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Justices criticize EPA's dealings with homeowners
Legal Interview |
2012/01/08 09:57
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Several Supreme Court justices are criticizing the Environmental Protection Agency for heavy-handed enforcement of rules affecting homeowners.
The justices were considering whether to let an Idaho couple challenge an EPA order identifying their land as protected wetlands. Mike and Chantell Sackett wanted to build their house on the land. But the EPA says the Sacketts can't challenge the order to restore the land to wetlands or face thousands of dollars in fines.
Justice Samuel Alito called EPA's actions outrageous. Justice Antonin Scalia noted the high-handedness of the agency in dealing with private property. Chief Justice John Roberts said that the EPA's contention that the Sacketts' land is wetlands, something the couple disagrees with, would never be put to a test under current procedure. |
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Court tosses $43M award against Ford in crash case
Legal Interview |
2011/11/04 08:58
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The Illinois Supreme Court has thrown out an Illlinois jury's $43 million award against Ford Motor Co. in a product-liability lawsuit linked to a fiery 2003 crash that killed a Missouri man and disfigured his wife.
The high court, in a Sept. 22 ruling made public Wednesday, among other things found that the lawsuit on Dora and John Jablonski's behalf did not give sufficient evidence for a jury to conclude Ford negligently breached its duty of reasonable care in designing the Lincoln Town Car involved in the wreck.
Justices also found that Illinois law does not require a company to warn of defects undetected before the product left the manufacturer.
Pinning the tragic wreck on the distracted motorist who hit the Jablonskis from behind at 60 mph, Ford said in an emailed statement Thursday it was gratified by the Illinois Supreme Court's ruling that recognized and corrected the substantial efforts and deficiencies in the earlier proceedings.
The automaker said the 1993 Town Car exceeded all federal crash safety standards and received a five-star safety rating — the highest possible — from the U.S. government. |
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Scott+Scott LLP Announces Securities Class Action Lawsuit
Legal Interview |
2011/10/24 10:10
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On October 19, 2011, Scott+Scott LLP filed a class action complaint against K-V Pharmaceutical Company and certain of the Company's officers in the U.S. District Court for the Eastern District of Missouri. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of K-V between February 14, 2011 and April 4, 2011, inclusive.
If you purchased the common stock of K-V 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
http://www.scott-scott.com/cases/new/securities-fraud-litigation-1533-k-v-pharmaceutical-company-kv-a.html
The complaint filed in the action charges that during the brief Class Period, the Company issued false and misleading statements claiming the Food and Drug Administration had granted K-V the exclusive distribution rights over its Makena, a drug compound that had previously been prescribed by physicians for decades to prevent miscarriages, and that the agency would enforce those rights by preventing K-V's competitors from distributing generic compounds of Makena. The complaint also alleges that defendants told investors K-V's Makena distribution program was designed to expand access to the drug compound, including to low-income and other at-risk groups, while concealing that the $1,500 list price K-V was charging would actually reduce availability of the drug compound to physicians and their patients. As a result, based on a fundamental misperception of K-V's sales and earnings potential, the complaint charges that K-V's stock traded at artificially inflated prices during the Class Period, allowing K-V to sell $200 million worth of senior secured notes, with the proceeds used in large part to pay down the Company's debts.
The complaint alleges that the truth began to come to light on March 17, 2011, when two U.S. Senators publicly questioned the bona fides of K-V's distribution program, stating the financial assistance is not sufficient and does not extend to certain groups of women, and so that in reality, KV Pharmaceutical's actions will result in diminished access to appropriate health care for women and result in increased preterm births. It is alleged that this partial disclosure caused K-V's stock price to fall precipitously, removing some of the stock inflation. Then, following the FDA's own March 30, 2011 statement that the agency did not intend to take enforcement action against K-V's competitors for distributing the generic version of K-V's Makena, K-V's stock fell further on extremely high trading volume. Finally, following K-V's April 1, 2011 disclosure that K-V was reducing Makena's list price by nearly 55% to $690 per injection -- versus the previous list price of $1,500 -- the market learned on April 4, 2011 that many physicians would never prescribe Makena to their patients due to flaws in the distribution program. On this news, K-V's stock price fell an additional 9.5% in a single trading session.
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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Penny Stock Risks – Caveat Emptor
Legal Interview |
2010/09/22 06:11
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The securities industry has tough rules when it comes to brokers soliciting the purchase of “penny stocks.”nbsp; Typically a stock is considered a “penny stock” when it trades for less than $5 a share and it does not trade on a major exchange (e.g., New York Stock Exchange or NASDAQ).nbsp; Penny stocks normally trade on the OTC Bulletin Board (OTCBB) or Pink Sheets.nbsp;
Aside from the requirements, among others, that soliciting brokers have to supply investors with a document disclosing the risks associated with penny stocks and wait, in some cases, 2 days after providing the disclosure document before placing your first order (i.e., “speed bump”), there are actual disclosure ratings assigned to each penny stock.nbsp;
A market center called a href=http://www.otcmarkets.com/ target=_blankfont style=background-color: #fefceb color=#6a4b39OTC Markets/font/a places penny stocks into different a href=http://www.otcmarkets.com/otcguide/investors_market_tiers.jsp target=_blankfont style=background-color: #fefceb color=#6a4b39disclosure categories/font/a based on things from whether or not the company is current on its financial reporting to whether the stock is the subject of fraud or stock promotion.nbsp; Your broker and his brokerage firm and clearing firm have access to this information and so do you.nbsp; There are over 13,000 stocks having either the label of “Caveat Emptor,” “Grey Market,” or “Pink Sheets No Information.”nbsp; Have you bought a penny stock recommended by a stock broker that has one of those labels?nbsp; Did your broker disclose that to you? |
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Ill. gov's legal woes worsen as fundraisers defect
Legal Interview |
2008/12/17 09:12
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| Jailed political fundraiser Antoin Tony Rezko's attorneys sent a strong signal Tuesday that he has resumed his on-again, off-again cooperation with federal prosecutors in the criminal case against Gov. Rod Blagojevich, and another one-time adviser to the governor served notice that he intends to plead guilty to tax charges.pRezko has been among the Democratic governor's top fundraisers and advisers and can provide prosecutors with a penetrating glimpse into the workings of Blagojevich's inner circle. He was convicted in June of scheming to squeeze companies seeking state business for payoffs./ppThere were signs that Rezko's relationship with prosecutors had soured in recent weeks. But on Tuesday, both sides agreed to postpone his sentence indefinitely, a sign that prosecutors think their sometimes reluctant witness has more to tell them./ppWhile Rezko squared things with federal prosecutors, attorneys for former Blagojevich campaign chairman Christopher Kelly said he intends to plead guilty to tax charges next month. Among other things, Kelly, a roofing contractor and consultant, is charged with using company funds to pay gambling debts and in at least one case writing the payment off as a business expense./ppKelly could also give the government an inside look at the workings of the Blagojevich administration. But chief defense counsel Michael Monico said Tuesday that cooperation isn't part of the agreement under which Kelly will plead guilty./p |
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DA: Criminal charges possible in boy's Uzi death
Legal Interview |
2008/10/29 19:43
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| A prosecutor said Tuesday he is investigating whether criminal charges should be filed after an 8-year-old boy accidentally killed himself while firing an Uzi submachine gun at a gun fair in western Massachusetts.pChristopher Bizilj (Bah-SEAL) of Ashford, Conn., shot himself in the head when he lost control of the 9mm micro submachine gun as it recoiled while he was firing at a pumpkin. Police have said the shooting at the Machine Gun Shoot and Firearms Expo at the Westfield Sportsman's Club on Sunday was an accident./ppHampden County District Attorney William Bennett said he is investigating whether the gun fair violated the state's firearms law by allowing the boy to fire the machine gun, and also whether it was a reckless or wanton act to allow an 8-year-old to use a fully loaded automatic weapon./p |
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