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Parmalat reaches settlement in US class-action case
Class Action News | 2008/05/02 13:34
Italy's dairy group Parmalat SpA said Friday it will issue new stock valued at more than $36 million to settle a class-action case against it in the U.S. Southern District Court of New York.

Under the agreement, Parmalat will issue to class members 10.5 million existing shares "in full satisfaction of any and all claim asserted against it in the class action, worldwide," the company said in a statement. Those shares would be valued at $36.8 million at the current market price.

Parmalat will also pay up to 1 million euros ($1.55 million) of the cost of notifying the class members of the settlement, the statement said.

The lawsuit was brought on behalf of former Parmalat shareholders and other investors, who claimed they were damaged by Parmalat's 2003 collapse.

The settlement removes the threat of a suit that had been weighing on the Italian company's stock. Parmalat shares jumped on the news and by late morning they were trading up 2.6 percent at 2.25 euros ($3.50), outperforming an overall positive market.



Coughlin Stoia Files Class Action Suit against Arbitron
Class Action News | 2008/05/01 10:28
Coughlin Stoia Geller Rudman & Robbins LLP (Coughlin Stoia) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Arbitron, Inc. (Arbitron or the Company) (NYSE:ARB) common stock during the period between July 19, 2007 and November 26, 2007 (the Class Period).

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 plaintiffs counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.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.csgrr.com/cases/arbitron/. 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.

The complaint charges Arbitron and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Company, through its subsidiaries, provides media and marketing information services in the United States and internationally. The Company's Portable People Meter ratings service is purportedly capable of measuring radio, broadcast television, cable television, Internet broadcasts, satellite radio and television audiences, and retail store video and audio broadcasts.

The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (i) that the Company's scheduled implementation of its Portable People Meter ratings service in certain major markets was not performing according to internal expectations and the Company was experiencing significant difficulties such that it would have to delay its implementation; and (ii) as a result, defendants lacked a reasonable basis for their positive statements about the timing of the implementation of Arbitrons Portable People Meter ratings service and the Company's prospects and future earnings.

On November 26, 2007, Arbitron announced that "it [would] delay the commercialization of its Portable People Meter (PPM) radio ratings service in nine markets" and that the Company would be revising its financial guidance for 2007 and its outlook for 2008. In response to this announcement, the price of Arbitron common stock declined $7.21 per share, or over 14.74%, to close at $41.70 per share, on unusually high trading volume.

Plaintiff seeks to recover damages on behalf of all purchasers of Arbitron common stock during the Class Period (the Class). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, 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. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.



People's may face class-action suit
Class Action News | 2008/04/21 20:54

A New Haven-based law firm dove into the fray over People's United Bank's alleged failure to protect customers' information from Dumpster divers. "We don't comment on pending litigation," said People's spokeswoman Valerie Carlson, of the new lawsuit filed in Bridgeport Superior Court Monday.

Michael Stratton, partner and founder of the firm Stratton Faxon, said he notified an attorney for People's of his intention to seek class action status for a suit filed on behalf of five customers worried their information could have been exposed to identity theft by the bank's alleged failure to properly dispose of private information.

"Some People's Bank customers were pretty upset," Stratton said after reading a Connecticut Post report that Fairfield resident James Hastings had spent months pulling many unshredded papers listing private information, including account and Social Security numbers, from trash bins at branches in Fairfield County.

The bank didn't know about Hastings' activities until Hastings showed up at its headquarters with a video depicting him rummaging through the trash and pulling out documents. Hastings still has documents he culled from branch Dumpsters, although police raided his home and seized some documents. The bank is suing Hastings; that case begins today in Bridgeport Superior Court.



Brodsky & Smith, LLC Announces Class Action
Class Action News | 2008/03/13 15:33

Law offices of Brodsky & Smith, LLC announces that a class action lawsuit has been filed on behalf of all persons who purchased the common stock of MF Global, LTD. ("MF Global" or the "Company") (NYSE: MF) in its Initial Public Offering on July 19, 2007 and on the open market through February 28, 2008 (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of New York.

The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of MF Global.

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 are a MF Global shareholder you have certain rights. 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 want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Evan J. Smith, Esquire or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.



Investor sues SC armored vehicle maker
Class Action News | 2008/03/12 11:52
An investor in an armored vehicle maker has filed a lawsuit claiming several former top executives made millions selling stock while failing to warn shareholders about accounting problems.

The suit against South Carolina-based Force Protection on behalf of shareholder Allan Candelore seeks class-action status. The Post and Courier of Charleston reports the lawsuit claims top company officials did not warn investors about delays in delivering bomb-resistant vehicles to the U.S. military.

Force Protection shares plummeted earlier this month after the company announced it was reshuffling management and told shareholders it had major accounting problems.



Suit certified as class action
Class Action News | 2008/03/10 08:05


Christy Toler of Jeff Davis County was struck by a car March 7, 2005, and sought treatment at the Brown Arrowhead Chiropractic Clinic in Brunswick.

Before she arrived at the clinic, she was met by a paralegal for attorney John E. King and signed a contract for representation.

Those were the basic elements included in a 2006 suit filed by Toler and three Savannahians against Arrowhead Clinic, King and several others.

Now Chatham County State Court Judge Hermann Coolidge has certified the case as a class action.

That means attorneys for Toler and the others named in the original suit can pursue a class of others who fit similar experiences.

The class, which will include plaintiffs statewide, could number as many as 3,500 individuals, said Stanley Karsman, one of several defense lawyers in the case.

That would include anyone in similar circumstances to Toler between Jan. 1, 2004, and Monday, the date of the order.

Coolidge directed the parties in the case to confer and submit a proposed notice to class members within 30 days.

Class certifications in Georgia may be appealed directly to the state Court of Appeals, said attorney Patrick O'Connor, one of several defense lawyers in the case.

O'Connor said he will appeal Coolidge's ruling, an action that could take "from a few months to as much as a year" for the appeals court to rule.

The original suit, filed by Karsman and attorneys Brent Savage and Steven Scheer, contended the defendants used their chiropractic centers to encourage incoming accident victims to use King to handle legal aspects of their accident claims.

They made no disclosure of any relationship between the defendants, the suit alleged.

The suit did not specify a damage sum.

The typical arrangement was for the patient, King and the clinic to each receive one-third of any money recovered from insurance companies, the suit contended.

In addition to Arrowhead clinics in Savannah and Brunswick and King and/or John E. King and Associates, defendants include Arrowhead Management Inc.; H. Brown Management Co.; Harry W. Brown, a chiropractor and sole owner of Arrowhead Management Inc.; and Harry W. Brown Jr.

It alleged professional negligence, fraud, negligence and breach of trust duties to the plaintiffs.

According to the suit, the defendants placed a profit motive "over and above the interest of the patient."

They also are accused of engaging in "unauthorized disclosure of private information and ... the over-utilization of chiropractic services."



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