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The Shuman Investigates Ormat Technologies Inc.
Law Firm News |
2010/04/19 07:38
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pThe Shuman Law Firm today announced that it is investigating potential breaches of fiduciary duty by certain officers and directors at Ormat Technologies Inc./ppThe investigation concerns whether the Company's directors and officers caused the Company to issue materially false and/or misleading financial statements. These statements eventually resulted in the Company restating its financial results. /ppOn February 24, 2010, Ormat disclosed that the Board of Directors and Audit Committee of the Company, upon recommendation of management and after discussions with the U.S. Securities and Exchange Commission, had concluded that the Company's financial statements for the year ended December 31, 2008 required restatement and should no longer be relied upon. The Company restated its results because it improperly capitalized costs incurred in connection with the exploration and development of certain properties that it did not plan to develop. Upon this news, the price of Ormat stock declined more than 12.81% over the three days following the disclosure of this announcement. /ppIf you currently own shares of Ormat and are interested in discussing your rights as an Ormat shareholder, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at 866-974-8626 or email Mr. Shuman at a href=mailto:kip@shumanlawfirm.comkip@shumanlawfirm.com/a or Mr. Glenn at a href=mailto:rusty@shumanlawfirm.comrusty@shumanlawfirm.com/a.
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Wash. court: Illegal worker status inadmissible
Law Firm News |
2010/04/16 05:55
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| pThe Washington state Supreme Court ruled Tuesday that a man's undocumented immigrant status in the U.S. should not have been introduced in a trial while the man sought damages in a negligence lawsuit against a construction contractor./ppIn a 7-2 ruling, the state's high court reversed a state Court of Appeals decision to uphold a jury verdict against Alex Salas./ppThe question before the court revolved around the issue of whether Salas' immigration status affects his claim for future wages, given that he is illegally in the country./ppThe jury found the construction contractor had been negligent but did not award any monetary damages to him./ppI knew justice wasn't being done, said Salas' attorney Robert B. Kornfeld. Here you have someone who violates (workers' safety) and they get away with it, because this guy was undocumented? That wasn't right./ppA Mexican native, Salas was working on a construction project in Seattle in 2002 when he fell from a ladder provided by Hi-Tech Erectors./p |
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Law firms seek to represent dead miners' families
Law Firm News |
2010/04/14 09:45
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pLittle more than a week after the disaster, competition among lawyers to represent the families of 29 men killed in the Upper Big Branch Mine disaster has begun./ppMassey Energy, the mine's owner, has deep pockets. Lawyers who represent the families could make millions in fees if they can prove company management showed a conscious and deliberate disregard for safety./ppMassey has repeatedly denied all such accusations./ppAt least one well-known local lawyer questioned whether it's proper to seek clients so soon after the tragedy and said he could not bring himself to do it./ppLaw firms take so-called wrongful death cases for free. Losers earn nothing. Winners typically receive one-third of the amount awarded by the court./ppOn Tuesday, before all of the miners who died in the blast were buried, Underwood Law Offices, headquartered in Huntington, ran an advertisement in the Charleston newspapers and papers in the coalfields urging families of the miners to call the firm.
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Law firm Mayer Brown lays off more lawyers
Law Firm News |
2010/04/12 09:31
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| pMayer Brown continues to hemorrhage lawyers, despite what the Chicago law firm says are encouraging signs for 2010./ppThe international firm said Thursday that laid off 28 lawyers in its U.S. offices, which represents 3 percent of the approximately 925 U.S. lawyers. The layoffs did not affect partners, only associates and lawyers known as counsel who are not on partnership track./ppMayer Brown also reduced its administrative staff by 47 people./ppThis is the third job reduction since November 2008 at Mayer Brown. The two previous rounds affected at least 78 lawyers. The firm blamed the previous downsizing on the recession, which cut demand for legal services. It said Thursday that demand has bounced back but not enough. In addition, voluntary attrition has dropped, meaning that the firm was overstaffed compared to anticipated demand for legal services this year./ppAlthough most of our practices are performing well, overall demand for legal services has not recovered fully, and in today's tight legal job market, voluntary lawyer departures have been significantly lower than our normal levels, Chairman Bert Krueger said in an e-mail to U.S. offices. A Mayer spokesman provided a copy of the e-mail but declined further comment./ppThe layoffs come as Mayer Brown partners are scheduled to gather in Chicago later this month for the firm's annual meeting./p |
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BofA Merrill, Knight Capital, Franklin Templeton
Law Firm News |
2010/04/12 09:28
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| pThe following financial services industry appointments were announced on Monday. To inform us of other job changes, send an email to a href=mailto:moves@thomsonreuters.com.CONSTELLATIONmoves@thomsonreuters.com./ppCONSTELLATION/a WEALTH ADVISORS/ppThe independent multi-family investment company said it hired Christopher Smith as a principal. Smith was a director of the corporate client group at RBC Capital Markets./ppLEGAL amp; GENERAL INVESTMENT MANAGEMENT/ppChicago-based investment manager Legal amp; General Investment Management America said it hired Aaron Meder in a new role as head of U.S. pension solutions. Meder was a managing director and head of asset-liability investment solutions at UBS Global Asset Management./ppMAYER BROWN/ppThe law firm said it hired Dallas Parker from Thompson amp; Knight as a partner in its corporate and securities practice in Houston./ppFRANKLIN TEMPLETON INVESTMENTS/ppThe investment company named Adam Gorlyn vice president of its sovereign funds and supranationals group. Gorlyn worked as a portfolio specialist with the Franklin Templeton Fixed Income group./ppKNIGHT CAPITAL GROUP INC (NITE.O)/ppThe firm named Didier Bankole vice president of sales for its electronic trading group (ETG) in Europe. Bankole joins Knight from NYSE Euronext (NYX.N) where he was in charge of global account management./ppLASALLE INVESTMENT MANAGEMENT/ppLaSalle Investment Management appointed Andy Watson to the newly created role of head of core funds and separate accounts, continental Europe. Watson previously worked as international director in the company's Paris office./ppT. ROWE PRICE GROUP (TROW.O)/ppThe investment management firm named Michael Joehr as a client service executive focused on southern Europe and Switzerland. Most recently Joehr was senior relationship manager with Allianz Global Investors Europe GmbH./p |
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Law firm 'in contempt' over MP legal threat
Law Firm News |
2010/02/25 09:11
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pA leading law firm has been found in contempt of the Commons after threatening an MP with legal proceedings if he made allegations about one of its clients in the House. /ppThe Standards and Privileges Committee criticised Withers LLP for failing to realise that John Hemming, a Liberal Democrat backbencher, was protected by Parliamentary privilege. /ppThe firm of solicitors had urged the MP to withdraw what they called defamatory claims about property developer Jeremy Knight Adams. /ppThey later sought an assurance that he would not repeat the allegations in the Commons, saying that without it they would issue proceedings. /ppMr Hemming refused to give the undertaking and advised that the firm's actions might be regarded as contempt of Parliament. Withers dismissed his warning as inappropriate. /ppOnly after consulting counsel, following a further warning from Clerk of the House Malcolm Jack, did Withers accept it had been mistaken and apologised to the Commons and Mr Hemming.
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