Posts Tagged ‘class action’
Wednesday, March 3rd, 2010
(DALLAS) Kendall Law Group announced today that it plans to join a lawsuit on behalf of shareholders of Smithtown Bancorp, Inc. (NASDAQ: SMTB) alleging securities violations by Smithtown and certain of its officers for failure to disclose adverse facts about the financial condition, business and prospects of the Company affecting stock purchased between March 13, 2008 and February 1, 2010.
Any shareholder who purchased SMTB stock during this time period may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by April 26, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff. If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
The lawsuit alleges that Defendants understated the loan loss reserves and failed to state certain assets at their true fair value, causing Smithtown’s financial results to be artificially inflated. Smithtown was able to inflate its reported income and asset quality by improperly delaying the recognition of their assets. The complaint also alleges deficient internal and disclosure controls and unsafe banking practices.
Smithtown issued a press release on February 1, 2010, announcing its fourth quarter and full year 2009 results. The Company reported a loss of $19.8 million for the first quarter of 2009. On this news, SMTB stock prices fell 15%, closing at $4.60 per share on heavy trade volume.
Kendall Law Group is a national securities firm that gives shareholders power when big businesses break the law. Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. Shareholders who purchased ABC common stock during the relevant period may have a claim against the company and should contact attorney Hamilton Lindley for more information:
Tags: class action, investigation, Kendall Law Group, Lawsuit, NASDAQ:SMTB, Securities, shareholder, Smithtown, Smithtown Bancorp, SMTB
Posted in Securities | Comments Off
Thursday, February 11th, 2010
(DALLAS) Shareholders who have suffered a loss in Toyota Motor Corporation (NYSE:TM) American Depository Shares are encouraged to contact Kendall Law Group regarding a class action filed in the Central District of California. The complaint alleges violations of the securities laws affecting stock purchased between August 4, 2009 and February 2, 2010. To contribute information or for advice on your rights as a shareholder, contact a firm with substantial experience representing investors in securities lawsuits nationwide at 877-744-3728 or by email at hlindley@kendalllawgroup.com.
Shareholders who purchased American Depository Shares of Toyota during this time period may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by April 9, 2010. A lead plaintiff acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff. Any member of the 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.
On February 8, 2010, a class action complaint was filed alleging that Toyota, certain affiliates and certain officers and directors misled investors when they failed a major design defect in the acceleration system in several models of their vehicles. Due to the false and misleading statements, Toyota stock traded at artificially inflated prices during the relevant period.
Toyota announced on January 21, 2010 that it would be recalling 2.3 million vehicles in North America due to problems with the accelerator pedal sticking. After the market closed on February 2, 2010 Toyota reported a 16% drop in sales for January 2010 due to the recall and suspension of sales of the most popular models. Before the market opened on the 3rd, Toyota announced that there were reports of brake problems in the 2010 Prius hybrid. In response to this news, Toyota American Depository Shares dropped $4.69 per share, and Toyota common stock fell 6%.
Kendall Law Group, a national securities firm that gives shareholders power when big businesses break the law, includes a former state and federal judge, a former United States Attorney, and experienced securities lawyers.
Tags: class action, Kendall Law Group, Lawsuit, NYSE:TM, shareholder, TM, Toyota, Toyota Motor Corporation
Posted in Securities | Comments Off
Wednesday, February 10th, 2010
(DALLAS) Shareholders who suffered losses in Nokia Corporation (NYSE:NOK) American Depository Shares are encouraged to contact Kendall Law Group regarding a class action filed in the Southern District of New York. The complaint alleges violations of the securities laws affecting stock purchased between January 24, 2008 and September 5, 2008. To contribute information or for advice on your rights as a shareholder, contact a firm with substantial experience representing investors in securities lawsuits nationwide at 877-744-3728 or by email at hlindley@kendalllawgroup.com.
If you purchased American Depository Shares of Nokia during this time period, you may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by April 6, 2010. A lead plaintiff acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff. Any member of the 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.
On February 5, 2010, a class action complaint was filed alleging that Nokia and certain officers and executives issued positive statements about new product launches without reasonable basis, due to supply shortages and manufacturing problems. The complaint also alleges that Nokia was losing market share due to intense price cuts by competitors. The complaint further alleges that Nokia slashed their average selling price to maintain its market share due to severe price competition, stating that they expected the overall industry average selling price to decline in 2008.
On September 5, 2008, Nokia announced its first quarter 2008 outlook for its mobile device market share. Later that day, the company stated in a conference call that there was a production glitch with a mid-range device and aggressive price cuts by some rivals. On this news, Nokia American Depository Shares dropped approximately 8%.
Kendall Law Group, a national securities firm that gives shareholders power when big businesses break the law, includes a former state and federal judge, a former United States Attorney, and experienced securities lawyers.
Tags: class action, Kendall Law Group, Lawsuit, NOK, Nokia, Nokia Corporation, NYSE:NOK, shareholder
Posted in Securities | Comments Off
Wednesday, February 3rd, 2010
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against State Street Corporation (NYSE: STT) alleging securities violations related to public statements made by the company between October 17, 2006 and October 19, 2009.
The complaint, filed in the District of Massachusetts, alleges that State Street and certain officers violated the federal securities laws for misleading statements made concerning their scheme to substantially mark up foreign currency trades. According to the complaint, the alleged scheme caused clients to overpay for foreign trades and allowed State Street to reap illegal profits. These illegal profits caused the Company’s financial results to be materially inflated. The complaint also alleges that State Street’s financial results were not prepared in accordance with Generally Accepted Accounting Principles due to inadequate internal and financial controls.
Edmund Brown, Jr., California Attorney General, announced on October 20, 2009 that he had filed suit against State Street for “unconscionable fraud” against California’s two largest pension funds. The suit also alleges that State Street was illegally overcharging the pension funds for the costs of executing foreign currency trades since 2001. On this announcement, stock prices dropped nearly 8.5% closing at $47.84 on October 20, 2009.
Any shareholder, who purchased State Street stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by February 16, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Kendall Law Group, NYSE: STT, Securities Violdations, shareholder, State Street Corporation
Posted in Securities | Comments Off
Tuesday, January 26th, 2010
(DALLAS) Kendall Law Group, led by a former federal judge, announces that a lawsuit has been filed against Motorola, Inc. (NYSE: MOT) alleging securities violations related to public statements made by the company between December 6, 2007 and January 22, 2008 concerning the RAZR2 mobile handheld.
Any shareholder who purchased Motorola stock during the above time period may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by March 22, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff.
The complaint, filed in the Northern District of Illinois, charges Motorola and certain of its officers and directors with violations of the federal securities laws for intentionally and knowingly misstating the 2007 fourth quarter earnings projections and sales demands for the RAZR2 during the 2007 holiday shopping season. The RAZR2 was not attracting buyers in 2007 because it had not improved enough from the RAZR to earn the $299 price tag. Numerous positive statements were made by Defendants while Motorola was losing significant market share to competitors.
Motorola issued a press release on January 22, 2008 reporting their fourth quarter 2007 financial results. They also held an earnings conference later that day where the senior executives admitted that they knew the demand for the RAZR2 was lacking as early as Thanksgiving 2007. Motorola also downgraded their first quarter 2008 earnings guidance. On this news, Motorola common stock fell almost 19% to close at $10.01 per share on January 23, 2008.
If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com. Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation.
Tags: class action, Kendall Law Group, Motorolla Inc, NYSE: MOT, shareholder
Posted in Securities | Comments Off
Friday, January 22nd, 2010
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against Motorola, Inc. (NYSE: MOT) alleging securities violations related to public statements made by the company between December 6, 2007 and January 22, 2008 concerning the RAZR2 mobile handheld.
Any shareholder, who purchased Motorola stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by March 22, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff.
The complaint, filed in the Northern District of Illinois, charges Motorola and certain of its officers and directors with violations of the federal securities laws for intentionally and knowingly misstating the 2007 fourth quarter earnings projections and sales demands for the RAZR2 during the 2007 holiday shopping season. Despite that fact that the RAZR2 was not attracting buyers in 2007 because it had not improved enough from the RAZR to earn the $299 price tag, numerous positive statements were made by Defendants. Motorola was losing significant market share to competitors for similar mobile handhelds. The Company reported 900,000 RAZR2s sold between August 2007 and September 31, 2007, on track to sell a total of 1.5 million RAZR2 between October 1, 2007 and December 31, 2007. With this information, the senior executives knew that the Company was not on track to hit the $0.12-$0.14 profits that they had promised on December 6, 2007.
Motorola issued a press release on January 22, 2008 reporting their fourth quarter 2007 financial results. They also held an earnings conference later that day disclosing this information to investors. On the conference call, the senior executives admitted that they knew the demand for the RAZR2 was lacking as early as Thanksgiving 2007. Motorola also downgraded their first quarter 2008 earnings guidance. On this news, Motorola common stock fell almost 19% to close at $10.01 per share on January 23, 2008.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Kendall Law Group, Motorola Inc, NYSE: MOT, shareholder
Posted in Securities | Comments Off
Thursday, January 21st, 2010
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against Stryker Corporation (NYSE: SYK) alleging securities violations related to public statements made by the company between January 25, 2007 and November 13, 2008.
Any shareholder, who purchased Stryker stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by March 16, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff.
The complaint, filed in the Southern District of New York, charges Stryker and certain of its officers and directors with violations of the federal securities laws regarding the Company’s financial condition due to a January 2008 hip product recall. The complaint alleges that defendants failed to comply with federal regulations regarding the manufacture of medical devices, which subjected the company to unnecessary risks of sales disruptions, lower revenues and product liabilities due to recalls. The complaint also alleges that Stryker hid hundreds of millions of dollars of additional compliance costs prior to and during the relevant period, which allowed defendants to falsely report more than 20% earnings growth for 2006 through 2008.
In an investor conference on November 13, 2009, Stryker indicated that it was still losing customers and revenues due to the January 2008 hip product recall. On this news, stock prices dropped 23%, closing at $36.11 on the November 20, 2008.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Kendall Law Group, NYSE: SYK, shareholder, Stryker Corporation
Posted in Securities | Comments Off
Tuesday, January 19th, 2010
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against Direxion Energy Bear 3X Shares Fund (NYSE: ERY), and exchange-traded fund offered by Direxion Shares ETF Trust. The lawsuit alleges securities violations related to false and misleading statements made by Direxion Shares between November 5, 2008 and April 9, 2009.
Any shareholder, who purchased Direxion Energy Bear stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by March 15, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff.
The object of Direxion Energy Bear is to gain three times the daily performance of what Russell 1000® Energy Index loses, or in the alternative, lose three times what Russell gains. Due to the decline in the U.S. Market, investors anticipated a profit in their investment. However, when Russell declined approximately 11% between November 5, 2008 and April 9, 2009, they saw a 54% decline.
The complaint, filed in the Southern District of New York, alleges that due to the tracking error between the performance of Direxion Energy Bear and Russell, the investment is meaningless. According to the complaint, the fund is a defective product in that it did not do what it was designed, represented or advertised to do. Direxion Shares did not disclose that the investment option was a defective investment play, as it did not track three times the opposite of Russell Energy on a daily basis or for periods longer than one trading day. Had investors been aware of the misleading nature of the statements, they would not have purchased the shares, especially at the inflated prices that were paid.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Direxion Energy Bear 3X Shares Fund, Kendall Law Group, NYSE: ERY, shareholder
Posted in Securities | Comments Off
Tuesday, January 19th, 2010
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against Northwest Pipe Company (NASDAQ: NWPX) for securities violations related to public statements made by the company between April 23, 2008 and November 11. 2009.
Any shareholder, who purchased Northwest Pipe stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by January 19, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff.
The complaint, filed in the Western District of Washington, charges Northwest Pipe and certain of its top officials with violations of the federal securities laws. The complaint alleges that the Defendants’ failure to recognize revenues in accordance with Generally Accepted Accounting Principles caused the Company to issue false and misleading statements about the business and financial results. These statements resulted in artificially inflated stock prices throughout the relevant period.
On November 11, 2009, Northwest Pipe announced that it would delay filing of its Quarter Report for the quarter ended September 30, 2009, pending the conclusion of an ongoing internal investigation of certain accounting matters. On this news, stock prices dropped 14.73%, closing at $26.74 on the 12th.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Kendall Law Group, NASDAQ: NWPX, Northwest Pipe Company, shareholder
Posted in Securities | Comments Off
Tuesday, December 29th, 2009
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against Terex Corporation (NYSE: TEX) for possible securities violations related to public statements made between February 20, 2008 and September 4, 2008.
The complaint, filed in the District of Connecticut, charges Terex and certain of its officers and directors with violations of the federal securities laws concerning statements made regarding the Company’s business, operations and prospects during this period. The complaint alleges that the Company failed to properly and timely account for impaired assets in its “Construction” and “Roadbuilding, Utility Products and Other” segments. Also, the demand for products in Terex’s Construction, Materials Processing and Aerial Work Platforms segments was declining. Based on this, the Board of Directors had no reasonable basis for causing the Company to issue positive statements.
On September 4, 2008, Terex announced that it would be updating its 2008 full year guidance and providing quarterly guidance due to changing market conditions. On this announcement, TEX shares dropped 20%, closing at $38.02 on September 4, 2008.
Any shareholder, who purchased Terex stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by February 19, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff. Any member of the 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.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Kendall Law Group, NYSE: TEX, shareholder, Terex Corporation
Posted in Securities | Comments Off
Tuesday, December 29th, 2009
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against Bank of America Corporation (NYSE: BAC) for possible securities violations related to public statements made between September 15, 2008 and January 21, 2009.
The complaint, filed in the Southern District of New York, charges Bank of America and certain of its officers and directors with violations of the federal securities laws concerning statements made concealing Bank of America’s agreement that Merrill Lynch employees would receive up to $5.8 billion in bonuses before the merger was consummated. Also, Merrill Lynch had suffered massive losses that were inherited by Bank of America in the merger. The complaint alleges that due to these misleading statements, BAC stock traded at artificially inflated prices during the relevant time period. While the prices were artificially inflated, the Company sold certain debt and equity securities, including 455 million shares of its common stock at $22 per share on October 10, 2008, raising approximately $10 billion capital.
On September 15, 2008, Bank of America announced their merger agreement with Merrill Lynch that was approved by shareholders of both companies on December 5, 2008. On January 16, 2009, Bank of America announced a $1.8 billion loss for the fourth quarter 2008, the first quarterly loss for the Company in 17 years. Bank of America slashed its dividend from $0.32 to a penny a quarter and reported that Merrill Lynch’s preliminary results for the fourth quarter of 2008 indicated a net after-tax loss of $15.3 billion. Bank of America also confirmed that it would be receiving an additional $20 billion in government assistance and that the government would provide guarantees against further Merrill Lynch losses of $118 billion, with Bank of America covering the first $10 billion. Over the next several days, the details of the deal began to emerge.
Any shareholder, who purchased BAC stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by February 20, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff. Any member of the 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.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: Bank of America Corporation, class action, Kendall Law Group, NYSE: BAC, shareholder
Posted in Securities | Comments Off
Monday, November 16th, 2009
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against The Boeing Company, Inc. (NYSE: BA) for securities violations related to public statements made by the company between May 4, 2009 and June 22, 2009.
Any shareholder, who purchased Boeing stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by January 12, 2010. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff.
The complaint, filed in the Northern District of Illinois, charges Boeing and certain of its officers and directors with violations of the federal securities laws concerning false and misleading statements regarding the 787 Dreamliner. The complaint alleges that Defendants failed to inform investors that the 787 had structural problems in its design that would prevent the first flight of the 787 by June 30, 2009, and delivery in the first quarter of 2010. Based on this information, defendants had no reasonable basis for their positive statements about the Company’s business and financial condition.
On June 23, 2009, Boeing announced that the first flight was going to be postponed “due to a need to reinforce an area within the side-of-body section of the aircraft.” The first flight and first delivery is to be rescheduled following the “final determination of the required modification and testing plan.” On this news, BA common stock dropped 6.5% to close at $43.78, with 27.3 million shares traded. It dropped another 6% the next day closing at $41.32, again with heavy trading volume of 21.3 million shares.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: Boeing, class action, Kendall Law Group, NYSE: BA, securities violations, shareholder, The Boeing Company Inc
Posted in Securities | Comments Off
Friday, October 30th, 2009
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against Pitney Bowes Inc. (NYSE: PBI) for securities violations related to public statements made by the company between July 30, 2007 and October 29, 2007.
Any shareholder, who purchased Pitney Bowes stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by December 28, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff.
The complaint, filed in the District of Columbia, charges Pitney Bowes and certain of its officers and directors with violations of the federal securities laws concerning false and misleading statements by failing to disclose a slowdown in sales of equipment, software and supplies to the financial services sector. The Company knew that revenues in both the U.S. and international mailing segment were not performing to internal expectations and international customers were delaying purchasing decisions due to market liberalization and deregulation. Based on this information, defendants had no reasonable basis for their positive statements about the Company’s business and financial condition.
On October 29, 2007, defendants admitted during a conference call that a host of factors had caused Pitney Bowes to drastically fall short of the earnings they had promised. On this news, Pitney Bowes common stock dropped approximately 15%, from 42.68 to $36.27.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or have information concerning this action, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Kendall Law Group, NYSE: PBI, PBI, Pitney Bowes
Posted in Securities | Comments Off
Friday, October 23rd, 2009
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against The9, Ltd. (NASDAQ: NCTY) for securities violations related to public statements made by the company between November 15, 2006 and July 15, 2009.
The complaint, filed in the Southern District of New York, charges The9 and certain of its officers and directors with violations of the federal securities laws. The9 and its affiliates operate licensed massively multiplayer online role-playing games. According to the complaint, defendants made inaccurate statements of material fact by failing to disclose that it was unlikely that the company would be renewing the World of Warcraft contract with Blizzard. The9 had not even begun formal negotiations regarding the contract renewal and had been at odds with Blizzard due to The9’s dealings with EA, one of Blizzard’s biggest competitors.
On July 15, 2009, The9 reported at $36.9 million reduction in net income for 2008, which was a decrease of 72% from the $51.1 million in net income reported for that period in February of 2009. The9 also admitted at this time that they had failed to begin negotiations of the World of Warcraft contract renewal with Blizzard, as it had reported to investors. On this news, shares declined by 18% to $8.34.
Any shareholder, who purchased American Depositary Shares of The9 during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by December 20, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff. Any member of the 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.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Kendall Law Group, NCTY, The9, The9 Ltd.
Posted in Securities | Comments Off
Monday, October 19th, 2009
(DALLAS) Kendall Law Group, led by a former federal judge today announced that a lawsuit has been filed against RHI Entertainment, Inc. (NASDAQ: RHIE) for securities violations concerning their initial public offering on June 19, 2008.
The complaint, filed in the Southern District of New York, charges RHI and certain of its officers and directors with violations of the federal securities laws concerning Defendants positive statements regarding the financial condition, business and prospects of the Company. The Company’s Registration Statement created the materially misleading impression of the business by stating that they had orders for 40 MFT movies and mini-series which had been paid for, were in production and would be delivered in the later part of the year. These statements were false given the declining state of the credit markets and other negative factors that had an impact on RHI’s business.
On June 13, 2008, RHI filed their Registration Statement with the SEC for the Initial Public Offering. On June 19, 2009, the Prospectus for the IPO became effective and more than 13.5 million shares of RHI’s common stock were sold to the public, raising more than $189 million.
Any shareholder, who purchased RHI stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by December 8, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff. Any member of the 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.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Kendall Law Group, RHI, RHI Entertainment, RHIE, securities violations
Posted in Securities | Comments Off
Monday, October 19th, 2009
(DALLAS) Kendall Law Group, led by a former federal judge, today announced that a lawsuit has been filed against EnergySolutions, Inc. (NYSE: ES) for securities violations related to the company’s initial public offering on November 14, 2007 and the Company’s offering of securities on July 24, 2008, affecting stock purchased between November 14, 2007 and October 14, 2008.
The complaint, filed in the Southern District of New York, charges EnergySolutions, certain of its officers and directors, ENV Holdings, LLC and the main underwriters for the Offering with violations of the federal securities laws. According to the complaint, defendants made numerous positive statements regarding the company’s financial condition, business and prospects by failing to disclose that the economic problems were adversely affecting their ability to secure projects, affecting its future results. The statements in their offering documents for the Offerings about the opportunities in the nuclear industry were misleading in that they were not well situated in the near term to benefit from those opportunities. On May 29, 2007, the Company filed a petition for rulemaking requesting that the Nuclear Regulatory Commission change well-established and longstanding regulations to allow funds from licensees’ decommissioning trust funds to be used for the cost of disposal of major radioactive components that have been removed from reactors before the permanent cessation of operations. The business prospects of EnergySolutions were heavily dependent upon a favorable ruling from the NRC, even though the NRC had already addressed and rejected the issue since they had been clear that the purpose of the decommissioning trust funds is to ensure that licensees have adequate funds on hand for decommissioning activities at the time of license expiration. The rule change sought by the Petition was considerably more difficult and the risk was much higher.
EnergySolutions issued a press release on October 14, 2008, revealing that the company was reducing its estimates for net income and that the financial crisis would delay their ability to accelerate the decommissioning of nuclear power plan assets. The press release also indicated that the NRC denied the Petition for rulemaking change. On this announcement, EnergySolutions’ stock dropped 44%, from $10.14 per share on October 13 to $5.64 on October 14 with extremely heavy trade volume.
Any shareholder, who purchased EnergySolutions stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by December 7, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff. Any member of the 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.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Energy Solutions, EnergySolutions, ES, Kendall Law Group
Posted in Securities | Comments Off
Monday, October 19th, 2009
(DALLAS) Kendall Law Group, led by a former federal judge today announced that a lawsuit has been filed against Advanta Corp. (NASDAQ: ADVNA) for securities violations related to public statements made by the company between October 31, 2006 and November 27, 2007.
Any shareholder, who purchased Advanta stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by December 13, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff. Any member of the 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, filed in the Eastern District of Pennsylvania, charges Advanta and certain of its officers and directors with violations of the federal securities laws concerning a series of false and misleading statements by engaging in improper behavior, harming it’s investors by not disclosing the impact of the economic environment and the deteriorating credit trends on its business. They also failed to adequately and timely record losses for tens of millions of dollars worth of impaired credit card receivables. Defendants concealed the adverse effects on their business related to their manipulations of the cash rewards program, angering and losing creditworthy customers. Unknown to investors, Advanta had been extremely aggressive in granting credit to customers and small business owners without verifying their ability to pay, to the degree that customers’ default rate was almost six times worse than the industry average. Advanta also failed to properly account for their continuing delinquent customers and credit trends in the company’s portfolio, resulting in large charges to reflect impairments.
The truth of the company’s business performance came out on November 27, 2007 when Advanta held a conference call with analysts and investors announcing that guidance for 2008 would not be released due to the volatility of the economy. Since the release of the third quarter 2007 results on October 25, 2007, the percent of customers delinquent on their credit card payments had increased. As a result of the announcement, Advanta’s stock dropped to close at $11.06 per share on November 27, 2007, down 72% than the $34.07 high in June 2007.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: Advanta, Advanta Corp, ADVNA, class action, Kendall Law Group
Posted in Securities | Comments Off
Monday, October 19th, 2009
(DALLAS) Kendall Law Group, led by a former federal judge today announced that a lawsuit has been filed against Men’s Wearhouse Inc. (NYSE: MW) for securities violations related to public statements made by the company between March 7, 2007 and January 9, 2008.
The complaint, filed in the Southern District of Texas, charges Men’s Wearhouse and certain of its officers and directors with violations of the federal securities laws concerning a series of false and misleading statements concerning the financial condition of the company. Defendants failed to disclose that the K&G division was performing poorly and not meeting internal expectations. Also, difficulties in integrating the After Hours acquisition was causing a severe disruption in the Company’s business and reducing sales volumes below budgeted levels. The deteriorating demand for the Company’s products was forcing discounts beyond customary discounts further eroding earnings.
When the update for the quarter ending February 2, 2008 was announced on January 9, 2009, the price of Men’s Wearhouse common stock fell $7.60 per share, closing at $17.84 on January 10, 2009 on extremely heavy trading volume.
Any shareholder, who purchased Men’s Wearhouse stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by December 7, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, affected by the decision to serve as a lead plaintiff. Any member of the 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.
Led by a former federal judge and former U.S. Attorney, Kendall Law Group has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.
Tags: class action, Kendall Law Group, Men's Wearhouse, MW
Posted in Securities | Comments Off