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Shareholder Class Action Filed Against ValueClick
Class Action | 2007/09/06 04:35
The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:

Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Central District of California on behalf of all purchasers of securities of ValueClick, Inc. ("ValueClick" or the "Company") from November 1, 2006 through July 27, 2007, inclusive (the "Class Period").

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 Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbtklaw.com.

The Complaint charges ValueClick and certain of its officers and directors with violations of the Securities Exchange Act of 1934. ValueClick provides online advertising campaigns and programs for advertisers and advertising agency customers in the United States and Europe. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that certain of the Company's lead-generation practices violated the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003 ("CAN-SPAM") and Federal Trade Commission ("FTC") Guidelines; (2) that the Company's use of long surveys to generate email addresses for resale violated industry standards; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.

On May 18, 2007, the Company disclosed that the FTC was conducting an inquiry to determine whether the Company's "lead generation" activities violated the FTC Act or the CAN-SPAM Act. Specifically, the FTC was investigating certain of ValueClick's websites which promised consumers a free gift of substantial value, and the manner in which the Company diverted traffic to such websites, in particular through their use of email. On May 22, 2007, the Company disclosed that its lead generation activities accounted for more than 60 percent of the Company's quarterly Media segment revenue, and that the promotion-based sub-category of lead generation, the subject of the FTC inquiry, accounted for approximately 30 percent of its quarterly Media segment revenue.

Then on July 30, 2007, the Company announced disappointing quarterly financial results. The Company stated that its revenue results were negatively impacted by the Company's promotion-based business, which "suffered a downturn that began in late May and became more pronounced in June." As a result, the Company was forced to lower its yearly revenue guidance from $655 million to $665 million down to $645 million to $660 million. Additionally, the Company was forced to lower its earnings-per-share guidance for the year, from $0.79 to $0.81 down to $0.74 to $0.76. Upon the release of this news, the Company's shares declined $5.00 per share, or 19.2 percent, to close on July 30, 2007 at $21.01 per share, on unusually heavy trading.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.

For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit www.sbtklaw.com



D.C. Asks Supreme Court to Back Gun Ban
Breaking Legal News | 2007/09/05 08:32

The District today asked the Supreme Court to uphold the city's ban on private ownership of handguns, saying the appeals court decision that overturned the law "drastically departs from the mainstream of American jurisprudence." Most legal experts believe the court will accept the case, which could lead to a historic decision next year on whether the ambiguously worded Second Amendment to the Constitution protects private gun ownership or only imparts a civic right related to maintaining state militias.

The District argues in its petition for review that its law--one of the toughest handgun bans in the nation--should be upheld regardless of whether the court sides with the so-called "individualist" or "collective" legal theories.

"It is eminently reasonable to permit private ownership of other types of weapons, including shotguns and rifles, but ban the easily concealed and uniquely dangerous modern handgun," states the petition, filed by District Attorney General Linda Singer. It adds: "Whatever right the Second Amendment guarantees, it does not require the District to stand by while its citizens die."

"We're going to fight to uphold a law that . . . has public support," Mayor Adrian M. Fenty (D) said at a news conference outside D.C. police headquarters. "The only possible outcome of more handguns in the home is more violence. Our appeal will help the District of Columbia be able to continue to reduce gun violence."

A three-judge panel of the U.S. Court of Appeals for the D.C. Circuit split 2-1 last March in throwing out the District's law, which prohibits handgun ownership except by active and retired law enforcement officers. It also struck down a law requiring that rifles and shotguns kept in private homes be unloaded and disassembled or bound by trigger locks.

The court ruled that the Second Amendment "protects an individual right to keep and bear arms" and that "once it is determined--as we have done--that handguns are 'Arms' referred to in the Second Amendment, it is not open to the District to ban them."

The appeals court acknowledged that its decision was groundbreaking; only one other appeals court--the Fifth Circuit based in New Orleans--has recognized an individual's right to gun ownership, and it nevertheless upheld the federal gun-control law at issue. Nine other circuits around the country have endorsed the "collective" right.

That split is what makes it likely the justices will accept the case, and the lawyers who brought the case on behalf of six District residents who wanted to overturn the gun ban also want the court to take the case.

"We support the court granting [review] and plan on responding very quickly," said attorney Alan Gura, one of the lawyers who brought the case.

Singer said the city expects to hear by November whether the high court will hear the case. The District would be represented in court arguments by Alan B. Morrison, special counsel to Singer's office.

"This is more than an intellectual or ideological argument. It's real," Singer said. "For the residents of the District of Columbia, it's a matter of life and death."

The Supreme Court has not specifically addressed the gun rights guarantees of the Second Amendment since 1939, when it upheld a federal gun control law and seemed to side with the "collective" right argument.

The Second Amendment provides: "A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms shall not be infringed."

The appeals court's decision to focus on "the right of the people to keep and bear Arms shall not be infringed"rather than "A well regulated Militia, being necessary to the security of a free State'' reflects a growing trend in the legal and academic community.

So while the District argues in its petition that the appeals court decision ignored the "obvious military character" of the Second Amendment's language, it spends more time making the case that its law should be upheld even if a majority of the justices embrace the individual rights theory.

Its legal filing contends that the Second Amendment was meant to protect the states from federal intervention, not to restrict their legislative decisions. "States remain free to regulate arms within their boundaries so long as they do not thereby deprive the United States of the ability to obtain the assistance of an armed citizenry in time of need," the petition states.

And the petition says the high court should recognize that banning handguns, which it calls the criminal's "weapon of choice," was a reasonable response in an urban area marked by high crime rates.

District lawyers argue that the ability to own shotguns and rifles satisfied the desire of the law's challengers for a means of self-protection. The appeals court found that argument "frivolous."

The petition also includes a long list of statistics it says bolsters its claims that the availability of handguns increases the number of suicides and endangers children and police officers. "No other provision of the Bill of Rights even arguably requires a government to tolerate serious physical harm on anything like the scale of the devastation worked by handguns," it states.

Although the case decided by the appeals court was called Parker v. District of Columbia, District lawyers have filed their petition as District of Columbia v. Dick Anthony Heller. That is because the appeals court found that Heller, a security guard, was the only one of the six plaintiffs who had legal standing to challenge the law. His application for a handgun permit was denied by the government.



America Pipeline Company Pleads Guilty
Environmental | 2007/09/05 07:35
America Pipeline Company has pleaded guilty to negligently releasing about 200,000 gallons of ammonia into a Kansas creek. Authorities say the incident resulted in the killing of more than 25,000 fish. The Delaware company has agreed to pay a $1 million criminal penalty.

A pipeline that the company owned ruptured about six miles west of Kingman in October 2004. More than a million pounds of liquid ammonia was released.

U.S. Attorney Eric Melgren says the ruptured pipe created a vapor cloud that was a half-mile wide and 1.5 miles long. The ammonia flowed into a 10-mile stretch of a tributary of Smoots Creek, killing the fish, including several endangered ones.



Tennessee court rejects Winkler custody case
Court Watch | 2007/09/05 07:32
Mary Winkler's efforts to regain custody of her three daughters suffered another blow Tuesday. The Tennessee Supreme Court, in an order issued in Jackson, denied Winkler's request for a hearing on an Appeals Court decision that will not allow her custody petition in juvenile court to proceed. Mary Winkler was convicted in April and sentenced in May on a conviction of voluntary manslaughter in the death of her husband, Matthew Winkler, a Church of Christ minister in Selmer.

After the conviction, Matthew Winkler's parents filed a suit to terminate Mary Winkler's parental rights and to adopt the girls - Patricia, 9, Allie, 7, and Brianna, 2.

Dan and Diane Winkler have cared for the girls since Mary Winkler was arrested in March 2006, after Matthew Winkler's death.

Tennessee law places adoption petitions, which are heard in chancery court, ahead of custody petitions heard in juvenile court. The Court of Appeals decision allowed Dan and Diane Winkler to continue pursuing permanent custody of the girls, and this week's Tennessee Supreme Court ruling lets this decision stand.

The Supreme Court's order further assessed all court costs in the matter to Mary Winkler, who received donated legal services during her murder trial.


Dana agrees to settle with retiree committee: law firm
Legal Careers News | 2007/09/05 06:37

Law firm Stahl Cowen Crowley LLC, counsel to Dana Corp's retiree committee, said the autoparts maker agreed to set up a trust to fund retiree benefits. As a part of a settlement, Dana will pay for retiree benefits for non-union retirees through July 1 and will contribute $78 million to fund the trust, the Chicago-based law firm said in a statement.

The company will also pay for the cost of setting up the trust and will work with the retiree committee to explore offering life insurance conversions when and if the underlying policies allow for conversions.



Court allows Morrison to intervene in abortion case
Law Center | 2007/09/05 06:33
Attorney General Paul Morrison is now a party to a lawsuit filed against his predecessor by an abortion clinic's operator. The Kansas Supreme Court has allowed Morrison to intervene in the case. It was filed with the court in June by Planned Parenthood of Kansas and Mid-Missouri.

The group is targeting former Attorney General Phill Kline, now the Johnson County District Attorney. Its clinic in Overland Park falls within Kline's jurisdiction, and he investigated it while attorney general.

The court's order was filed under seal, like all other documents in the case. There has been no public explanation of why Planned Parenthood is suing Kline or why Morrison wants to intervene.



Assurant Suspends Common Stock Buyback Program
Securities | 2007/09/05 05:33
Assurant, Inc. ("Assurant") , a premier provider of specialty insurance and insurance-related products and services, announced today that it has ended the company's current stock buyback program and does not expect to initiate a new program in 2007. In light of its continuing involvement with the SEC Staff's investigation into certain loss mitigation products, Assurant determined that it is prudent to extend the normal quarterly blackout period for company stock transactions, which restricts the company's ability to initiate a new stock repurchase program. Going forward, the company will evaluate any further extension of the company's normal blackout period and the potential to implement a new buyback program.

J. Kerry Clayton, Assurant's interim president and chief executive officer, said "We remain focused on disciplined capital management to assure value for our shareholders. We will continue to make investments that support the organic growth of our businesses and continue to evaluate opportunities to make strategic acquisitions in our existing core business segments or in new specialty areas."

In August the company repurchased 1.3 million shares at a cost of $65.5 million, for a 2007 total of 5.7 million shares at a cost of $312.6 million. The current authorization, which was approved on November 10, 2006, has $261 million remaining, although the current program has ended as noted above. Total shares outstanding are 118 million as of August 31, 2007. Since 2004, Assurant has repurchased 26 million shares for $1.1 billion.

Assurant is a premier provider of specialized insurance products and related services in North America and selected international markets. Its four key businesses -- Assurant Solutions; Assurant Specialty Property; Assurant Health; and Assurant Employee Benefits -- have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance market segments worldwide. Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has over $25 billion in assets and $7 billion in annual revenue. www.assurant.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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