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Levi Korinsky Investigate Breach of Fiduciary Duty
Firm News |
2009/03/04 09:03
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Levi amp; Korsinsky (Lamp;K) is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Nobel Learning Communities, Inc. (Nobel Learning or the Company) (Nasdaq:NLCI) arising out of their failure to negotiate in good faith with a potential purchaser of the Company and pursue a transaction designed to maximize shareholders value. On September 22, 2008, Knowledge Learning Corporation made an offer to buy the Company for $17 per share which represents a 25% premium to the prior day's closing share price and is a price the Company's stock has not reached since 1996. The Board, however, has taken actions designed to maintain control over the Company and impede the maximization of shareholder value. These actions include the adoption of a rights plan in response to purchases of Company stock by entities controlled by or affiliated with Michael Milken who is the founder of Knowledge Learning Corporation.
If you own common stock in Nobel Learning and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/nlci.html
Lamp;K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. |
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Class Action Filed Against Oppenheimer Funds
Firm News |
2009/02/27 09:34
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Abraham, Fruchter amp; Twersky, LLP filed a class action lawsuit in the United States District Court for the Eastern District of New York against Oppenheimer Funds, Inc. (Oppenheimer) on behalf of purchasers of the Rochester Fund Municipals (Rochester or the Fund) (NASDAQ: RMUNX) (NASDAQ: RMUBX) (NASDAQ: RMUCX) from February 26, 2006 through October 21, 2008 (the Class Period).
The complaint charges Oppenheimer, the Fund and certain of its Trustees with violations of the Securities Act of 1933. The suit claims Oppenheimer, which runs the Fund, misled investors about the risks of investing in the Fund, resulting in an over 30% decline in the Fund's value. The lawsuit identifies the following funds as affected: A Shares (RMUNX), B Shares (RMUBX) and C Shares (RMUCX).
The complaint alleges that the Registration Statements through which shares of the Fund were sold failed to disclose that under certain circumstances Trusts which contain Inverse Floaters, such as those employed by the Fund, may be put to the Fund for repayment of principal. This caused the Trusts to be collapsed and required the Fund to repay the principal amount of the tendered securities. In order to do so, the Fund was forced to sell securities from its portfolio regardless of market conditions and accept prices far below the values at which the bonds were carried on its books.
This risk factor was always present wherever inverse floaters were employed. However, no disclosure was made in any of the Prospectuses filed as part of Registration Statements with respect to the sale of the Fund's shares. Because of this lack of disclosure, the Fund's shares traded at artificially inflated prices during the Class Period.
On October 21, 2008, Rochester filed a Prospectus Supplement which disclosed the relevant risks associated with the Fund's investment in Inverse Floaters. As of October 21, 2008, the Fund's shares traded at $12.35 per share, down from $18.00 per share at the beginning of the year.
Plaintiff seeks to recover damages on behalf of all those who purchased shares of Rochester Fund Municipals from February 26, 2006 through October 21, 2008. The Plaintiff is represented by Abraham, Fruchter amp; Twersky, LLP which has extensive experience in securities class action cases, having been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.
If you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jeffrey Abraham or Jack Fruchter of Abraham, Fruchter amp; Twersky, LLP at 212-279-5050, or via e-mail at jabraham@aftlaw.com or jfruchter@aftlaw.com, respectively. If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from today. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class. |
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Levi Korinsky Investigate Breach of Fiduciary Duty
Firm News |
2009/02/19 08:59
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Levi amp; Korsinsky (Lamp;K) is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Nobel Learning Communities, Inc. (Nobel Learning or the Company) (Nasdaq:NLCI) arising out of their failure to negotiate in good faith with a potential purchaser of the Company and pursue a transaction designed to maximize shareholders value. On September 22, 2008, Knowledge Learning Corporation made an offer to buy the Company for $17 per share which represents a 25% premium to the prior day's closing share price and is a price the Company's stock has not reached since 1996. The Board, however, has taken actions designed to maintain control over the Company and impede the maximization of shareholder value. These actions include the adoption of a rights plan in response to purchases of Company stock by entities controlled by or affiliated with Michael Milken who is the founder of Knowledge Learning Corporation.
If you own common stock in Nobel Learning and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/nlci.html
Lamp;K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. |
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Former White House Exec. Rejoins Sidley Austin LLP
Firm News |
2009/02/11 09:48
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Sidley Austin LLP today announced that Daniel M. Price has rejoined the firm as Senior Partner for Global Issues and a member of the Executive Committee.
“We are delighted that Dan has returned to assume a leadership role in the firm,” said Thomas A. Cole, Chair of Sidley's Executive Committee. “His experience will be invaluable for our clients.”
Mr. Price recently completed service as Assistant to the President and Deputy National Security Advisor for International Economic Affairs in the Administration of George W. Bush. In this role, Mr. Price was the senior White House official responsible for international economic issues, including international trade and investment, foreign assistance, humanitarian relief, and the international aspects of financial system reform, energy security and climate change. Additionally, Mr. Price was President Bush's personal representative to the G-8, the G-20 Financial Summit and the Asia-Pacific Economic Cooperation Forum. He also served as the U.S. chair of various cabinet-level bilateral economic dialogues, including the Transatlantic Economic Council, the U.S. – Brazil CEO Forum and the U.S. – India CEO Dialogue.
“Dan is a brilliant lawyer and an enormously effective advocate,” said Henry M. Paulson, Jr., former Treasury Secretary who worked closely with Mr. Price. “He was a key player in international economic matters. He is a wonderful colleague and highly regarded around the world. Sidley is fortunate to have him back.”
Joshua B. Bolten, former White House Chief of Staff, agreed noting, “Dan is a real superstar. Sidley and its clients will benefit greatly from his strategic thinking, grasp of world economic affairs and extraordinary energy and effectiveness.”
Before joining the Bush Administration, Mr. Price chaired the International Trade and Dispute Resolution group at Sidley.
“Dan is the founder of our group, and I am thrilled to welcome him home in his expanded role at the firm,” said Andrew Shoyer, who succeeded Mr. Price as chair of the 50-person group. “His experience at the White House, not only on trade but on such cutting-edge issues as global financial regulation and climate change, will greatly enhance our practice.”
From 2002-2007, Mr. Price also served by Presidential appointment on the Panel of Arbitrators of the International Centre for Settlement of Investment Disputes (ICSID), and was a party-appointed arbitrator in a number of investment disputes. President Bush re-appointed Mr. Price to the ICSID Panel as of January 20, 2009.
Earlier in his career, Mr. Price was Principal Deputy General Counsel in the Office of the U.S. Trade Representative (1989 to 1992). He also served in The Hague as Deputy Agent of the United States to the Iran-U.S. Claims Tribunal (1984 to 1986) and in the Office of the Legal Adviser at the State Department (1982 to 1984).
Mr. Price received a BA with High Honors in History from Haverford College in 1977, a Diploma in Legal Studies in 1979 from Cambridge University where he was a Keasbey Scholar and a JD from Harvard Law School in 1981 where he was Articles Editor of the Harvard Law Review.
He has been a member of the Executive Council of the American Society of International Law, the Advisory Board of the British Institute of International and Comparative Law, the U.S. Secretary of State’s Advisory Committee on International Economic Policy and the Advisory Committee of the Institute of International Economic Law of Georgetown University.
Sidley Austin LLP is one of the world's largest full-service law firms, with more than 1800 lawyers practicing in 16 U.S. and international cities, including Beijing, Brussels, Frankfurt, Geneva, Hong Kong, London, Shanghai, Singapore, Sydney and Tokyo. Every year since 2003, Sidley has been named to Legal Business’ Global Elite, its designation for the 18 firms “that define the pinnacle of the legal profession.” BTI, a Boston-based consulting and research firm, has named Sidley to their Client Service Hall of Fame as one of only two law firms to rank in the Client Service Top 10 for seven years in a row, and to the BTI Power Elite as one of only seven law firms demonstrating the best client relationships for the fourth consecutive year. |
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Level 3 Communications Class Action Filed
Firm News/Colorado |
2009/02/10 09:58
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Denver-based Dyer amp; Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of investors of Level 3 Communications, Inc. (Level 3 or the Company) (Nasdaq:LVLT) who purchased the Company's common stock between February 8, 2007, and October 23, 2007, inclusive (the Class Period). The complaint charges Level 3 and certain of its senior officers with violations of the federal securities laws.
If you wish to serve as a lead plaintiff, you must move the Court no later than April 6, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq., at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. 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 alleges that, during the Class Period, defendants made false and misleading statements to the market about the Company's business, operations and earnings prospects. For example, defendants failed to disclose that: (a) the Company was experiencing problems integrating its numerous acquisitions; and (b) the Company's integration problems caused Level 3 to experience severe provisioning problems which were negatively impacting revenue growth. As a result of defendants' false statements, Level 3 stock traded at artificially inflated prices and Company insiders collectively realized more than $3.5 million in proceeds from the sale of their personally-held Level 3 stock.
On October 23, 2007, Level 3 issued a press release announcing its financial results for the third quarter of 2007, the period ending September 30, 2007. The Company reported that its core communications services revenue was negatively impacted by provisioning issues. On this news, Level 3's stock price dropped to close at $3.18 per share on October 24, 2007, on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of purchasers of Level 3 common stock during the Class Period. The plaintiff is represented by Dyer amp; Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to a href=http://www.DyerBerens.comwww.DyerBerens.com/a. |
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Harwood Feffer LLP Files Class Action
Firm News/New York |
2009/02/09 13:01
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The law firm of Harwood Feffer LLP announces that it filed a new class action lawsuit on February 9, 2009 on behalf of purchasers of the American Depository Shares (ADSs) of Satyam Computer Services Ltd. (Satyam or the Company) (NYSE:SAY) during the period January 6, 2004 through January 6, 2009 (the Class Period). Shareholders may obtain a copy of the complaint by calling our offices or emailing us at the e-mail addresses listed below. The action is pending in United States District Court for the Southern District of New York.
The complaint alleges that the Company and its two top executives violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading financial statements. On January 7, 2009, the Company's Chairman B. Ramalinga Raju sent a letter to the Satyam Board of Directors and the Securities amp; Exchange Board of India admitting a multi-year fraud in which Satyam's financial accounts and disclosures were systematically falsified. According to the letter, Raju admitted to having inflated the amount of cash on the Company's balance sheet by nearly $1 billion, incurring liability of $253 million on funds arranged by him personally, and overstating Satyam's September 2008 quarterly revenues by 76% and profits by 97%. The Complaint also alleges that Satyam's auditors PricewaterhouseCoopers Pvt. Ltd., PricewaterhouseCooopers International Limited, and PricewaterhouseCoopers were active participants in the Company's fraud. As a result of this disclosure trading in the ADSs was halted, with an estimated indication of a loss being approximately 90% of its value.
If you bought stock from January 6, 2004 through January 6, 2009, no later than March 7, 2009, you may move the court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The court must determine whether the class member's claim is typical of other members' claims, and whether the class member will adequately represent the class. Your ability to recover is not, however, affected by your decision whether or not to serve as a lead plaintiff.
Harwood Feffer has taken a leading role in many important actions on behalf of defrauded shareholders and has recovered hundreds of millions of dollars in those efforts. The Harwood Feffer website (www.hfesq.com) has more information about the firm. If you wish to discuss this action with us or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Robert I. Harwood, Esq. Craig Lowther Harwood Feffer LLP 488 Madison Avenue New York, New York 10022 (toll free) 877-935-7400 e-mail: rharwood@hfesq.com clowther@hfesq.com |
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