Law firms are circling geothermal energy company Ormat Technologies, after a class action law suit was filed accusing the firm and its executives of knowlingly falsifying its accounts.

Pennsylvania firm Howard G Smith filed the class action lawsuit on behalf of investors, after Ormat revealed back in February that it would have to revise its accounts for the year up to December 2008.

Ormat announced on February 26 that it had reviewed its accounting procedures, and decided the way it had treated costs associated with discontinued geothermal projects had been “discontinued”.

The move will see its income for 2008 downgraded by $6.2 million.

The law suit has arisen since Ormat’s admission apparently led to its share value dropping by nearly 13%. The class action alleges that Ormat and its executives were liable for investors’ losses.

A number of law firms came out over the weekend, chasing Ormat investors with the offer of representing them in the class action suit. These include the Colorado-based Shuman Law Firm, Oklahoma City firm Federman & Sherwood, Connecticut-based Izard Nobel, Dallas firm Kendall Law Group and the New York-based Brualdi Law Firm.

The Bloomfield Hills law firm of Lipson, Neilson, Cole Seltzer & Garin, P.C. is holding a 25th anniversary celebration May 6 where it is giving 25 small businesses or entrepreneurs a half day of free legal and business counseling at Automation Alley in Troy.

Lipson Neilson was founded in 1985, at the cusp of an economic recovery beginning to develop 25 years ago. Since its modest beginnings with only three attorneys, Lipson Neilson has grown into a full-service law firm with four offices and 26 attorneys in two states.

To celebrate its silver anniversary, Lipson Neilson will be reaching out to entrepreneurs and emerging business owners who are charging down the same path that Lipson Neilson itself embarked upon 25 years ago.

“In 1985, after a period of some of the darkest days in Michigan’s economic history, the state began to come back with a vengeance," said the law firm's co-founder and managing partner Jeffrey Neilson. "We want to use our 25th anniversary to help inspire another rebirth for the companies that can most make a difference in our state’s economic future, the small business entrepreneurs.”

Lipson Neilson will host its free consulting event for 25 entrepreneurial companies selected from submissions to the firm. The event will be held in the Automation Alley atrium on May 6 from 8:30 a.m. to noon. Attorneys from the Lipson Neilson firm will cover a myriad of areas that most start-up and emerging businesses encounter, including company organization, structure, financing, and marketing.  The firm will provide a full complement of sound advice to help entrepreneurial companies negotiate these difficult times and help them develop a plan for success in the Michigan economy.

A federal appeals court on Thursday upheld a Nevada law that bars legal brothels that operate in some of the state's rural areas from advertising by newspaper, leaflets and billboards in Las Vegas, Reno and other places where prostitution is illegal.

Nevada Attorney General Catherine Cortez Masto hailed the ruling by the 9th U.S. Circuit Court of Appeals panel in San Francisco, while a lawyer for the American Civil Liberties Union of Nevada promised to appeal.

The laws had been challenged by the ACLU, a Nye County brothel called the Shady Lady Ranch and two newspapers: the High Desert Advocate and Las Vegas City Life.

Prostitution is illegal in Clark and Washoe counties — which include Las Vegas and Reno — and three other Nevada counties. Ten Nevada counties authorize prostitution by local ordinance.

The 9th Circuit panel reversed a ruling by U.S. District Court Judge James Mahan in Nevada that two 1979 state laws prohibiting brothel advertising in counties where prostitution is illegal were overly broad and unconstitutional.

The laws also prohibit brothel advertising in theaters and on streets and public highways.

The 9th Circuit noted in its ruling that Nevada was unique among states because it has a "nuanced boundary," rather than total criminalization of prostitution.

But the state still seeks to confine the sale of sex acts through licensing and advertising restrictions, the judges said.

A longtime municipal attorney is alleged to have stolen at least $1 million - and perhaps as much as $3 million - from the village of Calumet Park, where he grew up, according to prosecutors and others familiar with the matter.

Mark J. McCombs, of Chicago, worked for nine years as the village's special counsel for development and is accused of a fraudulent billing scheme meant to bolster his position at the Chicago law firm where he worked until Friday.

Village records show McCombs billed the village for tens of thousands of dollars each month for work that apparently never was done. He helped himself to property tax revenue that flowed into accounts of Calumet Park's tax increment financing districts.

"The billing was a joke. He didn't do any work," said Burt Odelson, the village attorney.

Cook County prosecutors Friday charged McCombs, 50, of the 1300 block of Flournoy Street, with one felony count of theft of government funds in excess of $100,000. McCombs, who faces six to 30 years in prison if convicted, pleaded innocent. Bail was set at $25,000.

McCombs was an attorney and shareholder with Greenberg Traurig, a global law firm that employs nearly 1,800 attorneys and has offices in the United States, Asia and Europe. He's accused of billing the village at least $1 million for work he never performed, but a village official pegged the number at closer to $3 million.

McCombs wired the cash to his law firm in a scheme designed to boost his reputation as a moneymaker and to give him greater visibility and a higher pay rate at the firm, Assistant State's Attorney John Mahoney said in court.

Greenberg Traurig fired McCombs on Friday afternoon after learning of the charges and had no previous knowledge of his alleged misdeeds, according to Jill Perry, managing director of the firm.

New York insurance law firm Anderson Kill & Olick, has named Larry Kill as chair of its Corpor ate & Commercial Litigation practice.

Kill has represented clients in a wide range of complex commercial litigation, with an emphasis on antitrust counseling and litigation, class action treble damage cases, trademark litigation and corporate person of interest criminal investigations.

Kill, a name shareholder who joined the firm in 1972, returns to the firm after a two-year hiatus at Reed Smith, where he has been a partner in the Antitrust and Competition practice.

Anastasia Kelly, the former top in-house lawyer for American International Group Inc. who resigned Dec. 30 over compensation issues, has joined DLA Piper's Washington office, the firm announced today.

Kelly joins DLA Piper as of counsel. "She has a well earned reputation as the go-to counsel for companies in difficult circumstances and she will be a tremendous asset for our clients as they navigate this volatile market and these challenging times," DLA Piper Global Chairman Francis Burch said in a statement.

Frank "Rusty" Conner, the managing partner of DLA Piper's Washington office, said via e-mail that Kelly has worked at DLA Piper before. Kelly was not immediately available for comment. She joined AIG in 2006, and was named a vice chairman of the company in January 2009, after the insurance giant received a public bailout during the financial crisis. Before going to AIG, she was an executive vice president and general counsel of MCI/WorldCom, another company that faced the aftermath of an accounting scandal. She was a partner at the firm then known as Wilmer, Cutler & Pickering.
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