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The Shuman Law Firm Announces the Filing of a Class Action Lawsuit
Class Action |
2010/09/07 07:13
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The Shuman Law Firm today announced that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of CVB Financial Corporation between October 21, 2009 and August 9, 2010, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com. The Complaint alleges that CVB and certain of its officers and directors violated federal securities laws by making a series of materially false and misleading statements. Specifically, the Complaint alleges that defendants had propped up the Company's results by manipulating CVB's accounting for costs and expenses by failing to properly account for impaired loans. On August 9, 2010, defendants disclosed that the Company was the subject of an investigation by the SEC into possible accounting violations related to the manner in which defendants accounted for troubled loans. This disclosure had an immediate impact on the price of Company shares, which fell 22% to close at $8.00 per share on August 10, 2010. If you purchased CVB common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than October 22, 2010. 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. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.
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Class action - Class Action Lawsuits
Class Action |
2010/09/04 20:30
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In law, a class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued.
This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. However, in several European countries with civil law different from the English common law principle (which is used by U.S. courts), changes have been made in recent years that allow consumer organizations to bring claims on behalf of large groups of consumers.
U.S. federal class actions
Class action lawsuits may be brought in federal court if the claim arises under federal law, or if the claim falls under 28 USCA § 1332 (d). Under § 1332 (d) the federal district courts have original jurisdiction over any civil action where the amount in controversy exceeds $5,000,000 and either 1. any member of a class of plaintiffs is a citizen of a State different from any defendant; 2. any member of a class of plaintiffs is a foreign state or a citizen or subject of a foreign state and any defendant is a citizen of a State; or 3. any member of a class of plaintiffs is a citizen of a State and any defendant is a foreign state or a citizen or subject of a foreign state. Nationwide plaintiff classes are possible, but such suits must have a commonality of issues across state lines. This may be difficult if the civil law in the various states have significant differences.
State class actions
Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions.[5] Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions.
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Judge approves class-action status for suit
Federal Class Actions |
2010/09/04 10:31
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A federal judge says all low-income African American renters in Antioch can join a lawsuit accusing the city of racial discrimination.
U.S. District Judge Saundra Brown Armstrong on Thursday approved class-action status for the suit, saying the renters had provided evidence that police practices in Antioch targeted African Americans. The suit was originally filed by a handful of women, but has grown to include about 1,000 people. It claims Antioch police have tried to drive African American renters in federally subsidized housing out of the city through a policy of arrests and harassment. The city disputes the allegation. Armstrong on Thursday also limited a potential damage award against the city. She said only four of the plaintiffs in the case would be able to seek damages. |
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Scott+Scott LLP Announces a Securities Class Action
Securities |
2010/09/04 02:32
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Scott+Scott LLP filed a class action against certain current and former officers and directors of the Advanta Corporation ("Advanta") and KPMG LLP, Advanta's auditor, in the Court of Common Pleas of Montgomery County, Pennsylvania. On July 23, 2010, the action was removed to the United States District Court for the Eastern District of Pennsylvania. The action for violation of the Securities Act of 1933 is brought on behalf of those purchasing Advanta RediReserve variable rate certificates and investment notes (collectively, the "RediReserve Notes") during the period beginning June 24, 2007 through November 8, 2009, inclusive (the "Class Period"). If you purchased RediReserve Notes during the Class Period and wish to serve as lead plaintiff in the action, you must move the Court no later than 60 days from the date of this notice. 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 website, http://www.scott-scott.com) for more information. There is no cost or fee to you. The complaint in this action alleges that, during the Class Period, Advanta's registration statements in connection with the offering of RediReserve Notes contained materially false statements of facts. These registration statements contained numerous positive portrayals regarding the state of Advanta's business, the adequacy of its capital reserves and the creditworthiness of its customers. These statements are alleged to be false because (1) Advanta was engaged in "unsafe or unsound banking practices," (2) Advanta operated with inadequate capital for its risk profile, (3) Advanta operated in a manner that did not ensure satisfactory earnings, (4) Advanta was unfairly increasing the interest rate it charged its credit card customers, and (5) Advanta's weak underwriting standards caused it to have numerous customers that were not creditworthy. The complaint alleges that the individual defendants in this action signed Advanta's materially false registration statements. The complaint further alleges that KPMG served as Advanta's auditor during the Class Period and vouched for the false statements in Advanta's registration statements. 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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Shapiro Haber & Urmy LLP Files Class Action Lawsuit
Current Cases |
2010/09/04 00:38
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Shapiro Haber & Urmy LLP has filed a class action alleging securities fraud in the United States District Court for the District of Delaware against China Natural Gas, Inc., and certain of its officers and directors. The case was filed on behalf of all purchasers of the common stock of China Natural Gas during the period from March 10, 2010 through August 19, 2010 (the "Class Period"). The case is entitled Vandevelde v. China Natural Gas, Inc., C.A. No. 1:10-cv-00728-SLR. If you purchased China Natural Gas common stock during the Class Period, and you suffered damages, you may move the court to appoint you as lead plaintiff no later than 60 days from today. The Complaint alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading public statements in its Annual Report for the year ended December 31, 2009 and its Quarterly Report for the quarter ended March 31, 2010, specifically that the defendants failed to disclose and properly account for a $17.7 million loan it had entered on February 26, 2010 ("the Bank Loan"). The Complaint further alleges that the defendants failed to disclose that the Bank Loan violated an Indenture for senior notes and warrants of the Company, placing China Natural Gas in default under the Indenture. As a result of the Bank Loan and the resulting default under the Indenture, China Natural Gas was required to reclassify approximately $45 million in long term liabilities to short term liabilities, increasing the company's short term liabilities as originally reported by over 700% and increasing the company's short term liabilities as originally reported by over 600%. On August 13, 2010, after the close of the market, China Natural Gas disclosed that the company would be amending its annual and quarterly reports because of its failure to disclose the Bank Loan and the resulting need to reclassify certain long term liabilities to short term liabilities. On August 19, 2010, China Natural Gas filed a Form 8-K in which it disclosed that its prior financial statements should not be relied upon. The Complaint alleges that Plaintiff and other Class members were damaged because they purchased stock at artificially inflated prices during the Class Period as a result of the defendants' fraudulent conduct. The factual and legal bases for the Plaintiffs' claims are set forth in greater detail in the Complaint. A copy of the Complaint can be obtained from the office of the Clerk of the United States District Court for the District of Delaware, 844 N. King Street, Unit 18, Wilmington, DE 19801, (302) 573-6170. A copy of the Complaint can also be obtained, without any obligation, from counsel for the plaintiff, Shapiro Haber & Urmy LLP, 53 State Street, Boston, MA 02109, (800) 287-8119 or (617) 439-3939, cases@shulaw.com. More information about the law firm of Shapiro Haber & Urmy LLP and its qualifications is available on the firm's website at www.shulaw.com.
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Judge OKs Kodak's settlement of race-based lawsuit
Federal Class Actions |
2010/09/04 00:37
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A federal judge on Friday approved Eastman Kodak Co.'s $21.4 million offer to settle class-action lawsuits by black employees who maintained white counterparts were favored over them for pay and promotion. In an almost seven-year legal tussle, U.S. Magistrate Jonathan Feldman signed off on a deal that pays about 3,000 current and past Kodak workers amounts ranging from $1,000 to $50,000. The decision ends a 2004 class-action lawsuit and a similar suit filed by other black workers in 2007. The Rochester, N.Y.-based photography products maker was accused of paying black employees less than white co-workers, passing them over for promotions and maintaining a racially hostile work environment. Last October, Feldman heard arguments in favor of the deal from Kodak and lawyers for the plaintiffs. He then fielded complaints from more than a dozen former employees who said proposed payouts were inadequate, lawyer fees too high and the offer unfairly excluded workers who left Kodak before 1999. Under the settlement, 3,008 workers get $9.65 million and their lawyers $9.7 million in fees and expenses. Adjustments to individual awards were negotiated, with a dozen workers having $75,000 awards reduced by one-third. The balance of the settlement will go to administering the claims and supporting enhanced diversity training for supervisors that Kodak promised as part of the deal. The company will also hire an industrial psychologist and two labor statisticians to review pay and promotion policies and recommend improvements.
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Law Offices of Howard G. Smith Announces Class Action Lawsuit
Securities |
2010/09/04 00:37
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Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of all persons or entities who purchased the common stock of TeleNav, Inc. pursuant to the Company's Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with its May 13, 2010, initial public offering (the "IPO"). The class action lawsuit was filed in the United States District Court for the Northern District of California. TeleNav provides wireless location-based services in North and South America, Asia, and Europe. The Complaint alleges that the Company and certain of its executive officers and/or directors violated federal securities laws by issuing material misrepresentations to the market concerning TeleNav's business, operations and financial prospects, thereby artificially inflating the price of the Company's securities. Specifically, plaintiff alleges that the Registration Statement was materially false and misleading and failed to disclose that: (a) the Company would soon be renegotiating its contract to provide its largest customer, Sprint Nextel Corporation ("Sprint"), with its Sprint Navigation application, which would result in lower overall revenues to TeleNav; (b) Sprint's unwillingness to continue with the same contract terms beyond December 31, 2010 would result in lower revenues from Sprint and negatively affect TeleNav's other wireless relationships; and (c), as a result, the foregoing would cause TeleNav's financial results to trend adversely compared to the trends included in the Registration Statement. No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased TeleNav common stock pursuant to the Registration Statement issued in connection with the Company's May 13, 2010 IPO, you have certain rights, and have 60 days from the date of this Notice to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, Toll-Free at (888) 638-4847, by email to howardsmith@howardsmithlaw.com or visit our website at www.howardsmithlaw.com.
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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