Lawsuit Overview
Settlement Overview
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July 1, 2008 - 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.
April 30, 2008 - The court preliminarily approved the settlement.
April 16, 2008 - Parties filed a stipulation of settlement.
September 27, 2007 - The court granted in part and denied in part the defendants motions to dismiss.
July 13, 2007 - The defendants filed motions to dismiss.
May 7, 2007 - The lead plaintiff filed a second amended complaint.
April 26, 2007 - The lead plaintiff filed an amended complaint.
March 28, 2007 - The court granted the defendants motions to dismiss and granted lead plaintiff leave to file an amended complaint.
February 20, 2007 - Another individual defendant filed a motion to dismiss.
December 29, 2006 - The defendants filed a motion to dismiss.
November 30, 2006 - The lead plaintiff filed a consolidated complaint.
September 18, 2006 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
August 8, 2006 - A lead plaintiff motion was filed.
June 20, 2006 - Another investor filed a complaint in the U.S. District Court for the District of Arizona on behalf of investors who purchased CSK Auto Corporation (NYSE: CAO) common shares between June 4, 2003 and April 13, 2006.
June 9, 2006 - An investor in shares of CSK Auto Corporation (NYSE: CAO) filed a lawsuit in the U.S. District Court for the District of Arizona against CSK Auto Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between September 2,
2004 and March 24, 2006.
The original complaint alleges that between September 2, 2004 and March 24, 2006, defendants issued false statements about CSK Auto Corporation’s earnings, assets and business prospects causing CSK Auto Corporation’s stock to trade at artificially inflated levels. While CSK Auto Corporation’s stock (NYSE: CAO) was artificially inflated due to defendants’ false statements, certain officers and directors sold 75,106 shares of their CSK Auto Corporation stock for proceeds of $1.1 million.
The complaint further alleges that on or around March 27, 2006, before the market opened, CSK Auto Corporation issued a press release announcing that it would postpone the release of its fourth quarter and fiscal 2005 financial results. The postponement was necessary to provide adequate time for CSK Auto Corporation to conduct a thorough review of certain accounting errors and irregularities discovered in the course of its ongoing assessment of internal control over financial reporting and an internal audit. On this news, CSK Auto Corporation (NYSE: CAO) stock dropped $1.26 to $14.64 per share, after hitting a low of $14.40 per share.