judge Colleen Kotelly of the U.S. District Court for the District of Columbia appointed the Boca Raton Firefighters and Police Pension Fund as lead plaintiff in the securities class action suit. She named the fund's attorneys, from Coughlin Stoia, lead counsel. In naming lead plaintiff and counsel, Judge Kotelly granted the Boca Raton fund leave to amend the complaint in the case, setting an April 16 deadline for any changes.

Plaintiffs filed the First Consolidated Complaint on May 7, 2008. The complaint adds the Company as well as the current President and CEO to the defendants list. On June 18, 2008, the judge transferred the case from the U.S. District Court for the District of Columbia to the U.S. District Court for the Southern District of New York.

After being transferred plaintiffs filed a Amended Consolidated Class Action Complaint on December 3, 2008. On February 3, 2009, the defendants filed a motion to dismiss the Amended Consolidated Class Action Complaint. The motion is currently pending before the Court.

On June 30, 2010, the Court ordered the plaintiffs to file a Second Amended Consolidated Complaint and the motions to dismiss were denied as moot. On July 1, 2010, the plaintiffs filed a Second Amended Complaint. The defendants responded by filing a motion to dismiss the Second Amended Complaint on July 28, 2010.

On January 15, 2013, the United States Court of Appeals for the Second Circuit issued a Summary Order that the judgment of the District Court is affirmed. The Court of Appeals supported the District Court’s analysis that the statements provided by the Fund were too general and not deemed meaningful to an investor. The Court also did not find significant evidence proving that McGraw Hill executives intended to defraud investors.

COMPANY INFORMATION:

Sector: Services
Industry: Printing & Publishing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MHP
Company Market: New York SE
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-01530
JUDGE: Hon. Colleen Kollar-Kotelly
DATE FILED: 08/28/2007
CLASS PERIOD START: 07/25/2006
CLASS PERIOD END: 08/15/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Freeman, Wolfe & Greenbaum, P.A.
    409 Washington Avenue Suite 300, Freeman, Wolfe & Greenbaum, P.A., MD 21204
    410.321.8400 410.321.8407 · lawyers@fwglaw.com
  2. O'Rourke Katten & Moody
    161 North Clark Street, Suite 2230, O'Rourke Katten & Moody, IL
    312.849.2020 · info@okmlaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-07202
JUDGE: Hon. Colleen Kollar-Kotelly
DATE FILED: 07/01/2010
CLASS PERIOD START: 10/21/2004
CLASS PERIOD END: 03/11/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
No Document Title Filing Date