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Glancy Binkow & Goldberg LLP Announces Class Action
Class Action News |
2012/03/02 17:14
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Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of purchasers of CNOOC Limited American Depositary Shares between January 27, 2011 and September 16, 2011, inclusive, seeking to pursue remedies under the Securities Exchange Act of 1934. CNOOC, through its subsidiaries, engages in the exploration, development, production and sale of crude oil, natural gas and other petroleum products. The Company owns oil and natural gas properties in Asia, Oceania, Africa, the Americas and offshore China – including the Penglai 19-3 (“PL19-3”) oilfield situated in northern China’s Bohai Bay.
The Complaint alleges that defendants misrepresented or failed to disclose material adverse facts about the Company’s business and financial results, including that: (i) the Company was not in compliance with environmental laws and regulations; (ii) the Company concealed the extent and severity of oil spills that occurred at the PL19-3 oilfield in June 2011; (iii) as news of the oil spills emerged, the Company downplayed its responsibility to effect the cleanup of the oil spills, portrayed itself as being the “non-operator” of the oilfield and, moreover, hindered the cleanup by requiring the operator of the oilfield to use a CNOOC-affiliated company for the cleanup; (iv) the Company improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles (“GAAP”); and (v), based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s operations and its expected oil production.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased the ADSs of CNOOC between January 27, 2011 and September 16, 2011, you have certain rights, and have until April 29, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member.
www.glancylaw.com |
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Federal court orders May 29 primary date for Texas
Legal Career News |
2012/03/02 17:13
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The federal court in San Antonio has ordered Texas to hold its primary elections on May 29, resolving for now one of the biggest issues in the state's redistricting battles.
The three-judge panel issued the election schedule two days after releasing political maps for Texas to use in the 2012 election. Legal disputes over the maps for congressional and House districts have kept Texas from holding elections.
In the primary schedule released Thursday, the filing period for candidates reopens Friday and closes March 9.
While the court order clarifies the election schedule, some minority groups complain that the election maps are unfair and still are seeking changes. |
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Cook County court building named after famed Judge
Headline News |
2012/03/02 17:12
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After decades of merely being known as 26th and California, the Cook County Criminal Courts building on Chicago's southwest side has been officially named "The Honorable George N. Leighton Criminal Court Building."
Members of the Cook County Board voted unanimously Thursday to rename the building after the 99-year-old Leighton — a county judge who was the first African American to sit on the Illinois Appellate Court, and later was named a federal judge.
Leighton wasn't at the meeting, but his daughter, son-in-law and grandson were in attendance.
Cook County Circuit Court Chief Judge Tim Evans, who was a student of Leighton's when he taught at Chicago's John Marshall Law School, called the renaming of the building a well-deserved honor. He added that Leighton was his "star in the judicial constellation." |
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Court extends NYC church access to public schools
Court Feed News |
2012/03/01 17:58
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A federal appeals court on Wednesday rejected an attempt by New York City to keep churches out of its public schools while a judge decides whether a city law banning them from its school buildings can be enforced.
But the 2nd U.S. Circuit Court of Appeals encouraged a lower court judge to act quickly after she ruled earlier this month that a small Bronx church can continue to meet in a public school for Sunday services, despite the city's threat to begin enforcing its ban on worship services in city schools. She later extended the order to include all of the roughly 40 churches meeting in public schools.
In a two-page order, the appeals court declined the city's request to block U.S. District Judge Loretta A. Preska from preventing enforcement while she hears the merits of a lawsuit brought by the Bronx Household of Faith.
She said the church was likely to win its First Amendment challenge and had demonstrated it would suffer irreparable harm if it could not continue to use Public School 15 for Sunday morning worship services. |
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Houston Auto Accident & Insurance Claims Law Firm
Law Firm News |
2012/03/01 17:57
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If you've been involved in an auto accident caused by speeding, drunk driving (DWI), unsafe lane changes, following too closely, running red lights & stop signs, reckless truck drivers, or any other cause, we ask you to keep the following in mind: Insurance companies are in the business of making money, not paying policies. If the insurance company is giving you the run-around, call The Salazar Law Firm today.
If you've been injured in an accident, your claim may be significantly weakened if you don't take the right steps. Get medical treatment for your pain and injuries as soon as possible. Insurance companies pay close attention to “lapses in treatment” and whether or not you sought treatment immediately after the accident happened.
The Salazar Law Firm is a Houston based firm that has expertise in defending clients facing auto accidents and insurance claims. Their attorneys understand the physical, emotional, and financial burden an car accident or personal injury can be on an individual and their families. Their goal is to lessen the stress for their clients by managing the complex procedures with insurance companies, medical facilities, and opposing insurance defense lawyers. They have the experience you need and give the attention you deserve. Visit http://www.hurtinhouston.com for more information. |
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Robbins Geller Rudman & Dowd LLP Files Class Action
Class Action News |
2012/03/01 17:56
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Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of CNOOC Limited American Depositary Shares (“ADSs”) during the period between January 27, 2011 and September 16, 2011.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/cnooc/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges CNOOC and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CNOOC is China’s biggest offshore state oil company. CNOOC co-owns the Penglai 19-3 (“PL 19-3”) oilfield in northern Bohai Bay with ConocoPhillips China Inc. (“ConocoPhillips”) as its operator.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. As a result of defendants’ false statements, CNOOC’s ADSs traded at artificially inflated prices during the Class Period, reaching a high of US$270.64 per ADS on April 4, 2011.
On June 4, 2011, an oil spill occurred at the PL 19-3 oilfield. A second spill occurred at the PL 19-3 oilfield on June 17, 2011. The complaint alleges that CNOOC and ConocoPhillips failed to disclose the spills when they occurred. However, despite CNOOC’s attempts to conceal the news, news of the spills began to leak into the market. On July 5, 2011, the State Oceanic Administration (“SOA”), China’s coastal regulator, officially acknowledged the spills had occurred. Thereafter, CNOOC downplayed the extent of the damage done by the oil spills and the impact it would have on CNOOC’s operations. On September 2, 2011, the SOA announced that it had ordered CNOOC and ConocoPhillips to immediately suspend all oil production at the PL 19-3 oilfield. On September 6, 2011, it was announced that CNOOC and ConocoPhillips would establish a Bohai Bay fund to address the environmental impact of the oil spills. On this news, CNOOC’s ADSs declined US$9.39 per ADS on September 6, 2011. Then, on September 18, 2011, it was announced that CNOOC and ConocoPhillips would establish a second Bohai Bay fund. On this news, CNOOC’s ADSs declined another US$6.85 per ADS on September 19, 2011.
According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company was not in compliance with environmental laws and regulations; (b) as news of the oil spills emerged, the Company concealed the extent and severity of the oil spills; (c) as news of the oil spills emerged, the Company downplayed its responsibility to effect the cleanup of the oil spills as it portrayed itself as being the “non-operator” of the oilfield; (d) the Company improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles; and (e) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s operations and its expected oil production.
Plaintiff seeks to recover damages on behalf of all purchasers of CNOOC ADSs during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
www.rgrdlaw.com |
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