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Federman & Sherwood Announces Class Action Lawsuit
Class Action News |
2011/11/20 17:17
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On November 16, 2011, a class action lawsuit was filed in the United States District Court for the Central District of California against Keyuan Petrochemicals, Inc. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from August 16, 2010 through October 7, 2011.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Tuesday, January 17, 2012, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this or any other lawsuit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact: www.federmanlaw.com |
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RI pension overhaul may head to the courts
Legal Career News |
2011/11/18 16:56
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Rhode Island is taking dramatic steps toward fixing one of the nation's most underfunded public pension systems, but the true battle with public-sector unions may be just beginning.
State lawmakers ignored jeers from public workers and the threat of a lawsuit Thursday to pass sweeping changes to the pension system covering 66,000 active and retired public workers.
The legislation is designed to save billions of dollars in future years by backing away from promises to state and municipal workers that lawmakers say the state can no longer afford. Gov. Lincoln Chafee, an independent, said he will sign the bill.
Public-sector union leaders promised a court challenge before the final votes were even cast.
"The attorneys are going to make a lot of money," Philip Keefe, president of Local 580, which represents social service, administrative and technical workers. "If this is overturned, it will be you, me and every other taxpayer that is on the hook for billions."
Supporters acknowledged that a lawsuit was inevitable but said the bill was thoroughly reviewed for any legal problems. Supporters said one of the reasons for the bill was to ensure there's money available when today's workers retire. |
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Lawyer: 'Bullying' led to Hawaii shooting by agent
Court Feed News |
2011/11/18 15:55
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The federal agent charged with killing a man in a McDonald's restaurant in Hawaii was protecting himself and others, his attorney said Thursday.
State Department Special Agent Christopher Deedy made his first court appearance Thursday on charges of second-degree murder in the Nov. 5 shooting of Kollin Elderts, 23, of Kailua.
During the brief hearing, a district judge agreed to turn over the case to Circuit Court, where Deedy is expected to be arraigned Monday. Circuit Court has jurisdiction in the case after an Oahu grand jury returned an indictment Wednesday.
"The reason this started was because Mr. Elderts was harassing and bullying others," Deedy's Honolulu attorney, Brook Hart, said in an interview before the hearing.
He didn't provide details but said Deedy was protecting himself and others from a man "who aggressed on him."
"This isn't a matter of a man who took out a gun and started shooting in a McDonald's," Hart said. "It's not a willy-nilly misuse of a firearm."
Deedy, a 27-year-old agent from Arlington, Va., was in Honolulu to help with security for the Asia-Pacific Economic Cooperation summit. |
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Federal court issues new political maps for Texas
U.S. Legal News |
2011/11/18 13:56
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A federal court on Thursday issued temporary political maps for the 2012 election in Texas that some say will give Democrats a greater chance of winning seats in the Legislature.
The maps, which still must be given final court approval, will remain in place for state House and Senate districts until there is a resolution to lawsuits filed over the Legislature's proposals — likely through the 2012 elections. The court is expected to also release a proposal for new congressional districts.
Republicans have acknowledged they are not likely to hold on to the 101-49 supermajority they have in the Texas House. Still Democrats argue that the GOP map drawers went too far in trying to preserve their power.
Texas Attorney General Greg Abbott's office, which is representing the state, was reviewing the maps and "working to prepare a response as directed by the court," spokeswoman Lauren Bean said.
Democrats and minorities have complained that the maps drawn by the Republican-controlled Legislature prevent minority groups from electing their choice of candidate. |
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Fla. hired law firm with ties to Gov. Scott
Headline News |
2011/11/18 13:55
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Florida has spent nearly a half-million dollars - and could spend even more - with a large, well-known law firm that has connections to both the Republican Party of Florida as well as Gov. Rick Scott.
Since August the state has paid nearly $400,000 to the law firm of Alston and Bird to defend a new state law that requires public employees to contribute 3 percent of their pay to the state pension fund.
The firm was hired at the urging of the Scott administration which asked Attorney General Pam Bondi to approve paying the firm hourly rates at $495 an hour or nearly $300 more than what is normally allowed.
The Scott administration and Bondi have defended the hiring of the firm, saying it specializes in the kind of litigation that the state is now involved in.
But the firm's roster also includes a one-time business associate of Scott.
While not working directly on the lawsuit, a senior counsel with the firm's Washington D.C. office is Thomas Scully. Scully is also a general partner with the New York investment firm of Welsh, Carson, Anderson & Stowe. That's the investment firm that this June purchased Scott's shares in Solantic, a chain of urgent care clinics the governor started back in 2001.
Scully, who once led the Federation of American Hospitals, was appointed to the board of directors of Solantic back in 2008. |
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Izard Nobel LLP Announces Class Action Lawsuit
Class Action News |
2011/11/17 16:58
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Olympus Corporation American Depository Receipts ("ADRs") between November 7, 2006 and November 7, 2011, inclusive.
The Complaint charges that Olympus, a Japanese manufacturer of imaging systems, and certain of its officers and directors violated federal securities laws. Specifically, Olympus failed to disclose that the Company had engaged in a scheme to hide and defer unrealized losses on investments made since the 1990s by making inflated payments for acquisitions, advisor fees and stock buy backs in connection therewith such that the Company's financial disclosures for the years ending 2005 through 2011 were materially false and misleading.
On November 7, 2011, Olympus disclosed the truth about its financial statements and the Company's ADRs fell 34% from $13.72 on November 7, 2011 to $9.05 on November 8, 2011. Olympus' top executives resigned in what has become a financial scandal in Japan. Recently, on its webpage, Olympus admitted discovering that it had been wrongfully "engaging in activities such as deferring the posting of losses on investment securities." The SEC and FBI are currently investigating Olympus.
If you are a member of the class, you may, no later than January 13, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/olympus, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com.
For more information about class action cases in general, please visit our website: www.izardnobel.com. |
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