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Goldman falls on news that CEO hired top lawyer
Headline News |
2011/08/23 14:54
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Goldman Sachs shares fell sharply Monday following news that its CEO, Lloyd Blankfein, has hired a top Washington defense lawyer.
Blankfein and other top executives at Goldman Sachs Group Inc. are facing inquiries from the Justice Department and other agencies on the firm's practices leading up to the financial crisis.
Goldman confirmed a report from Reuters that Blankfein has retained Reid Weingarten from the law firm Steptoe & Johnson LLP. Weingarten is known to have represented top corporate executives who have been charged with wrongdoing including former WorldCom chief Bernard Ebbers.
Weingarten's office didn't immediately respond to requests for comment. Goldman Sachs said in a statement: "Blankfein and other individuals who were expected to be interviewed in connection with the Justice Department's inquiry into certain matters raised in the (Senate's Permanent Subcommittee on Investigations) report hired counsel at the outset." |
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Law Offices of Howard G. Smith Announces Class Action Lawsuit
Law Firm News |
2011/08/23 12:10
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Law Offices of Howard G. Smith announces that a class action lawsuit has been filed against SinoTech Energy Limited (“SinoTech” or the “Company”) (NASDAQ:CTE - News) in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons who purchased American Depository Shares (“ADSs”) of SinoTech pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with the Company’s initial public offering (the “IPO”) on November 3, 2010, including open-market purchasers of SinoTech ADSs between November 3, 2010 and August 16, 2011, inclusive (the “Class Period”).
The Complaint charges SinoTech, certain of the Company’s current and former executive officers and directors, and the underwriters of its IPO with violations of the Securities Act of 1933. SinoTech provides enhanced oil recovery services to oil companies in the People's Republic of China. The Complaint alleges that certain representations made in the Company’s Registration Statement and Prospectus issued in connection with the IPO were materially inaccurate. Specifically, the Complaint alleges that the Company’s reported sales and revenues were materially inaccurate, because the nature, size and scope of the Company’s business was materially exaggerated.
On August 16, 2011, a research report was published on the Internet questioning SinoTech’s previously issued financial statements and future prospects. The report alleged that: (1) SinoTech’s sole import agent, accounting for over $100 million worth of oil drilling equipment orders, appears to be an empty shell company with no sign of operation, a limited import history and negligible revenue base; (2) the Company’s only chemical supplier is an empty shell company, with little or no revenues; (3) the Company’s five largest subcontracting customers, which provide the vast majority of SinoTech’s revenues, appear to be shell companies with unverifiable operations with minimal revenues; (4) the financial statements SinoTech issued in the United States are inconsistent with similar filings the Company made in China; and (5) the Company has engaged in undisclosed related-party transactions.
On this news, ADSs of SinoTech declined more than 40%, to close on August 16, 2011, at $2.35 per share. Thereafter, NASDAQ halted trading of the Company’s stock.
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 ADSs of SinoTech between November 3, 2010 and August 16, 2011, you have certain rights, and have until October 18, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to howardsmith@howardsmithlaw.com or visit our website at http://www.howardsmithlaw.com. |
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Agreement reached in Mo. suit against LegalZoom
Lawyer Blog News |
2011/08/23 11:09
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A proposed settlement has been reached in a federal class-action lawsuit against LegalZoom Inc., the online vendor of legal forms and documents.
The lawsuit had been scheduled go to trial Monday in U.S. District Court in Jefferson City.
But California-based LegalZoom has announced an agreement in principle to settle the lawsuit that claimed the company wasn't licensed to provide legal services in Missouri. LegalZoom says it contains no admission of wrongdoing and lets the company continue offering services to Missouri residents with certain changes.
The original plaintiffs were a Missouri resident who used LegalZoom to prepare a will, and two others who used it to organize a remodeling business.
An attorney for the plaintiffs says only that the settlement involves compensation for Missouri customers and changes to how LegalZoom operates. |
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Berman DeValerio Announces Securities Class Action
Class Action News |
2011/08/23 09:10
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The law firm of Berman DeValerio filed a securities class action lawsuit today against Miller Energy Resources, Inc.
The lawsuit alleges violations of United States securities laws on behalf of purchasers of common stock from December 16, 2009 through and including August 1, 2011 (the “Class Period”).
Berman DeValerio (www.bermandevalerio.com) brought the complaint against the Company and certain of its directors and officers (the “Defendants”) in the United States District Court for the Eastern District of Tennessee. The case is filed as 3:11-cv-00397.
Pursuant to the Private Securities Litigation Reform Act of 1995, investors wishing to serve as the lead plaintiff are required to file a motion for appointment with the court no later than October 11, 2011.
The claims arise under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), (the “Exchange Act”), and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission (the “SEC”) for class period purchasers.
The complaint alleges that throughout the Class Period, Miller, an oil and gas exploration, production and drilling firm, and the other Defendants made material false statements about Miller’s financial results and about the valuation of certain oil-and-gas-producing assets it acquired in Alaska. Specifically, the complaint alleges that Defendants: (1) issued false and misleading consolidated balance sheets, statements of operations and cash flows; (2) failed to properly classify royalty expenses; (3) failed to properly record sufficient compensation expense on equity awards; (4) did not properly calculate the liability for derivative instruments; (5) did not properly consolidate entities under its control; and (6) improperly reported the value of certain oil and gas assets that it acquired in Alaska. As a result of these problems, the Company was required to restate its financial results. Over a series of almost daily disclosures occurring on July 28, 2011, July 29, 2011 and August 1, 2011, Miller’s stock price dropped from $7.04 per share on July 27, 2011 to a close of $3.37 per share on August 2, 2011, a total drop of $3.67 or 52%.
To receive a copy of the complaint, please call Berman DeValerio at (800) 516-9926.
If you are a member of the class, you may, no later than October 11, 2011, request that the court appoint you as lead plaintiff for the class. In addition, you may contact the attorneys at Berman DeValerio to discuss your rights and interests in the case. Please note: you may also retain counsel of your choice and need not take any action at this time to be a class member.
Berman DeValerio is a national law firm representing plaintiffs in lawsuits against corporate wrongdoers, chiefly for violations of securities and antitrust laws. The firm has 49 lawyers in Boston, San Francisco and South Florida. |
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Somali gets life in prison for US yacht hijacking
Court Feed News |
2011/08/22 12:19
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A federal judge has sentenced a Somali man to life in prison for his role in the hijacking of yacht that left all four Americans on board dead.
Ali Abdi Mohamed is the first to be sentenced of 11 men who pleaded guilty to piracy in the case. Mohamed expressed remorse before he was sentenced on Monday and said it was never his intent for anyone to get hurt. He says he hopes the victims' families forgive him.
The owners of the Quest, Jean and Scott Adam of Marina del Rey, Calif., along with friends Bob Riggle and Phyllis Macay of Seattle, were shot to death in February several days after being taken hostage several hundred miles south of Oman. |
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3 African refugees plead not guilty in fake bomb
Criminal Law Updates |
2011/08/20 16:20
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Three African refugees have pleaded not guilty to charges stemming from what police described as a fake bomb found at Phoenix's airport as new details emerged about the case and those who are charged.
Luwiza Daman, Shullu Gorado, and Asa Shani pleaded not guilty in federal court in downtown Phoenix on Friday to a felony charge of causing what appeared to be an explosive device to go through a security checkpoint at Phoenix Sky Harbor International Airport.
Daman, Gorado and Shani all come from Eritrea, a war-torn country on the Red Sea in the Horn of Africa. Only Gorado speaks some English, while Daman and Shani speak an African dialect and are relying a translator to understand court proceedings.
Authorities say Daman was carrying the suspicious item in her bag on Aug. 5 as she went through security at the airport intending to board a plane to Des Moines, Iowa. Police say Gorado and Shani gave it to her, and described the three as acquaintances.
An FBI investigator and Phoenix police described as a type of paste-like food inside a container, which had a cell phone taped to it. They said the item had the appearance of a bomb and could have been put through airport security to test its vulnerabilities. |
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