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McGraw Hill's Bahash Faces Purported Suit
Legal Business |
2007/08/29 05:42
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| O'Rourke Katten & Moody said it filed a lawsuit against McGraw-Hill Cos.'s chief financial officer Robert J. Bahash on behalf of shareholders who bought the company's common stock between July 25, 2006 and Aug. 15. The law firm alleged that Bahash violated federal securities laws and that his misleading statements or omissions concerning the company's business and operations, particularly that its Standard & Poor's unit assigned "excessively high" ratings to bonds backed by subprime mortgages, artificially inflated its stock. McGraw-Hill is a New York-based financial and education information services company. McGraw-Hill had no immediate comment because it said it wasn't aware of the suit. |
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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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