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Wednesday, May 25, 2005

Vermont Teacher Answers Phone, Ends Up a Plaintiff

According to this article in the Star-Ledger, Vermont high school teacher Chaim Lodish, proud owner of 100 shares of Able Laboratories, recently became a player in the securities litigation arena when he got a telephone call from a suburban Philadelphia law firm.  Lodish told the Star-Ledger he has no idea how the firm got his name, but he "ended up" as the plaintiff in a securities class action filed yesterday in federal court in Newark (complaint available here).  The article states that Lodish

was caught up in a standard "dialing for dollars" campaign of a small group of lawyers around the country who specialize in potentially lucrative pharmaceutical stockholder and product liability lawsuits.

"That's a good question," Lodish said last night. "I don't know how they found out I own stock."

Lawyers comb proxy mailing and other public sources in a fierce competition to sign the biggest group of stockholders. The goal is to become designated the lead law firm, assuring them huge legal fees and a piece of any monetary award.

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» Finding A Plaintiff from The 10b-5 Daily
The Star-Ledger (N.J.) ran an article this week on the named plaintiff in one of the securities class actions filed against Able Laboratories in the D. of N.J. According to the article, the small, individual investor was unaware of the... [Read More]

   
 
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