Class action lawsuit over... stocks.

[SunnyD]

I think this is potentially even more dumb than the McDonald's "Hot Coffee" lawsuit from days of yonder-yore.

I just got a letter in the mail about a class action lawsuit against a company which I bought and sold some stock in this year (OCZ). If you don't know the story of OCZ, there's some question that they may have misrepresented the company's finances during the last few quarters, and basically now the share price is in the shitter after a fairly susbstantial run several months ago based on some unsubstantiated rumors.

Anyway, back to the point... a class action lawsuit on stock trading? Really? Something as inherently risky as stocks, and OMG somebody lost their shirt so SUE SUE SUE?

What's next, a class action lawsuit by chronic gamblers against casinos in Las Vegas because some idiot lost their shirt?

Seriously.

 

[Jodell88]

The 65 million dollar lost pants lawsuit still tops them all.

 

[IronWing]

Rich people suing rich people is what clogs up the courts.

 

[SMOGZINN]

What's next, a class action lawsuit by chronic gamblers against casinos in Las Vegas because some idiot lost their shirt?

Already been done

 

[bigpimpatl]

I think you're taking this too lightly.

Financial manipulation/fraud is a very serious matter. Especially when there are millions at stake.

 

[lupi]

heard about the mcd coffee documentary, lawsuit didn't sound so bad after that.

 

[Corporate Thug]

I think this is potentially even more dumb than the McDonald's "Hot Coffee" lawsuit from days of yonder-yore.

I just got a letter in the mail about a class action lawsuit against a company which I bought and sold some stock in this year (OCZ). If you don't know the story of OCZ, there's some question that they may have misrepresented the company's finances during the last few quarters, and basically now the share price is in the shitter after a fairly susbstantial run several months ago based on some unsubstantiated rumors.

Anyway, back to the point... a class action lawsuit on stock trading? Really? Something as inherently risky as stocks, and OMG somebody lost their shirt so SUE SUE SUE?

What's next, a class action lawsuit by chronic gamblers against casinos in Las Vegas because some idiot lost their shirt?

Seriously.

Yes, there are risks, but there are also rules. Who knows, there may have been manipulation / SEC violations on behalf of OCZ...remember when it went soaring on the buy out rumors, then crumbling down? there are a LOT of bagholders out there.

 

[RampantAndroid]

I think you're taking this too lightly.

Financial manipulation/fraud is a very serious matter. Especially when there are millions at stake.

My reaction too - if there's anything amiss here, it needs to be brought to light and reparations made.

 

[Aluvus]

What's next, a class action lawsuit by chronic gamblers against casinos in Las Vegas because some idiot lost their shirt?

If there is some concern that the casino was illegally manipulating the odds, sure.

 

[SunnyD]

Yes, there are risks, but there are also rules. Who knows, there may have been manipulation / SEC violations on behalf of OCZ...remember when it went soaring on the buy out rumors, then crumbling down? there are a LOT of bagholders out there.

While on one hand I agree, odds are the wrong "people" are getting sued over "that" in this case.

Still, in something inherently risky like the stock market, you have to expect some sort of potential loss regardless of the source, just as you would hope for some sort of potential gain. Suing just because you didn't "win" is ridiculous.

 

[sjwaste]

Securities law is a fairly complex field. There are a lot of suits that are basically fishing for 10(b) violations, but not all of them are. I haven't read any info on OCZ, so I'm not even sure if it's a 10(b), PSLRA, or something else.

 

[sjwaste]

While on one hand I agree, odds are the wrong "people" are getting sued over "that" in this case.

Still, in something inherently risky like the stock market, you have to expect some sort of potential loss regardless of the source, just as you would hope for some sort of potential gain. Suing just because you didn't "win" is ridiculous.

Have you actually read the complaint? Is it a criminal or civil case? I'm too lazy to dig that up for you and then tell you what's actually going on.

 

[bigpimpatl]

While on one hand I agree, odds are the wrong "people" are getting sued over "that" in this case.

Still, in something inherently risky like the stock market, you have to expect some sort of potential loss regardless of the source, just as you would hope for some sort of potential gain. Suing just because you didn't "win" is ridiculous.

dude this isn't the wild wild west. Markets can't function properly under those circumstances.

If you still beg to differ, I'd like to sell you the gold mine underneath my house.

 

[SunnyD]

Have you actually read the complaint? Is it a criminal or civil case? I'm too lazy to dig that up for you and then tell you what's actually going on.

It's a class action, therefore civil.

"The complain alleges that throughout the Class Period, OCZ Technologies Group Inc. made false and/or misleading statements, as well as failed to disclose material adverse facts about the its [sic] business, operations, and prospects."

I understand exactly what the complaint is about, and I knew exactly what I was doing when I was trading in the company because I did my research.

 

[Miramonti]

Remember the dot.com days? This is just a couple months of mail when I decided to take a pic. It went on like this for atleast a year.

 

[KnickNut3]

What's next, a class action lawsuit by chronic gamblers against casinos in Las Vegas because some idiot lost their shirt?

No, the equivalent parallel is gamblers suing because they have evidence the casino was using loaded dice or stacked cards to ensure players would lose.