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Bernstein Liebhard LLP Announces Class Action
Class Action |
2012/01/31 10:15
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Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Veolia Environnement S.A. American Depository Shares (“ADSs”) during the period between April 27, 2007 and August 4, 2011, inclusive (the “Class Period”).
The complaint charges Veolia and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Veolia operates utility and public transportation businesses. The Company supplies drinking water, provides waste management services, manages and maintains heating and air conditioning systems, and operates rail and road passenger transportation systems.
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: (a) that Veolia was materially overstating its financial results by engaging in improper accounting practices; (b) that the Company lacked adequate internal controls and was therefore unable to ascertain its true financial condition; (c) that Veolia failed to timely record an impairment charge for its Transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the United States, and for Southern Europe; (d) that the Company’s revenues were being hampered by the renewal of some of its major concession contracts; and (e) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On August 4, 2011, Veolia announced its half year results, for the period ended June 30, 2011. For the half year, the Company reported consolidated revenue of €16,286.7 million. Moreover, defendants reported operating income of €252.2 million, compared to €1100.7 million in the prior year period, due to “non-recurring write-downs amounting to €686M (principally in Italy, Morocco and the United States).” The Company stated that it would exit certain businesses and certain geographies, including its Transport business in Morocco, Environmental Services businesses in Egypt, Marine Services business in the United States and in Southern Europe. In reaction to these announcements, the price of Veolia ADSs fell $4.66 per share, or over 22%, to close at $16.10 per share, on heavy trading volume.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired Veolia ADSs during the Class Period. If you purchased or otherwise acquired Veolia ADSs during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than February 27, 2012.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a Veolia shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Southern District of New York.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
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CA Supreme Court reinstates murder conviction
Breaking Legal News |
2012/01/31 10:15
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The California Supreme Court on Monday reinstated a man's second-degree murder conviction for killing a well-known San Diego surfer, overturning a 2010 ruling by a state appeals court that had reduced it to voluntary manslaughter.
The state's highest court said it disagreed with the decision by the 4th District Court of Appeals that cited insufficient evidence of implied malice by Seth Cravens when he delivered the single fatal punch to 24-year-old Emery Kauanui in 2007.
Cravens was found guilty in November 2009 of second-degree murder and sentenced to 20 year to life in prison. The court ruling Monday means he will continue to serve that sentence.
If the voluntary manslaughter conviction had stuck, he could have faced a maximum of 16 years in prison.
Nicknamed the "Flying Hawaiian," Kauanui was a fixture at San Diego's Windansea Beach, where his favorite surf break is now called "Emery's Left."
Prosecutors said Cravens and four other men had gone to the La Jolla house of the surfer's mother to retaliate after Kauanui accidentally spilled beer on one of the men earlier in the evening at a bar.
After a group attack on Kauanui, Cravens delivered the punch to his head that prosecutors said fractured his skull. He fell then died at a hospital four days later. |
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Attorney: Texas redistricting talks have stalled
Court Watch |
2012/01/30 10:14
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Negotiations between minority groups and Texas officials in a lengthy clash over new political districts appeared stalled Monday as both sides prepared to argue in Washington over whether the Republican-drawn maps violate the federal Voting Rights Act.
An attorney for the League of United Latin American Citizens, one of nine groups suing to block the maps, said negotiations to create temporary maps so Texas could salvage an April 3 primary date hit an impasse over the weekend. Both sides have another week to work out a deal, but Luis Vera, LULAC's general counsel, said he was not optimistic.
"It just doesn't seem feasible," he said.
A federal court in San Antonio last week gave the sides until Feb. 6 to draw up the temporary maps that would remain in place through November's election. If they don't, Texas' primaries will be pushed back for a second time. They were originally scheduled for March.
Lauren Bean, a spokeswoman for the Texas attorney general's office, said her office was not commenting on the negotiations.
Vera said a major obstacle is that the state isn't involving all parties in the negotiations. Gary Bledsoe, president of the Texas NAACP that is among the nine plaintiffs, said the state was mainly negotiating with the Mexican American Legal Defense and Education Fund and the Mexican American Legislative Caucus. |
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NY court: Judge can't block $18B Chevron judgment
Class Action |
2012/01/27 09:08
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A judge overstepped his authority when he tried to ban enforcement around the world of an $18 billion judgment against Chevron Inc. for environmental damage in Ecuador, a federal appeals court said Thursday.
The three-judge panel of the 2nd U.S. Circuit Court of Appeals explained why it lifted the ban last year and blocked a judge from staging a trial to decide if the judgment was obtained fairly.
It said the judge has authority to block collection if Ecuadorean plaintiffs move against Chevron in New York, but law does not give him authority "to dictate to the entire world which judgments are entitled to respect and which countries' courts are to be treated as international pariahs."
The judgment came last February after nearly two decades of litigation that stemmed from the poisoning of land in the Ecuadorean rainforest while the oil company Texaco was operating an oil consortium from 1972 to 1990 in the Amazon. Texaco became a wholly owned subsidiary of Chevron in 2001.
Chevron obtained an order from U.S. District Judge Lewis A. Kaplan in March blocking Ecuadorean plaintiffs from trying to collect the $18 billion until he could stage a trial to determine whether the judgment was fraudulently obtained.
The Ecuadorean plaintiffs appealed Kaplan's ruling to the 2nd Circuit. The appeals court heard oral arguments and then issued an order in September lifting Kaplan's block on collection efforts. On Thursday, it went a step further, tossing out the portion of Chevron's challenge to the judgment that sought to block its enforcement anywhere in the world. |
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US judge denies bid to block NV mustang roundups
Breaking Legal News |
2012/01/27 09:08
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A federal judge in Nevada who handed horse protection advocates a rare victory last fall has rejected their latest request to block government roundups of free-roaming mustangs in the West, saying they'll have to go to Congress if they think the animals are being treated inhumanely and need more protection.
U.S. District Judge Howard McKibben granted a temporary restraining order on Aug. 30 that cut short by a day a roundup near the Nevada-Utah line after he determined a helicopter flew too close to a horse in violation of the law.
But he said during a hearing in Reno Thursday that he was denying a new injunction request from the Texas-based Free Wild Horse Federation partly because the Bureau of Land Management has made some positive changes since then. He also said he can't issue injunctions based on speculation about future abuses.
"This court is really not in a position to be the overseer of the BLM," McKibben said. "This court is not going to police all gathers in the U.S. or even all gathers in the district of northern Nevada."
"This Court is not Congress, not an administrative agency. We are not the first branch of government. We are not the second branch. We're here to consider grievances," he said.
His ruling was a disappointment to horse protection advocates who were buoyed by his court order last fall when he took the BLM to task for its actions at the Triple B complex roundup near the Nevada-Utah line northwest of Ely, Nev. |
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Defamation suit filed against pen-named Utah mayor
Breaking Legal News |
2012/01/26 12:41
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A Utah mayor who wrote news stories under a false identify is being sued for defamation.
In court papers, Chris Hogan alleges an article by West Valley City Mayor Mike Winder falsely claimed he was accused of extortion and fired from UTOPIA, a fiber-optic network formed by 16 Utah cities.
The lawsuit filed Wednesday in U.S. District Court in Salt Lake City seeks a trial, compensation for lost wages and punitive damages.
Among the lawsuit's 14 defendants is Deseret Digital Media, which published Winder's stories under the alias Richard Burwash.
The company's CEO Clark Gilbert has said company officials "deeply regret" the mayor misrepresented himself.
Winder promoted his city and even quoted himself in stories he wrote.
Winder said on Thursday he disputes Hogan's claims and will defend the lawsuit. |
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Robbins Geller Rudman & Dowd LLP Files Class Action Suit
Class Action |
2012/01/26 12:40
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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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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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