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Regulators probe bank's role in Facebook IPO
Corporate Governance |
2012/05/23 09:29
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Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst's negative report about the company before the stock started trading.
Rick Ketchum, the head of the Financial Industry Regulatory Authority, the self-policing body for the securities industry, said Tuesday that the question is "a matter of regulatory concern" for his organization and the Securities and Exchange Commission.
The top securities regulator for Massachusetts, William Galvin, said he had subpoenaed Morgan Stanley. Galvin said his office is investigating whether Morgan Stanley divulged to only some clients that one of its analysts had cut his revenue estimates for Facebook before the stock hit the market on Friday.
The bank said late Tuesday that it "followed the same procedures for the Facebook offering that it follows for all IPOs," referring to initial public offerings of stock. It said that its procedures complied with regulations.
The questions about the role played by Morgan Stanley, the lead underwriter for the deal, add to the confusion surrounding Facebook's IPO. In the most hotly anticipated stock debut in years, the offering raised $16 billion for the social networking company, valuing it at $104 billion.
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High court will take up wiretaps lawsuit
Court Watch |
2012/05/21 08:58
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The Supreme Court says it will consider shutting down a legal challenge to a law that lets the United States eavesdrop on overseas communications.
A federal appeals court ruled last year that a lawsuit filed by lawyers, journalists and human rights groups objecting to the latest version of the Foreign Intelligence Surveillance Act could proceed. But the Obama administration appealed, and the justices said Monday they will take up the case in the fall.
The lawsuit was brought by those in jobs that require them to speak with people overseas who are possible targets of the surveillance.
No court has ruled on the merits of the lawsuit. The current legal fight is over whether the law's challengers are entitled to make their case in federal court.
The administration says the lawsuit should be dismissed because the plaintiffs only have a fear of having their communications intercepted — as opposed to citing specific instances — which the administration says is insufficient for asking federal judges to intervene. The law's challengers, however, argue that they already have taken costly and burdensome steps to protect the confidentiality of their overseas communications, based on a reasonable belief that the government could be monitoring their calls.
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Court won't reduce student's music download fine
Breaking Legal News |
2012/05/21 08:57
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The Supreme Court has refused to take up a Boston University student's constitutional challenge to a $675,000 penalty for illegally downloading 30 songs and sharing them on the Internet.
The high court on Monday refused to hear an appeal from Joel Tenenbaum, of Providence, R.I., who was successfully sued by the Recording Industry Association of America for illegally sharing music on peer-to-peer networks. In 2009, a jury ordered Tenenbaum to pay $675,000, or $22,500 for each song he illegally downloaded and shared.
A federal judge called that unconstitutionally excessive, but the 1st U.S. Circuit Court of Appeals in Boston reinstated the penalty at the request of Sony BMG Music Entertainment, Warner Brothers Records Inc. and other record labels represented by the RIAA.
The judge will have a new opportunity to look at the case and could again order the penalty reduced, using different legal reasoning.
Chief Justice John Roberts and Justice Stephen Breyer did not participate in the high court's consideration of the case.
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Md. highest court recognizes same-sex divorce
Breaking Legal News |
2012/05/18 21:29
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Maryland's highest court ruled Friday that same-sex couples can divorce in the state even though Maryland does not yet permit same-sex marriages.
The Court of Appeals ruled 7-0 that couples who have a valid marriage from another state can divorce in Maryland. The case involved two women who were married in California and denied a divorce in 2010 by a Maryland judge.
The ruling may have limited effect because same-sex weddings, and by extension divorces, are set to start in the state in January. However, opponents of the law passed this year are seeking to overturn it in a potential voter referendum in November.
"A valid out-of-state same-sex marriage should be treated by Maryland courts as worthy of divorce, according to the applicable statues, reported cases, and court rules of this state," the court concluded in a 21-page ruling.
It said Maryland courts should withhold recognition of a valid foreign marriage only if that marriage is "repugnant" to state public policy. The court says the threshold is a high bar that has not been met in the case that it ruled on.
Lawyers for the women told the Court of Appeals that is would be unprecedented for the state not to recognize gay marriages performed elsewhere.
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Court rules NY town's prayer violated Constitution
Breaking Legal News |
2012/05/16 21:28
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An upstate New York town violated the constitutional ban against favoring one religion over another by opening nearly every meeting over an 11-year span with prayers that stressed Christianity, a federal court of appeals ruled Thursday.
In what it said was its first case testing the constitutionally mandated separation of church and state, the U.S. Court of Appeals for the Second Circuit ruled the town of Greece, a suburb of Rochester, should have made a greater effort to invite people from other faiths to open monthly meetings. The town's lawyer says it will appeal.
From 1999 through 2007, and again from January 2009 through June 2010, every meeting was opened with a Christian-oriented invocation. In 2008, after residents Susan Galloway and Linda Stephens complained, four of 12 meetings were opened by non-Christians, including a Jewish layman, a Wiccan priestess and the chairman of the local Baha'i congregation.
Galloway and Stephens sued and, in 2010, a lower court ruled there was no evidence the town had intentionally excluded other faiths.
A town employee each month selected clerics or lay people by using a local published guide of churches. The guide did not include non-Christian denominations, however. The court found that religious institutions in the town of just under 100,000 people are primarily Christian, and even Galloway and Stephens testified they knew of no non-Christian places of worship there. |
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The Rosen Law Firm Files Class Action
Class Action |
2012/05/15 21:31
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The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of investors who purchased the securities of Houston American Energy Corp. between March 29, 2010 and April 18, 2012.
To join the Houston American class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Laurence Rosen, Esq., toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or lrosen@rosenlegal.com for information on the class action.
The Complaint asserts violations of the federal securities laws against Houston American for failing to adequately disclose problems with its Tamandua #1 well, and the well's C7 and C9 formations. Namely, that the Company failed to disclose that: (i) the continued investment in testing and completing the C7 and C9 formations in Tamandua #1 well was unproductive and not commercially viable; (ii) the Company lacked adequate internal and financial controls; and (iii) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
www.rosenlegal.com
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'Octomom' bankruptcy case thrown out of court
Breaking Legal News |
2012/05/15 21:27
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A judge threw out "Octomom" Nadya Suleman's bankruptcy claim Tuesday after she failed to file the proper paperwork to show she can't pay as much as $1 million in debt.
That means creditors can move to collect what they say they're owed, and a pending foreclosure can go ahead against the La Habra, Calif., house Suleman lives in with her 14 children, according to The Orange County Register.
Suleman's case was thrown out because she didn't file a dozen financial documents and statements required to prove bankruptcy. In her initial filing April 30, Suleman estimated that she owed as much as $1 million that she is unable to repay.
Suleman had sought protection from her debts under Chapter 7 bankruptcy, which means a court-appointed trustee would have liquidated her assets to pay off creditors before she is discharged from most of her debts. According to the filing, she owed money to more than 20 parties, including utility companies, her father and a Christian school.
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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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