Case Page

 

Case Status:    DISMISSED    
On or around 03/26/2010 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: June 05, 2008

According to a news article published June 10, 2008, Universal Food & Beverage Co. is facing a class-action complaint alleging its directors sold $20 million of their preferred stock while artificially propping up the share price.

Plaintiffs contend that the sale of this preferred stock was improperly and fraudulently made by defendants who are officers and directors of the company.

Plaintiffs want the court to rule on:
(a) whether defendants' actions as alleged violated the federal securities laws;
(b) whether statements made by defendants to the investing public during the class period misrepresented material facts about the business, prospects, operations and management of Universal; and
(c) the extent to which the members of the class have sustained damages and the proper measure of damages.

On September 15, 2008, the plaintiffs filed an Amended Complaint adding claims. On September 24, 2008, a motion hearing was held before Honorable Charles P. Kocoras. At the hearing, the plaintiffs’ motion to voluntarily dismiss defendant John Levy without prejudice is granted. On March 10, 2009, the plaintiffs filed a Second Amended Complaint. On April 7, 2009, the defendant filed a motion to dismiss for improper venue and motion to dismiss the Second Amended Complaint for failure to state a claim.

On May 29, 2009, the Honorable Charles P. Kocoras ruled that the venue is not proper in this district and the motion to dismiss under Rule 12(b)(3) is granted, without prejudice to refiling in a proper venue. Since the complaint is no longer extant, the concurrent motion to dismiss for failure to state a claim is denied as moot. On June 3, 2009, the plaintiffs filed a motion for an order altering or amending the judgment entered on May 29, 2009 and transferring this case to the United States District for the Southern District of New York. According to the minute entry dated June 10, 2009, the Clerk of Court is directed to transfer this case to the United States District Court for the Southern District of New York.

On October 13, 2009, the defendants filed motions to dismiss the Second Amended Complaint. According to the Joint Stipulation and Proposed Order filed on March 12, 2010, the action has been settled. The settlement must be consummated within thirty days of the date of this order. On March 26, 2010, the action was dismissed with prejudice, with each party to bear their own fees and costs.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Beverages (Non-Alcoholic)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: UFBV
Company Market: OTC-BB
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 #: 08-CV-03263
JUDGE: Hon. Charles P. Kocoras
DATE FILED: 06/05/2008
CLASS PERIOD START: 02/16/2006
CLASS PERIOD END: 02/16/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Touhy, Touhy, Buehler and Williams
    161 N. Clark Street Suite 2210, Touhy, Touhy, Buehler and Williams, IL 60601
    312.372.2209 312.372.2209 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 09-CV-05970
JUDGE: Hon. Charles P. Kocoras
DATE FILED: 06/30/2009
CLASS PERIOD START: 02/16/2006
CLASS PERIOD END: 02/16/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Steyer, Lowenthal, Boodrookas,Alvarez & Smith LLP
    One California Street, Third Floor, Steyer, Lowenthal, Boodrookas,Alvarez & Smith LLP, CA 94111
    415.421.3400 415.421.3400 ·
  2. Touhy, Touhy, Buehler and Williams
    161 N. Clark Street Suite 2210, Touhy, Touhy, Buehler and Williams, IL 60601
    312.372.2209 312.372.2209 ·
No Document Title Filing Date