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Netlist (NLST) Named in Class Action Lawsuit
Corporate Governance |
2007/05/31 03:53
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Netlist, Inc. (Nasdaq: NLST) announced today that it and certain of its officers and directors have been named as defendants in purported class action lawsuits alleging violations of Federal securities laws. Netlist believes the claims in the suits are without merit and it will defend against them vigorously. In a Separate Release - Law Offices of Howard G. Smith announces that a securities class action lawsuit has been filed on behalf of all person or entities who purchased shares of Netlist, Inc. in connection with the Company's Initial Public Offering ("IPO") on or about November 30, 2006, or who purchased shares thereafter in the open market (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of New York. |
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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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