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Scott+Scott LLP Announces Securities Class Action Lawsuit
Legal Focuses |
2011/11/14 10:10
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Scott+Scott LLP filed a class action complaint against Human Genome Sciences, Inc., certain of the Company's senior officers and directors and GlaxoSmithKline plc in the U.S. District Court for the District of Maryland. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of HGSI between July 20, 2009 and November 11, 2010, inclusive (the Class Period), including all persons who acquired the common stock of HGSI in the Company's July 28, 2009 public offering at $14 per share and in its December 2, 2009 public offering of common stock at $26.75.
If you purchased the common stock of HGSI during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com), (800) 404-7770, (860) 537-5537 or visit the Scott+Scott HGSI Pharmaceutical website for more information: www.scott-scott.com/cases/hgs.html. There is no cost or fee to you.
The complaint filed in the action alleges that, during the Class Period, HGSI issued false and misleading statements concerning Benlysta(R) (belimumab) (Benlysta), the Company's potential new drug for the treatment of Systemic Lupus Erythematosus, a chronic, life-threatening autoimmune disease. Specifically, the complaint alleges that defendants failed to disclose that Benlysta was associated with suicide in clinical drug trials conducted by the Company.
The complaint alleges that when the U.S. Food and Drug Administration posted its analysis of Benlysta on the Internet on November 12, 2010, investors learned for the first time of the association between Benlysta and suicide in clinical trials of the drug, causing HGSI's common stock price to decline precipitously. Meanwhile, the complaint alleges, during the Class Period, HGSI sold to investors more than 44 million shares of its common stock in public offerings at artificially inflated prices, receiving $850 million in net proceeds.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide. |
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SearchMedia Announces Settlement on Securities Class Action
Legal Focuses |
2011/11/12 09:35
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SearchMedia Holdings Limited, one of China's leading nationwide multi-platform media companies, today announced that it reached a tentative partial settlement agreement for a securities class action lawsuit pending against the Company and a number of its current and former directors, officers and employees.
The securities class action lawsuit was filed in the United States District Court for the Southern District of Florida (Murdeshwar v. SearchMedia Holdings Limited, et al., Case no. 1:11-cv-20549-KMW) against the Company and certain of its current and former officers and directors in relation to various disclosures regarding the Company's acquisition of SearchMedia International Ltd. and the financial condition of that company.
The partial settlement agreement is made on behalf of the defendants who served as directors and officers of Ideation Acquisition Corp. (the Settling Defendants) without any admission of wrongdoing on the part of the Settling Defendants and provides for a settlement fund of $2.75 million, which the Company expects to be entirely funded by its insurance carriers. The partial settlement agreement remains subject to court approval and certain other conditions including execution of a stipulation of settlement, notice to class members, and an opportunity for class members to object or opt out of the settlement.
The securities class action lawsuit remains pending against other defendants who reside in China and who have not been served with the complaint and summons. |
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Saxena White P.A. Files a Securities Fraud Class Action
Legal Focuses |
2011/11/08 09:12
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Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of investors who purchased Agnico-Eagle Mines Limited common stock on the New York Stock Exchange between April 29, 2010 and October 19, 2011, inclusive.
The action charges Agnico-Eagle and certain of its officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that, throughout the Class Period, the Company's financial results were artificially inflated by virtue of the fact that the Company concealed material adverse problems present at its Goldex Mine which eventually forced the Company to shut down the mine and write off a $260 million investment in the mine.
On October 19, 2011, Agnico-Eagle issued a press release titled, Agnico-Eagle's Goldex mine to suspend production during investigation and remediation of water inflow and ground stability issue; book value of Goldex to be written off. The Company announced that it was suspending mining operations and gold production at its Goldex mine in Val d'Or, Quebec effective immediately. This unexpected closure forced Company to take a $260 million write off of its investment. This news shocked the market, resulting in an 18.54% decline in the value of Agnico-Eagle's stock on October 19th after the news was revealed. On that day, the shares of Agnico-Eagle closed at $46.51, down $10.59, on unusually high New York Stock Exchange volume.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased the shares of Agnico-Eagle Mines Limited between the period of April 29, 2010 and October 19, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests.
If you purchased Agnico-Eagle Mines Limited during the Class Period of April 29, 2010 and October 19, 2011, inclusive, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than January 6, 2012. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Tel: (561) 394-3399
Fax: (561) 394-3382
www.saxenawhite.com |
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Izard Nobel LLP Announces Class Action Lawsuit
Legal Focuses |
2011/11/07 12:11
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of OmniVision Technologies, Inc. between August 27, 2010 and October 13, 2011, inclusive.
The Complaint charges that OmniVision and certain of its officers and directors violated federal securities laws by concealing the loss of its exclusive contract with Apple. On August 25, 2011 OmniVision disclosed delays in the production of its new 8-megapixel product line. As a result, OmniVision would not be the exclusive producer of camera components for Apple's new iPhone 4S, released on October 14, 2011. In response to this news, OmniVision stock declined $7.55 per share, over 30%, to close at $17.27 on August 26, 2011. On October 14, 2011, when the iPhone 4S was released, experts examined the phone's camera and determined that Sony, not Omnivision, had supplied a key component. On this confirmation of the reduced role of the Company's components in the iPhone 4S, OmniVision stock fell $1.65 per share, or 9.3%, to close at $15.95 per share.
If you are a member of the class, you may, no later than December 27, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/omnivision/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com. |
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The Rosen Law Firm Reminds Investors
Legal Focuses |
2011/11/07 12:11
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The Rosen Law Firm, P.A. reminds investors of the important December 19, 2011 lead plaintiff deadline in the class action lawsuit on behalf of investors who purchased the common stock of AgFeed Industries, Inc.
If you purchased AgFeed securities during the period between March 16, 2009 and September 29, 2011, visit the Rosen Law Firm's website at http://www.rosenlegal.com to join the case, or call Phillip Kim, Esq., toll-free, at 866-767-3653 or pkim@rosenlegal.com for information. The action filed by the firm is pending in the U.S. District Court for the District of Colorado.
If you wish to serve as lead plaintiff, you must move the Court no later than December 19, 2011. 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 Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at 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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Dyer Berens LLP Files Class Action Lawsuit
Legal Focuses |
2011/10/26 09:40
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Dyer amp; Berens LLP announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of all persons who purchased or otherwise acquired the common stock of AgFeed Industries, Inc. between March 16, 2009 and August 2, 2011, inclusive. AgFeed is engaged in the animal nutrition and commercial hog producing businesses in China and maintains its principal executive offices in Colorado.
What actions may I take at this time?
If you purchased or acquired shares during the Class Period and wish to serve as a lead plaintiff, you must request appointment by the court no later than December 19, 2011. A lead plaintiff works with counsel to direct the litigation and participates in important decisions, including the amount of compensation to accept in settlement of the class action. The lead plaintiffs here will be selected from among applicants claiming the largest loss from their investment in the Company during the Class Period.
What are the allegations in the complaint?
The complaint contains allegations that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's business. Specifically, the defendants misrepresented and concealed from the investing public that, among other things: (i) AgFeed's formula-based analysis for determining accounts receivable and calculating reserves for doubtful accounts did not take into consideration the individual repayment abilities of its customers; (ii) the Company's accounts receivable were materially overvalued and its allowances for doubtful accounts were significantly under-reserved; and (iii) the Company exaggerated its market edge as the combination of overstated assets and understated expenses resulted in an illusion of heightened profitability and Company value. Based upon the foregoing, the complaint charges the Company and certain of its officers with violations of the Securities Exchange Act of 1934.
About Dyer amp; Berens LLP.
The plaintiffs are represented by Dyer amp; Berens LLP. 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 visit www.dyerberens.com. |
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