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Universal Food and Beverage Company (OTC: UFBV) Investor Securities Class Action Lawsuit 06/05/2008

  • If you purchased shares of Universal Food and Beverage Company (OTC: UFBV), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Universal Food and Beverage Company
Security
OTC: UFBV

Case Name
Universal Food and Beverage Company Shareholder Class Action Lawsuit 06/05/2008
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Illinois

Deadline To File for Lead
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Summary

March 26, 2010 - The court granted the stipulation of dismissal and dismissed the case with prejudice.
October 13, 2009 - Defendants filed motions to dismiss.

June 30, 2009 - The case was transferred to the U.S. District Court for the Southern District of New York.

May 29, 2009 - The court granted in part and denied in part defendants' motions to dismiss.

April 7, 2009 - Defendants filed motions to dismiss.

March 10, 2009 - The plaintiffs filed a second amended complaint.

September 24, 2008 - The court granted plaintiffs' motion to voluntarily dismiss one defendant without prejudice.

September 15, 2008 - The plaintiffs filed an amended complaint.

June 5, 2008 - Investors in shares of Universal Food and Beverage Company (OTC: UFBV) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws.

The complaint alleges 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. Also, the 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.