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Izard Nobel LLP Announces Class Action Lawsuit
Class Action News |
2011/10/27 10:10
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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 Southern District of New York on behalf of purchasers of the common stock of China Automotive Systems, Inc. between March 20, 2010 and March 17, 2011.
The Complaint charges that China Automotive and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following: (i) China Automotive improperly accounted for its convertible notes issued on February 15, 2008; (ii) that, as a result, the Company's financial results were incorrectly stated; (iii) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles; and (iv) China Automotive lacked adequate internal and financial controls.
On March 17, 2011, the Company's audit committee stated it would delay the annual financial statement and would need to restate all previously issued financial statements for the fiscal year 2009 and the first three quarters of 2010. On this news, shares of China Automotive fell to a closing price of $8.81 per share. On March 18, 2011, the Company announced that it received a letter from NASDAQ stating it was no longer in compliance with NASDAQ Marketplace rules.
If you are a member of the class, you may, no later than December 26, 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/chinaautomotive/, 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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US defends gun sale reporting requirement in court
Court Feed News |
2011/10/26 15:35
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Gun store owners in southwestern border states argued in federal court Tuesday that the Obama administration cannot require them to report when customers buy multiple high-powered rifles. The Justice Department responded to a lawsuit seeking to block the two-month-old requirement by asking a judge to uphold its legality, arguing the measure could help stop the flow of guns to Mexican drug cartels. It requires sellers in California, Arizona, New Mexico and Texas to give the Bureau of Alcohol, Tobacco, Firearms and Explosives information about purchasers who buy two or more semi-automatic rifles greater than .22 caliber within five days. Justice Department attorney Daniel Reiss said having a database of multiple purchasers gives ATF agents the power to trace gun sales within minutes, rather than a multi-day effort to trace the weapons back through the manufacturer, to the seller and eventually the buyer. He said two investigations have already been opened in the short time that the new reporting has been required. |
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State budget cuts clog criminal justice system
Headline News |
2011/10/26 14:34
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Prosecutors are forced to ignore misdemeanor violations to pursue more serious crimes. Judges are delaying trials to cope with layoffs and strained staffing levels. And in some cases, those charged with violent crimes, even murder, are set free because caseloads are too heavy to ensure they receive a speedy trial. Deep budget cuts to courts, public defenders, district attorney's and attorney general offices are testing the criminal justice system across the country. In the most extreme cases, public defenders are questioning whether their clients are getting a fair shake. Exact figures on the extent of the cuts are hard to come by, but an American Bar Association report in August found that most states cut court funding 10 percent to 15 percent within the past three years. At least 26 states delayed filling open judgeships, while courts in 14 states were forced to lay off staff, said the report. The National District Attorneys Association estimates that hundreds of millions of dollars in criminal justice funding and scores of positions have been cut amid the economic downturn, hampering the ability of authorities to investigate and prosecute cases. |
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PETA lawsuit seeks to expand animal rights
Lawyer Blog News |
2011/10/26 09:33
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A federal court is being asked to grant constitutional rights to five killer whales who perform at marine parks — an unprecedented and perhaps quixotic legal action that is nonetheless likely to stoke an ongoing, intense debate at America's law schools over expansion of animal rights.
People for the Ethical Treatment of Animals is accusing the SeaWorld parks of keeping five star-performer whales in conditions that violate the 13th Amendment ban on slavery. SeaWorld depicted the suit as baseless.
The chances of the suit succeeding are slim, according to legal experts not involved in the case; any judge who hews to the original intent of the authors of the amendment is unlikely to find that they wanted to protect animals. But PETA relishes engaging in the court of public opinion, as evidenced by its provocative anti-fur and pro-vegan campaigns.
The suit, which PETA says it will file Wednesday in U.S. District Court in San Diego, hinges on the fact that the 13th Amendment, while prohibiting slavery and involuntary servitude, does not specify that only humans can be victims. |
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Names of Casey Anthony jurors released in Fla.
Court Feed News |
2011/10/25 16:55
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A court released the names of the jurors in the Casey Anthony trial for the first time Tuesday since they acquitted the Florida woman of murdering her 2-year-old daughter, Caylee. The "cooling off" period a judge cited in delaying the release for three months ended Tuesday, and the names of 12 jurors and three alternates were released by the Pinellas County Clerk of Court. After the trial ended in July, Judge Belvin Perry said he wanted time to pass before the names were made public because some of the jurors had received death threats. Jurors were selected from Pinellas County, along Florida's Gulf Coast, because of concerns about pretrial publicity in Orlando. The jurors were sequestered until the verdict was announced. Associated Press reporters knocked on doors Tuesday at homes where the jurors were thought to live. The husband of alternate juror Elizabeth Jones answered the door at their home. He said she was at work. "I'll leave your card with the pile here," Mike Jones said. "But I don't think she is going to want to talk." He added that since she didn't deliberate, "she doesn't have a whole lot to say." In most cases, the blinds or drapes were closed and no one answered. Dogs could be heard barking inside some of the homes. |
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Hunger-striking prisoner fights force-feedings
Legal Career News |
2011/10/25 12:55
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Attorneys for a British prisoner who lost more than 100 pounds during a hunger strike have asked Connecticut's Supreme Court to prevent prison officials from force-feeding him. The prisoner, William Coleman, stopped eating in September 2007 over claims he was convicted on a fabricated rape charge. Authorities began feeding him by a tube inserted through his nose a year later when he stopped accepting fluids. Coleman has since begun voluntarily accepting liquid nutrition but he argues that the force-feedings violate his right to free speech. His lawyers argued before the seven-judge panel on Tuesday that a lower court was wrong to rule last year that the feedings by the state Department of Correction can be permitted. Assistant Attorney General Lynn Wittenbrink says prison officials are obliged to protect inmates' lives. |
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