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Labaton Sucharow LLP Secures $10 Million Settlement
Class Action News |
2012/02/08 16:26
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Labaton Sucharow LLP announced a nationwide class action settlement valued at $10 million with All Market, Inc., the leading manufacturer and seller of coconut water in the United States.
Coconut water is one of the fastest growing beverages sold in the United States. Vita Coco markets its coconut water as “super-hydrating,” “nutrient-packed,” “mega-electrolyte,” and healthy “super-water.” Labaton Sucharow filed a proposed nationwide class action, styled Fishbein et al., v. All Market Inc., No. 11-cv-05580, against the company after an independent study revealed that Vita Coco’s products do not contain the electrolyte levels indicated on the products’ labels. The class action complaint alleges that Vita Coco’s coconut water products are mislabeled and do not hydrate more effectively than less expensive sports drinks.
Kellie Lerner, one of the attorneys in the action, stated: “For the millions of consumers who pay for products that claim to improve their health, this settlement sends a message that companies will be held accountable when they exaggerate or misstate the health benefits of their products.”
Labaton Sucharow LLP, with offices in New York City and Wilmington, Delaware, is one of the country’s premier law firms representing institutional investors in class actions and complex securities litigation, as well as consumers and businesses in class actions seeking to recover damages for anticompetitive or deceptive practices. The Firm has been a champion of investor and consumer rights for close to 50 years, seeking recovery of losses and the adoption of necessary corporate governance reforms to protect investors, businesses and consumers. Labaton Sucharow has been recognized for its excellence by the courts and peers. More information about Labaton Sucharow is available at www.labaton.com. |
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Izard Nobel LLP Announces Class Action
Class Action News |
2012/02/06 15:37
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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 New York on behalf of purchasers of the common stock of Cablevision Systems Corporation between February 16, 2011 and October 28, 2011, inclusive (the "Class Period").
The Complaint alleges that Cablevision and certain of its officers and directors violated the federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) that Cablevision was experiencing higher retention and advertising costs; (ii) that Cablevision was losing more video customers than expected, especially in the New York area -- the Company's main service area -- due to increased competition; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On October 28, 2011, Cablevision announced its financial results for the third quarter of 2011, the period ended September 30, 2011. On that same day, Cablevision held a conference call with analysts and investors to discuss the earnings announcement and the Company's operations, including the Company's subscriber loss. In reaction to the Company's announcement, the price of Cablevision stock fell $2.17 per share, or 13%, to close at $15.14 per share.
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/cablevision |
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Murray Frank LLP Files Class Action
Class Action News |
2012/02/03 13:51
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Murray Frank LLP has filed a class action complaint in the United States District Court for the Southern District of New York (Case No. 12 Civ. 0672) on behalf of all individuals and institutions who purchased securities of GLG Life Tech Corporation during the period between February 1, 2011 and November 13, 2011 (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, the Defendants made false and misleading statements about or knew but failed to disclose that: (1) the Company’s original equipment manufacturers were experiencing production issues that impacted the packaging and appearance quality of its products; (2) consumers were responding poorly to the Company’s AN0C and stevia products; and/or (3) the Company would not meet its earnings projections.
On October 6, 2011, GLG Life Tech issued a press release disclosing for the first time a negative outlook concerning its AN0C and stevia products. On the news, the Company’s stock price dropped by 42% from a close of $3.45 per share on October 5, 2011 to a close of $1.99 per share on October 6, 2011.
Subsequently, on November 14, 2011, the Company announced financial results for the period ending September 30, 2011. Revenue for the period was $1.7 million, versus revenue of $20.9 million for the same period in the previous year. EBITDA for the period was negative $8.8 million, versus EBITDA of $6.1 million for the same period in the previous year. Following its announcement of these disappointing results, the Company’s management declined to provide any further formal guidance on revenues, EBITDA, or capital expenditures. On the news, the Company’s stock price continued to drop, from a close of $2.32 per share on November 11, 2011 (the last trading day before the announcement) to a close of $2.01 on November 14, 2011.
If you purchased GLG Life Tech securities during the period between February 1, 2011 and November 13, 2011, you may move the Court, not later than February 13, 2012, to serve as Lead Plaintiff for the Class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class.
www.murrayfrank.com |
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Robbins Geller Rudman & Dowd LLP Files Class Action
Class Action News |
2012/01/30 18:01
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Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Northern District of Alabama on behalf of purchasers of the common stock of Walter Energy, Inc. between April 20, 2011 and September 21, 2011, inclusive.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/walterenergy/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Walter and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Walter, through its consolidated subsidiaries, mines and exports hard coking coal for the global steel industry.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (i) that the Company was experiencing so-called “squeeze” events in Alabama and lower coal transportation rates in Canada that significantly reduced Walter’s coal production; (ii) that the Company’s commitment to ship more than 700,000 tons of coal in the second quarter at first quarter sales prices would result in a material adverse effect on Walter’s average sales prices and operating results during the second quarter; (iii) that Walter was experiencing a significant decline in its margins and profitability; and (iv) that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its business prospects during the Class Period.
On August 3, 2011, Walter issued a press release announcing its operating results for its 2011 fiscal second quarter, the period ended June 30, 2011. For the quarter, the Company announced net income of $107.4 million, or $1.71 per diluted common share, significantly less than Wall Street estimates. Then, On September 21, 2011, Walter issued a press release announcing its attempt to “enhance” its historical statistical disclosure and its revisions to its 2011 second half sales expectations. In response to this announcement, the price of Walter common stock declined from $75.00 per share on September 20, 2011 to $66.25 on September 21, 2011, on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of Walter common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations.
http://www.rgrdlaw.com |
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Holzer Holzer & Fistel, LLC Announces Class Action Lawsuit
Class Action News |
2012/01/30 17:45
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Holzer Holzer & Fistel, LLC announces that it has filed a class action lawsuit in the United States District Court for the Eastern District of New York on behalf of purchasers of Cablevision Systems Inc. common stock who purchased shares between February 16, 2011 and October 28, 2011, inclusive.
The lawsuit alleges, among other things: (i) that Cablevision was experiencing higher retention and advertising costs; (ii) that Cablevision was losing more video customers than expected, especially in the New York area -- the Company's main service area -- due to increased competition; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
If you purchased Cablevision common stock during the Class Period, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made no later than March 26, 2012.
Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you are a Cablevision investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Michael I. Fistel, Jr., Esq., or Marshall P. Dees, Esq. via email at mfistel@holzerlaw.com, or mdees@holzerlaw.com, or via toll-free telephone at (888) 508-6832. |
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Robbins Geller Rudman & Dowd LLP Files Class Action Suit
Class Action News |
2012/01/26 12:53
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Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the District of Kansas on behalf of purchasers of Collective Brands, Inc. common stock during the period between December 1, 2010 and May 24, 2011.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/collectivebrands/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Collective Brands and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Collective Brands is the holding company for three lines of business: Payless ShoeSource (“Payless”), Collective Brands Performance + Lifestyle Group (“PLG”), and Collective Licensing. The Company was formerly known as Payless ShoeSource, Inc. and changed its name to Collective Brands in August 2007.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. As a result of defendants’ false statements, Collective Brands stock traded at artificially inflated prices during the Class Period, reaching a high of $23.44 per share on February 18, 2011.
On May 24, 2011, after the market closed, the Company announced its financial results for its first fiscal quarter ended April 30, 2011. The Company reported earnings of $26.4 million or $0.42 diluted earnings per share for the first quarter, which was nearly 50% less than the $0.82 diluted earnings per share expected by analysts. The Company further reported that net sales declined 1.1% to $869.0 million, due in substantial part to the Company’s 7.4% comparable store sales decline in its Payless domestic segment, offset by sales growth of 22.5% in PLG. On this news, Collective Brands stock collapsed $3.06 per share to close at $15.31 per share on May 25, 2011, a one-day decline of nearly 17%.
According to the complaint, the true facts, which were known by defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company’s inventory level for Payless remained at excessively high levels and aging inventory for its Payless segment was a concern; (b) sales at the Company’s flagship Payless stores were significantly worse than expected due to deteriorating customer demand; and (c) the Company was forced to mark down Payless’s bloated inventory at significant discounts, which adversely affected the Company’s margins and financial results for its first quarter.
Plaintiff seeks to recover damages on behalf of all purchasers of Collective Brands common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
http://www.rgrdlaw.com |
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