Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
July 2, 2013 - The court approved the final distribution of the settlement fund and payment of the settlement administration costs.
June 12, 2012 – The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys' fees and expenses, and dismissed the action with prejudice.
June 7, 2012 - The court held a final settlement hearing.
February 22, 2012 - The court preliminarily approved the settlement.
February 9, 2012 - Parties filed a stipulation of settlement.
June 15, 2010 - The court denied defendants' motion to dismiss without prejudice.
January 29, 2010 - Defendants filed a motion to dismiss.
November 6, 2009 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased American Capital Ltd (NASDAQ: ACAS) common shares between October 30, 2007 and November 7, 2008. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 30, 2007 and November 7, 2008.
August 13, 2009 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.
February 13, 2009 - Lead plaintiff motions were filed.
February 12, 2009 - The plaintiff of the first filed complaint filed a notice of voluntary dismissal without prejudice.
January 2, 2009 - Another investor filed a complaint.
December 15, 2008 - An investor in shares of American Capital Ltd (NASDAQ: ACAS) filed a lawsuit in the U.S. District Court for the District of Maryland against American Capital Ltd over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between October 30, 2007 and November 7, 2008.
According to the complaint the plaintiff alleges that American Capital Ltd (NASDAQ: ACAS) and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose and misrepresented the material adverse facts which were known to defendants or recklessly disregarded by them and throughout above stated period and most of the company’s history, investors were lured to invest in American Capital Ltd’s stock due to its large and dependable dividend payments and investors were repeatedly assured that such dividend payments would continue.
But then, so the lawsuit, on November 10, 2008, American Capital Ltd shocked investors when it reported a quarterly loss, suspended dividends, and stated that it would retain capital gains from investments as opposed to distributing them to shareholders as previously stated, and as a result of this news, the American Capital Ltd’s shares (NASDAQ: ACAS) shares fell $5.90 per share, or 42.85 percent, to close on November 10, 2008 at $7.87 per share, so the lawsuit.