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Fuwei Films Announces Settlement of U.S. Securities Class Action
Class Action |
2010/09/20 08:37
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Fuwei Films (Holdings) Co., Ltd., a manufacturer and distributor of high-quality BOPET plastic film located in China, today announced that it has entered into a final settlement agreement with the plaintiffs in a putative securities class action that has been pending in federal district court in New York (the "Action"). As previously disclosed, the parties reached a settlement in principle of the Action on June 24, 2010. In the Action, plaintiffs assert claims against Fuwei Films, certain of its present and former officers, directors, and shareholders, and the underwriters for Fuwei Films' December 19, 2006 initial public offering, alleging that the Registration Statement and Prospectus contained materially false and misleading information in violation of federal securities laws. Pursuant to the settlement agreement and subject to the Court's approval, Plaintiffs have agreed to accept US$2.15 million in full and final settlement of all claims they have or may have against the Company, certain of its present and former officers, directors, and shareholders, and the underwriters. Fuwei Films has agreed to contribute US$1 million towards the settlement. The signed settlement agreement has been submitted to the Court for approval. The Company's management continues to believe that plaintiffs' allegations are without merit. However, in recognition of the attendant risks and costs of continued litigation, and the benefits of resolving the same, the Board of Directors has unanimously consented to settle this case. As of June 30, 2010, the Company accrued US$1 million liability in connection with this litigation excluding defense costs. |
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Egg Recall Class Action Lawsuit Filed Against Two Farms
Class Action |
2010/09/20 08:35
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A salmonella food poisoning class action lawsuit has been filed against two farms that allegedly sold millions of contaminated eggs that have sickened hundreds of people throughout the United States.
The egg recall lawsuit was filed in the U.S. District Court for the Northern District of Illinois in Chicago last week on behalf of six plaintiffs from Illinois, Indiana, Pennsylvania, North Carolina, New York and Mississippi. The lawsuit seeks class action status to represent all people who bought or fell ill after eating eggs from Wright County Egg and Hillandale Farms in Iowa. Last month, the two companies had to recall more than half a billion eggs nationwide due to salmonella contamination. The U.S. Centers for Disease Control and Prevention (CDC) has estimated that at least 1,519 people have fallen ill from salmonella poisoning from the eggs, but it is likely that the true number of food poisoning cases is much higher since most illnesses are never reported. The egg farms have long been plagued by problems, which have only come to light in the aftermath of the egg recall. The companies have been cited numerous times in the past due to non-compliance with a variety of federal regulations. A congressional hearing has been scheduled for next week before the House Energy and Commerce Committee, who say that U.S. Congress investigators found that Wright County Egg found salmonella in 426 tests of its eggs between 2008 and 2010. The lawsuit accuses the company of negligence and failing to meet federal regulations. Salmonella is a type of bacteria that attacks the gastrointestinal tract, causing mild to severe food poisoning. For most healthy adults, symptoms of food poisoning from salmonella typically resolve after a few days or weeks. However, young children, the elderly, and individuals with compromised immune systems have an increased risk of suffering severe food poisoning after ingesting the bacteria. If not properly treated, some cases of salmonella food poisoning can lead to hospitalization, dehydration or death. Both Hillandale Farms and Wright County Egg share some of the same suppliers, and while contaminated chicken feed has been found at both farms, the FDA has yet to determine that the feed was the source of the salmonella contamination.
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Qantas A330 plunge passengers sue Airbus
Class Action |
2010/09/20 08:33
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A class-action lawsuit against Airbus and Northrop Grumman has been filed in the US by attorneys acting on behalf of passengers and crew injured in a serious incident involving a Qantas Airbus A330-300 in 2008. The lawsuit is being led by a US law firm following contact from Australian law firms which will represent passengers and crew injured when A330 VH-QPA plunged over 1000ft in two uncommanded dives while on a flight from Singapore to Perth on October 7 2008, forcing the crew to make a mayday call and an emergency landing at Learmonth. The latest interim report from the ATSB suggests that the uncommanded dives may have been caused by erroneous data inputs from a faulty air data inertial reference unit (ADIRU), which was manufactured by Northrop Grumman. Airbus has already moved an application to have the case heard in Australia rather than the US, with some commentators noting that Australian laws would not allow people to claim the same level of compensation as in the US. Currently, it appears that the trial will be heard in the US.
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The Rosen Law Firm Files Class Action Lawsuit
Securities |
2010/09/20 01:35
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The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the securities of China-Biotics, Inc. during the period between July 10, 2008 and August 30, 2010 (the "Class Period"), seeking to recover damages caused by Defendants' violations of federal securities laws. To join the China-Biotics class action, visit the firm's website at http://www.rosenlegal.com, or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action. The case is pending in the U.S. District Court for the Central District of California. The Complaint asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against China-Biotics and certain of its present and former officers and directors for making material misstatements and omissions about the Company's true financial condition. According to the Complaint, during the Class Period Defendants misled investors about the quality, nature, and quantity of China-Biotics' purported retail outlets and stores. The Complaint also alleges that China-Biotics' fiscal 2008 financial statements filed with the SEC are materially false because the Company's fiscal 2008 financial statements filed with Chinese authorities reported merely a fraction of the cash, revenue and income set forth in the Company's 2008 financial statements with the SEC. The Complaint asserts that when this adverse information began to enter the market, the price of China-Biotics securities dropped, damaging investors. If you wish to serve as lead plaintiff, you must move the Court no later than November 16, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. |
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Top court rules for cop in Atlanta shooting
Court Watch |
2010/09/19 08:33
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Georgia's top court has ruled in favor of a former Atlanta police officer who sought immunity after being charged with murder in a shooting of a 19-year-old who was killed while the officer was investigating a report of a vehicle break-in. The state Supreme Court on Monday upheld by a 6-1 decision a lower court ruling in favor of former officer Raymond Bunn, who claimed he was acting in self-defense when he shot 19-year-old Corey Ward in a parking lot in 2002. Bunn contended that Ward was driving the SUV straight at him when Bunn shot at the window, hitting Ward twice in the left side of his head. Prosecutors said Bunn was not directly in front of the vehicle, which belonged to Ward's mother, when he fired. The Supreme Court majority ruled that the preponderance of evidence favored Bunn's story, despite conflicting evidence. |
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Judge in Conn. home invasion trial is hospitalized
Breaking Legal News |
2010/09/18 08:33
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The Connecticut judge presiding at the trial of a man charged in a deadly home invasion remains hospitalized, but a hospital spokesman says his condition has been upgraded to good from fair. Yale-New Haven Hospital spokesman Mark D'Antonio told The Associated Press that Judge Jon Blue remained at the hospital Monday morning. D'Antonio would not disclose Blue's ailment and says it's not clear when the judge will be discharged. The trial of Steven Hayes began last week and was supposed to resume Monday morning in New Haven Superior Court. It has been postponed until Wednesday. Hayes and another man are charged in the killings of Jennifer Hawke-Petit and her 11- and 17-year-old daughters at their Cheshire home in 2007. They face the possibility of the death penalty if convicted.
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Briefing schedule ordered in Target class action
Class Action |
2010/09/16 08:43
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The parties in a slow-moving 2008 class action suit in St. Clair County against Target are moving forward again. A case management conference on sept. 8 saw the first action in the suit since last year. St. Clair County Circuit Judge Patrick Young signed an order giving the parties in the case 30 days to submit a briefing schedule to him on the issue of class certification in the suit led by led plaintiff Brian Buehlhorn. If the parties can't agree on that schedule, Young will take up the matter Oct. 20 at 9:30 a.m. Buehlhorn is leading one of several proposed class actions filed against Target and other retailers over the effectiveness of their immune system supplements. All of the suits were filed by the same team of attorneys including Paul Weiss of Chicago and Richard Burke of St. Louis. In his suit, Buehlhorn claims that Target's Immunity Supplement does not boost the immune system as claimed. While a class has yet to be certified in the case, the plaintiff successfully added claims from Minnesota, California and Florida last year. There were no filings in the case after October of last year until the Sept. 8 order. The suit seeks damages not to exceed $75,000 per individual class member. The defendant is represented by Robert Bassett and others. |
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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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