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Scott+Scott LLP Announces Class Action Lawsuit
Securities |
2010/09/11 13:40
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Scott+Scott LLP filed a class action complaint against Acura Pharmaceuticals, Inc.and certain of the Company's officers in the U.S. District Court for the Northern District of Illinois. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing Acura common stock during the period beginning February 21, 2006 and ending April 22, 2010, inclusive (the "Class Period''). If you purchased Acura common stock 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 website, http://www.scott-scott.com) for more information. There is no cost or fee to you. Acura engages in the research, development, and manufacture of pharmaceutical product candidates utilizing Acura's proprietary "Aversion Technology" and other technologies that purportedly provide abuse deterrent features to orally-administered pharmaceutical drug products containing abusable active ingredients, such as tranquillizers, stimulants, sedatives, decongestants, and various other opioid analgesics. The complaint alleges that, during the Class Period, Acura and certain of its officers and directors concealed material adverse facts about the Company's lead product candidate, Acurox, an orally administered immediate release tablet containing oxycodone as its active ingredient and niacin as an oral abuse-deterrent. After repeated glowing announcements by Acura to its investors touting the strength of the clinical trials of Acurox and the drug's potential for obtaining FDA approval, and thus commercial viability, the market was stunned when, on April 20, 2010, the FDA posted, on its website, briefing materials for the April 22, 2010 meeting to consider the New Drug Application of Acurox advising that: Acura's Aversion Technology was nowhere near effective enough to warrant approval, that the Company's clinical data was defective, that its clinical studies were not properly designed, that the Company had wholly ignored specific directives from FDA over the past four years as to specific clinical trials and evidence Acura had to demonstrate, and that that no evidence had ever been presented to the FDA that the niacin additive discouraged abusers from abusing oxycodone. On this news, Acura's stock price declined 42.5% in one day, to close at $6.25 in afterhours trading. On April 22, 2010, the FDA Joint Panel voted 19-1 against approving Acurox. On the same day, it was reported that the FDA had been prodding Acura to demonstrate the deterrent efficacy of niacin since at least May 2009. As a result of these disclosures, Acura's stock price declined 39%, to $3.20 per share, in the pre-market trading on April 23, 2010. 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. This news release was distributed by GlobeNewswire, www.globenewswire.com
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Menzer & Hill, P.A. Announces Investigation
Securities |
2010/09/09 07:17
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The Securities Arbitration Firm of Menzer & Hill, P.A. Announces Investigation Into The Sales Practices Of Broker-Dealers That Solicited Purchases of Inverse and Leveraged Exchange-Traded Funds (ETFs)
The Securities Arbitration Firm of Menzer & Hill, P.A. (www.suemyadvisor.com) announced today that it is investigating the sales practices of brokerage firms that solicited investors to buy leveraged and inversed Exchanged-Traded Funds (“ETFs”). Many brokerage firms, through their financial advisors, are soliciting purchases in these securities as investments, with holding periods longer than one day, while others are recommending option strategies on the underlying ETFs. The Financial Industry Regulatory Authority (“FINRA”), stated in a Regulatory Notice, sent to brokerage firms June 2009, that leveraged and inverse ETFs are “highly complex financial instruments” and “are typically not suitable for retail investors who plan to hold them for more than one trading [day], particularly in volatile markets.” Brokerage firms that failed to adhere to suitability requirements could be held liable to investors that sustained losses in solicited purchases of leveraged and inverse ETFs as a result.Investors that have purchased leveraged or inverse ETFs through a brokerage account or managed account offered by Merrill Lynch, a subsidiary of Bank of America (NYSE:BAC), Morgan Stanley Smith Barney (NYSE:MS), Wells Fargo Advisors (NYSE:WFC), Ameriprise Financial (NYSE:AMP), UBS (NYSE:UBS), LPL Financial, Raymond James (NYSE:RJF), Edward Jones, or other brokerage firms and have sustained losses should contact the attorneys at the Securities Arbitration Firm of Menzer & Hill, P.A. to determine if they have a claim for a recovery of losses. Leveraged and inverse ETFs can be volatile and investors may have realized or unrealized losses in the following ETFs year to date, including but not limited to: | DRV down 63% (NYSEArca: DRV); | | TMV down 46% (NYSEArca: TMV); | | VXX down 44% (NYSEArca: VXX); | | SRS down 43% (NYSEArca: SRS); | | ZSL down 42% (NYSEArca: ZSL); | | GAZ down 38% (NYSEArca: GAZ); | | TZA down 36% (NYSEArca: TZA); | | UNG down 35% (NYSEArca: UNG); | | TBT down 34% (NYSEArca: TBT); | | FAZ down 29% (NYSEArca: FAZ); and | | UCO down 28% (NYSEArca: UCO). |
For a free case evaluation or to discuss any other investment losses, please contact the Securities Arbitration Firm of Menzer & Hill, P.A., at 888-923-9223, or visit us on the web at www.suemyadvisor.com. |
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Statman, Harris & Eyrich, LLC Announces Class Action
Class Action |
2010/09/09 07:13
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The law firm of Statman, Harris & Eyrich, LLC, which has significant experience in class actions, announced today that a class action has been filed against Almost Family Inc. ("Almost Family" or the "Company") for potential violations of state and federal law. The class action was filed on behalf of purchasers of stock during the period of November 4, 2009 -- June 30, 2010 (the "Class Period"). Almost Family, together with its subsidiaries, provides home health services in the United States, operating through two segments, Visiting Nurse and Personal Care. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's operations and its business and financial results and outlook. Defendants misled investors by failing to disclose that: (i) the Company was deliberately increasing the number of unnecessary home therapy visits in order to receive increased Medicare reimbursements; and (ii) as a result of defendants' conduct, the Company's reported sales and earnings were materially inflated. As a direct result of defendants' false statements, Almost Family's common stock traded at artificially inflated prices during the Class Period, reaching a high of $43.96 per shares on April 29, 2010. On April 26, 2010, the Wall Street Journal ("WSJ") reported that certain home health providers intentionally increased the number of in-home therapy visits to patients to coincide with higher reimbursement rates through Medicare. According to the WSJ article, the percentage of Almost Family patients receiving 10 visits dropped by 39% from 2007 to 2008, when the 10 visit reimbursement bonus was eliminated from Medicare in January 2008. As a result of the WSJ article, the Company has come under intense scrutiny, including an inquiry by the United States Senate Finance Committee. On July 1, 2010, Almost Family announced that it had been notified that the Securities and Exchange Commission ("SEC") had launched a formal investigation of the Company. Almost Family also announced that it had received a subpoena from the SEC seeking documents related to the Company's "home health care services and operations, including reimbursements under the Medicare home health prospective payment system, since January 1, 2000." As a result of this negative news, Almost Family's common stock fell $3.88 per share or 11.11%, on July 1, 2010, on high volume. If you purchased shares of Almost Family during the Class Period, you have until October 4, 2010 to ask the Court to appoint you as lead plaintiff for the class. If you would like more information about your shareholder rights, contact attorneys Melinda Nenning or Elizabeth Hutton for further information without any obligation or cost to you at (513) 345-8181, Ext. 3095, or by email at mnenning@statmanharris.com or ehutton@statmanharris.com. Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; Dayton, Ohio; and Sarasota, Florida. www.statmanharris.com |
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Google Buzz Lawsuit Settled for $8.5 Million
Court Watch |
2010/09/07 07:17
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Google never knew that it will actually have to pay a heavy price for its free to use social network - Google Buzz. As per AFP, Google has agreed to pay $8.5 million as settlement of a privacy lawsuit over Google Buzz according to court documents. Eva Hibnick, a 24-year old Florida resident and Harvard Law School student, haa filed a class action lawsuit against Google Buzz for sharing personal data without user content. Not only that, the California based search giant is asked to make more efforts to educate users about Google Buzz's potential impact of privacy. Google Buzz social network was in troubled waters after Private Group complained against the privacy issues with the service. However, Google quickly worked and fixed the issue while the service continued to receive lukewarm response from Gmail users. Post that, numerous changes have been implemented in the service but a class action law suit was already filed against Buzz. Seven different individuals have filed law suits against Google Buzz for privacy violations since the free social network was launched back in February. Now, as per the recent settlement filing posted online (PDF), Google will pay seven plaintiffs not more than $2500 and 30 percent of the settlement money would go to the lawyers as covering fees. The remaining amount would be put in to a fund for organizations that are focused on Internet privacy issues and education. Mike Yang, Associate General Counsel, in a blog post on the official Google Blog talked about the new simplified and refined privacy policies of Google. So now, if you agree to Google's Terms and Condition pertaining to any new or upcoming servise, you will permit Google to collect your data. Honestly, hardly 2-5 percent of users who sign up for new services read the Privacy Policies thoroughly. Whatever maybe the case, Google did goof-up on privacy grounds and paid a hefty price.
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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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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 and help you redesign your existing law firm site to secure your place in the internet. |
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