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Izard Nobel LLP Announces Class Action Lawsuit
Class Action News |
2011/11/07 19:48
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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 Northern District of California on behalf of purchasers of the common stock of OmniVision Technologies, Inc. between August 27, 2010 and October 13, 2011, inclusive.
The Complaint charges that OmniVision and certain of its officers and directors violated federal securities laws by concealing the loss of its exclusive contract with Apple. On August 25, 2011 OmniVision disclosed delays in the production of its new 8-megapixel product line. As a result, OmniVision would not be the exclusive producer of camera components for Apple's new iPhone 4S, released on October 14, 2011.
In response to this news, OmniVision stock declined $7.55 per share, over 30%, to close at $17.27 on August 26, 2011. On October 14, 2011, when the iPhone 4S was released, experts examined the phone's camera and determined that Sony, not Omnivision, had supplied a key component. On this confirmation of the reduced role of the Company's components in the iPhone 4S, OmniVision stock fell $1.65 per share, or 9.3%, to close at $15.95 per share.
If you are a member of the class, you may, no later than December 27, 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/omnivision/, 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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Judge mulling $410M BofA overdraft settlement
Court Feed News |
2011/11/07 17:46
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An attorney for Bank of America says 13.2 million customers may be eligible for a settlement in a lawsuit claiming the bank charged excessive overdraft fees.
The final tabulation came Monday as a Miami judge considers whether to finalize a $410 million settlement during a hearing to consider any objections or other issues related to the deal reached in May.
The class-action lawsuit contends the Charlotte, N.C.-based bank processed its debit card and check payments in a way that triggered more overdrafts and therefore more fees. Even though it agreed to the settlement, the bank insists the overdraft system was proper.
The lawsuit covers people with Bank of America debit cards between January 2001 and May 2011.
New bank regulations prohibit this type of debit card fee unless customers approve.
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Court won't hear 'Ghost Hunters' appeal
Court Feed News |
2011/11/07 16:50
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The Supreme Court won't hear an appeal from some television networks being sued by a paranormal investigator who claims his idea was stolen and turned into the television show "Ghost Hunters."
Without comment, the court turned away an appeal from NBC Universal, Inc., Universal Television Networks and Pilgrim Films & Television, Inc.
Parapsychologist Larry Montz and producer Daena Smoller unsuccessfully shopped around an idea for a show about paranormal investigators in 1981. "Ghost Hunters" appeared on the Sci Fi Channel — now known as SyFy — in 2004.
Montz and Smoller sued in federal court. The courts threw out their copyright claims, but the 9th U.S. Circuit Court of Appeals agreed that they could sue for breach of an implied contract and breach of confidence claims. |
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Corzine steps down at collapsed firm, hires lawyer
Headline News |
2011/11/07 15:49
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He set out to create a mini-Goldman Sachs. In the end, he built a mini-Lehman Brothers.
Former New Jersey Gov. Jon Corzine's resignation Friday from the securities firm he led capped a week of high drama and swift failure.
MF Global collapsed into bankruptcy Monday, and Corzine has since hired a criminal defense attorney amid an FBI investigation into the disappearance of hundreds of millions of dollars in client money.
In another twist, a top regulator has ended his role in the investigation of MF Global because of his longstanding ties to Corzine. Commodity Futures Trading Commission chairman Gary Gensler, whose agency is leading the effort to locate the missing client money, had worked for Corzine at Goldman Sachs.
MF Global's implosion, which came after Corzine made a big, risky bet on European debt, revived memories of the 2008 banking crisis and the ruin of the much bigger Lehman. |
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Info sought from NY firm ripped for Halloween bash
Legal Career News |
2011/11/06 19:49
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A New York foreclosure law firm criticized for a 2010 Halloween party in which employees dressed as homeless people is attracting attention in Washington.
The ranking member of the House Committee on Oversight and Government Reform wrote Friday to the Steven J. Baum firm near Buffalo requesting records and documents relating to its foreclosure practices — and its Halloween party.
Maryland Democratic Rep. Elijah Cummings tells Baum pictures from the party published by The New York Times last week "demonstrate a culture of disdain for families suffering foreclosure and a disregard for the rule of law."
A Baum spokesman says he doesn't believe Baum has seen the letter. Baum has apologized for the party. |
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Court tosses $43M award against Ford in crash case
Court Feed News |
2011/11/04 15:54
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The Illinois Supreme Court has thrown out an Illlinois jury's $43 million award against Ford Motor Co. in a product-liability lawsuit linked to a fiery 2003 crash that killed a Missouri man and disfigured his wife.
The high court, in a Sept. 22 ruling made public Wednesday, among other things found that the lawsuit on Dora and John Jablonski's behalf did not give sufficient evidence for a jury to conclude Ford negligently "breached its duty of reasonable care" in designing the Lincoln Town Car involved in the wreck.
Justices also found that Illinois law does not require a company to warn of defects undetected before the product left the manufacturer.
Pinning the tragic wreck on the distracted motorist who hit the Jablonskis from behind at 60 mph, Ford said in an emailed statement Thursday it was "gratified" by the Illinois Supreme Court's ruling that "recognized and corrected the substantial efforts and deficiencies in the earlier proceedings."
The automaker said the 1993 Town Car exceeded all federal crash safety standards and received a five-star safety rating — the highest possible — from the U.S. government. |
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