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Kaplan Fox Files Securities Class Action
Class Action | 2010/10/06 14:29

Kaplan Fox & Kilsheimer LLP has filed a class action suit against Apollo Group, Inc. that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of Apollo's common stock during the period February 12, 2007 through August 3, 2010, inclusive (the "Class").

The case is pending in the United States District Court for the District of Arizona. A copy of the complaint may be obtained from Kaplan Fox or the Court.

The Complaint alleges that throughout the Class Period, Defendants represented that Apollo's student enrollment in its programs, and its revenues and profits were growing, but the positive statements regarding the Company's performance and growth made by defendants were materially false and misleading when made, and were known by defendants to be false or were recklessly disregarded because the defendants failed to disclose that the Company's purported growth and profits were achieved through an improper course of conduct, including fraudulently inducing students to enroll in Apollo's scholastic and educational programs and engaging in other manipulative recruiting tactics. Further, the Complaint alleges that during the Class Period Apollo insiders sold over $450 million dollars of their privately held Apollo stock at artificially inflated prices.

The Complaint further alleges that the truth about Apollo's improper recruiting tactics began to emerge on January 7, 2010, when, after the close of trading, the Company issued a press release disclosing, among other things, that the U.S. Department of Education expressed a concern that some students had enrolled and began attending classes before completely understanding the implications of enrollment, including their eligibility for student financial aid. On January 8, 2010, the next trading day, Apollo shares declined from a close on January 7, 2010 of $63.94 per share to close at $60.50 per share, a decline of $3.44 per share or approximately 5.4% on heavier than usual volume.

Then, the Complaint alleges, on August 3, 2010, the United States Government Accounting Office (the "GAO") published a report finding that certain for-profit schools (i) used deceptive recruiting practices; (ii) inflated their tuition costs; and (iii) engaged in other "troubling" practices. The Complaint alleges that, as a result of these disclosures, between August 3, 2010, and August 6, 2010, shares of the Company declined from a close of $47.14 per share on August 2, 2010, to a close of $42.83 per share on August 5, 2010, a decline of $4.34 per share or approximately 9%.

If you are a member of the proposed Class, you may move the court no later than October 15, 2010 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.



Class Action Lawsuit Filed Over San Bruno Pipeline Explosion
Class Action | 2010/10/06 04:31

The massive pipeline explosion that shot a fireball over 1,000 feet in the air and sent flames tearing across a California neighborhood is seeing its first class-action lawsuit. The horrific accident killed eight and devastated 37 homes and is being blamed on Pacific Gas and Electric (PG&E), said Mercury News, citing the lawsuit. Scores were injured and dozens of other homes were damaged. A power outage at the utility preceded the blast.

Now, Daniele DiTrapani, a resident of the San Bruno neighbored hit by the explosion just filed a lawsuit in the San Mateo County Superior Court for unspecified damages to be paid to him and others, said Mercury News. Another, prior, lawsuit filed September 17th, also by a San Bruno resident, is seeking to have the utility relinquish control of a $100 million victims fund to an independent third-party, noted Mercury News.

According to the lawsuit, DiTrapani was at home on September 9th, when the blast occurred; he “has been injured and suffered damages,” according to the lawsuit, quoted Mercury News.

This lawsuit is the second class-action against the utility in the days following the explosion and claims PG&E was negligent and that it was the utility’s actions or lack of action that caused the 30-inch pipe to explode, added Mercury News. The complaint also alleges that residents there have been “contaminated by debris, ash, (and) toxins” due to the blast and fire, according to lawsuit documents.



Great-West Lifeco handed $456-M judgement in class-action lawsuit
Class Action | 2010/10/04 09:06

A stunning $456-million judgement has been handed down against Winnipeg-based insurance giant Great-West Lifeco in a class-action lawsuit.

An Ontario superior court judge ruled Friday that Great-West breached sections of the Insurance Companies Act by transferring money from subsidiary accounts to finance the 1997 takeover of London Insurance Group.

Nearly 2-million policy holders - mostly from Ontario, Quebec, Saskatchewan and Manitoba - joined thr class-action suit that has been winding through the courts over the past 12 years.

Great-West Lifeco has been ordered to pay $372 million to policyholders of London Life and $84 million to those of Great West Life.

Great-West Lifeco intends to launch an appeal, believing ``significant aspects'' of the decision are ``in error''.



Hagens Berman Announces Securities Fraud Class Action
Class Action | 2010/10/04 03:07

Hagens Berman announced today that a securities fraud class action lawsuit has been filed against Green Mountain Coffee Roasters Inc. in U.S. District Court in Vermont.

Investors who purchased Green Mountain common stock between July 28, 2010 and September 28, 2010, and who wish to move to be a lead plaintiff, must file a motion by November 29, 2010. You may contact our attorneys below to discuss this matter.

Green Mountain and certain of its Officers are charged with making a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934. The Complaint alleges that Green Mountain artificially inflated the Company's stock price during the Class Period by issuing inaccurate and unreliable financial statements, which were not prepared in accordance with Generally Accepted Accounting Principles and U.S. Securities and Exchange Commission rules.

The Complaint also alleges that Green Mountain completed a sale of 8,566,649 shares of its common stock to Luigi Lavazza on August 28, 2010, for an aggregate purchase price of $250 million, despite the fact that the Company knew its reported financial statements were untrue and that it lacked adequate internal operational and financial control systems.

Following the close of trading on September 28, 2010, shareholders learned that the SEC had launched an inquiry into Green Mountain's revenue recognition, that it had been notified by the SEC of this investigation as early as September 20, 2010, and that the Company was expected to take a restatement charge in the near term -- rendering the Company's prior reported financial statements and reports unreliable, false and materially misleading.




Rosen Law Firm Announces Filing of Securities Class Action
Class Action | 2010/09/26 20:39

The Rosen Law Firm today announced that a class action has been commenced on behalf of all persons or entities who purchased the securities of Duoyuan Printing, Inc. during the period from November 6, 2009 through September 13, 2010 (the "Class Period").

To join the Duoyuan Printing class action, visit the firm's website at http://www.rosenlegal.com, or call Laurence Rosen, Esq. or Phillip Kim, Esq., toll-free, at 866-767-3653; you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action.

The complaint alleges violations of the federal securities laws by Duoyuan Printing and certain of its present and former officers and directors. Particularly, the complaint asserts that defendants made false or misleading statements and failed to disclose (a) that the legitimacy of certain of the Company's expenses related to advertising and tradeshow costs could not be verified; (b) that Duoyuan Paper had improper relationships with certain vendors and distributors; (c) that, as a result, the Company's financial results were misstated during the Class Period; (d) that the Company lacked adequate internal and financial controls; and (e) that, as a result of the above, the Company's financial statements were materially false and misleading.

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. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.

You may access the website at http://www.rosenlegal.com to participate in the proposed class action.

If you wish to serve as lead plaintiff, you must move the Court no later than November 19, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com.

The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.

Attorney Advertising. Prior results do not guarantee a similar outcome.

This news release was distributed by GlobeNewswire, www.globenewswire.com



Fuwei Films Announces Settlement of U.S. Securities Class Action
Class Action | 2010/09/20 08:37

Fuwei Films (Holdings) Co., Ltd., a manufacturer and distributor of high-quality BOPET plastic film located in China, today announced that it has entered into a final settlement agreement with the plaintiffs in a putative securities class action that has been pending in federal district court in New York (the "Action").

As previously disclosed, the parties reached a settlement in principle of the Action on June 24, 2010. In the Action, plaintiffs assert claims against Fuwei Films, certain of its present and former officers, directors, and shareholders, and the underwriters for Fuwei Films' December 19, 2006 initial public offering, alleging that the Registration Statement and Prospectus contained materially false and misleading information in violation of federal securities laws.

Pursuant to the settlement agreement and subject to the Court's approval, Plaintiffs have agreed to accept US$2.15 million in full and final settlement of all claims they have or may have against the Company, certain of its present and former officers, directors, and shareholders, and the underwriters. Fuwei Films has agreed to contribute US$1 million towards the settlement. The signed settlement agreement has been submitted to the Court for approval.

The Company's management continues to believe that plaintiffs' allegations are without merit. However, in recognition of the attendant risks and costs of continued litigation, and the benefits of resolving the same, the Board of Directors has unanimously consented to settle this case. As of June 30, 2010, the Company accrued US$1 million liability in connection with this litigation excluding defense costs.



Egg Recall Class Action Lawsuit Filed Against Two Farms
Class Action | 2010/09/20 08:35

A salmonella food poisoning class action lawsuit has been filed against two farms that allegedly sold millions of contaminated eggs that have sickened hundreds of people throughout the United States. 
The egg recall lawsuit was filed in the U.S. District Court for the Northern District of Illinois in Chicago last week on behalf of six plaintiffs from Illinois, Indiana, Pennsylvania, North Carolina, New York and Mississippi. The lawsuit seeks class action status to represent all people who bought or fell ill after eating eggs from Wright County Egg and Hillandale Farms in Iowa.

Last month, the two companies had to recall more than half a billion eggs nationwide due to salmonella contamination. The U.S. Centers for Disease Control and Prevention (CDC) has estimated that at least 1,519 people have fallen ill from salmonella poisoning from the eggs, but it is likely that the true number of food poisoning cases is much higher since most illnesses are never reported.

The egg farms have long been plagued by problems, which have only come to light in the aftermath of the egg recall. The companies have been cited numerous times in the past due to non-compliance with a variety of federal regulations. A congressional hearing has been scheduled for next week before the House Energy and Commerce Committee, who say that U.S. Congress investigators found that Wright County Egg found salmonella in 426 tests of its eggs between 2008 and 2010.

The lawsuit accuses the company of negligence and failing to meet federal regulations.

Salmonella is a type of bacteria that attacks the gastrointestinal tract, causing mild to severe food poisoning. For most healthy adults, symptoms of food poisoning from salmonella typically resolve after a few days or weeks. However, young children, the elderly, and individuals with compromised immune systems have an increased risk of suffering severe food poisoning after ingesting the bacteria. If not properly treated, some cases of salmonella food poisoning can lead to hospitalization, dehydration or death.

Both Hillandale Farms and Wright County Egg share some of the same suppliers, and while contaminated chicken feed has been found at both farms, the FDA has yet to determine that the feed was the source of the salmonella contamination.



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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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