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Glancy Binkow & Goldberg LLP Announces Class Action
Class Action News |
2011/10/03 09:40
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Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit on behalf of all persons or entities who purchased the American Depositary Shares of SinoTech Energy Limited (“SinoTech” or the “Company”) pursuant and/or traceable to the Company’s Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s initial public offering commencing November 3, 2010, including purchasers of SinoTech ADSs between November 3, 2010 and August 16, 2011, inclusive (the “Class Period”). The class action lawsuit was filed in the United States District Court for the Southern District of New York.
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at 310-201-9150 or Toll Free at 888-773-9224, by email at shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
SinoTech provides Enhanced Oil Recovery (“EOR”) services to major oil and gas fields in the People's Republic of China. The Complaint alleges that the Company’s Registration Statement issued in connection with the IPO was materially misleading and misrepresented the nature, size and scope of the Company’s business. Specifically, the Complaint alleges that SinoTech and certain of its executive officers and/or directors, among others, misrepresented and/or failed to disclose that: (1) the Company’s sole import agent, who accounted for more than $100 million worth of oil drilling equipment orders, is an empty shell company with no sign of operations; (2) the Company’s only chemical supplier is also an empty shell company, with little or no revenues; (3) the Company’s largest subcontracting customer, which provides the vast majority of SinoTech’s revenues, has unverifiable operations with minimal revenues; (4) the financial statements SinoTech issued in the United States were inconsistent with similar filings the Company made in China; (5) the Company engaged in undisclosed related-party transactions in violation of GAAP; (6) as such, the Company’s financial results were not prepared in accordance with GAAP; (7) the Company lacked adequate internal and financial controls; and (8), as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On August 16, 2011, following the disclosures of these allegations in a research report published by Alfredlittle.com, the NASDAQ halted the trading of SinoTech shares and announced that trading would remain halted until the Company “fully satisfied NASDAQ’s request for additional information.” To date, trading of SinoTech has not resumed.
Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move the Court, no later than October 18, 2011, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at 310-201-9150 or Toll Free at 888-773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. |
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Court-martial wrap up in Iraq contractor's death
Legal Career News |
2011/09/30 17:12
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A court-martial was expected to wrap up Friday for a U.S. soldier accused of killing a civilian contractor in Iraq, and a military judge will then decide whether Pfc. Carl T. Stovall was mentally competent when prosecutors say he shot the Hungarian laborer to death.
Stovall has pleaded not guilty in the March 2009 shooting of Tibor Bogdan near Camp Taji, just north of Baghdad. The shooting came less than a month into Stovall's third deployment to the Middle East.
Bogdan was shot while digging a hole at the camp. Stovall had allegedly once told investigators he believed Bogdan, who worked for a contractor specializing in trash and waste removal, was a terrorist planting a roadside bomb. Prosecutors, however, say Stovall, now 28, has changed his story multiple times, allegedly denying any involvement in one version. |
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Appeals court tosses gays in military lawsuit
Court Feed News |
2011/09/30 16:11
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A federal appeals court refused Thursday to decide the constitutionality of the military's now-repealed "don't ask, don't tell" policy banning openly gay troops, saying the issue has been resolved since Americans can enlist and serve in the armed forces without regard to sexual orientation.
A three-judge panel of the 9th U.S. Circuit Court of Appeals in San Francisco tossed out a lawsuit that had challenged the military policy as a violation of gay service members' civil rights. In doing so, the appeals court also dismissed a Southern California trial judge's year-old ruling that the policy was unconstitutional.
The gay rights group Log Cabin Republicans filed the lawsuit in 2004 challenging the policy. The group's lawyer, Dan Woods, said he would ask the full 9th Circuit to review the panel's decision. |
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Mexico court upholds state right-to-life amendment
Lawyer Blog News |
2011/09/30 15:11
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Mexico's supreme court on Wednesday let stand a right-to-life amendment to the Baja California state constitution that says life begins at conception and effectively bans elective abortions in the northern border state.
The ruling appeared to allow Mexican states to decide individually on the abortion question, though the court has also agreed to review a similar amendment from the north-central state of San Luis Potosi.
Sixteen of Mexico's 31 states have adopted right-to-life amendments that severely restrict abortions, though almost all continue to allow it under some circumstances like rape or danger to a mother's life. Only Mexico City has legalized abortion on demand in the first trimester.
Seven justices of the 11-member court voted to overturn the amendment, arguing it was a federal issue, or could violate federally guaranteed rights. But eight votes are needed to overturn a law on grounds of unconstitutionality |
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Discover faces FDIC action on protection sales
Lawyer Blog News |
2011/09/30 11:10
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Discover Financial Services is facing an enforcement action by the Federal Deposit Insurance Corp. over the way it sold its payment protection, identity theft protection and other products.
The Riverwoods, Ill.-based credit card company said in a regulatory filing late Wednesday that the agency has notified its banking division that it plans to take action, following an investigation started several months ago. Discover said it is cooperating in the probe. The FDIC would not comment.
The investigation follows the filing of a series of class action lawsuits in various U.S. District Courts challenging the company's marketing.
At issue are its sales policies for several products:
Payment protection: This service allows users to put Discover Card payments on hold for up to two years following a job layoff, disability, leave of absence, hospitalization, death of a spouse or domestic partner or federal or state disaster. It also allows one-month holds on payments following happier events like a marriage, childbirth, adoption, new job, retirement, moving or graduation. |
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Obama appeals health care setback to high court
Legal Career News |
2011/09/29 17:35
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Raising prospects for a major election-year ruling, the Obama administration launched its Supreme Court defense of its landmark health care overhaul Wednesday, appealing what it called a "fundamentally flawed" appeals court decision that declared the law's central provision unconstitutional.
Destined from the start for a high court showdown, the health care law affecting virtually every American seems sure to figure prominently in President Barack Obama's campaign for re-election next year. Republican contenders are already assailing it in virtually every debate and speech.
The administration formally appealed a ruling by the federal appeals court in Atlanta that struck down the law's core requirement that individuals buy health insurance or pay a penalty beginning in 2014.
At the same time, however, the winners in that appellate case, 26 states and the National Federation of Independent Business, also asked for high court review Wednesday, saying the entire law, and not just the individual insurance mandate, should be struck down. |
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