Principal Financial Group : Principal Funds Securities Litigation
On or around 03/25/2011 (Stipulation and order of dismissal (voluntary dismissal))
Filing Date: December 01, 2010
According to the complaint filed December 01, 2010, the Registration Statement and Prospectus contained false and misleading statements and omissions of material fact which misled the Plaintiff and a class of similarly situated investors who redeemed securities pursuant thereto between March 1, 2009 through and including the present (the "Class Period").
As a result of Principal Fund's failure to fulfill their duty, Plaintiff and other similarly situated shareholders who invested in the Funds and sought redemption by mail suffered damages when their redemption orders were mailed to Principal Funds' Boston P.O. box if their shares were trading at higher prices than the following day prices when the redemption order was shippedfrom the Boston P.O. Box to Principal Funds' transaction processing center in Canton.
On March 4, 2011, the defendants filed a motion to dismiss the complaint.
According to the Stipulation of Dismissal filed on March 25, 2011, the parties agree to dismiss the action with prejudice, each party expressly waiving all rights of appeal and each party agreeing to bear its own costs and attorneys’ fees in this matter. The civil case was terminated on March 28, 2011.
Company & Securities Information
Defendant: Principal Financial Group
Industry: Investment Services
Headquarters: United States
Company Market: Privately Traded
Market Status: Privately Held
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.
First Identified Complaint
Steven Medwed, et al. v. Principal Funds, Inc., et al.