-
If you purchased a significant amount of shares of this company you have certain options and for certain investors are short and strict deadlines running. Investors should contact the Shareholders Foundation, Inc.
-
To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
<p align= justify >The original complaint charges that Defendants Quanta, Quanta officers and/or directors as well as underwriters Friedman, Billings & Ramsey, Ltd. and BB&T Capital Markets made, or facilitated, misleading statements in two prospectuses (the “Prospectuses”) issued in connection with the December 14, 2005 offering of 11,423,340 common shares at $4.75 per share and 3,000,000 10.25% Series A preferred shares at $25 per share.</p> <p align= justify >The complaint further alleges that with seventeen days to go in the fourth quarter, the Prospectuses stated that Quanta’s estimated net losses for 2005 were $68.5 million. As revealed on March 2, 2006, the last day of the Class Period, net losses were $78.7 million — 15% higher. As a result of this news, Quanta common stock plunged on extremely heavy trading volume from $4.73 per share to $2.83 per share, a decline of approximately 40%. Preferred Quanta shares are trading today around $18 per share — a significant decline from the $25 preferred offering price.</p>