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Robbins Geller Rudman & Dowd LLP Files Class Action Suit
Securities Class Action |
2012/01/26 12:42
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Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the District of Kansas on behalf of purchasers of Collective Brands, Inc. common stock during the period between December 1, 2010 and May 24, 2011.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/collectivebrands/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Collective Brands and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Collective Brands is the holding company for three lines of business: Payless ShoeSource (“Payless”), Collective Brands Performance + Lifestyle Group (“PLG”), and Collective Licensing. The Company was formerly known as Payless ShoeSource, Inc. and changed its name to Collective Brands in August 2007.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. As a result of defendants’ false statements, Collective Brands stock traded at artificially inflated prices during the Class Period, reaching a high of $23.44 per share on February 18, 2011.
On May 24, 2011, after the market closed, the Company announced its financial results for its first fiscal quarter ended April 30, 2011. The Company reported earnings of $26.4 million or $0.42 diluted earnings per share for the first quarter, which was nearly 50% less than the $0.82 diluted earnings per share expected by analysts. The Company further reported that net sales declined 1.1% to $869.0 million, due in substantial part to the Company’s 7.4% comparable store sales decline in its Payless domestic segment, offset by sales growth of 22.5% in PLG. On this news, Collective Brands stock collapsed $3.06 per share to close at $15.31 per share on May 25, 2011, a one-day decline of nearly 17%.
According to the complaint, the true facts, which were known by defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company’s inventory level for Payless remained at excessively high levels and aging inventory for its Payless segment was a concern; (b) sales at the Company’s flagship Payless stores were significantly worse than expected due to deteriorating customer demand; and (c) the Company was forced to mark down Payless’s bloated inventory at significant discounts, which adversely affected the Company’s margins and financial results for its first quarter.
Plaintiff seeks to recover damages on behalf of all purchasers of Collective Brands common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
http://www.rgrdlaw.com
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NY court: Judge can't block $18B Ecuador judgment
Court Watch |
2012/01/26 02:42
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A judge overstepped his authority when he tried to ban enforcement around the world of an $18 billion judgment against Chevron Inc. for environmental damage in Ecuador, a federal appeals court said Thursday as it explained why it lifted the ban last year.
The three-judge panel of the 2nd U.S. Circuit Court of Appeals said the judge has authority to block collection if Ecuadorean plaintiffs move against Chevron in New York, but law does not give him authority "to dictate to the entire world which judgments are entitled to respect and which countries' courts are to be treated as international pariahs."
The judgment came last February after nearly two decades of litigation that stemmed from the poisoning of land in the Ecuadorean rainforest while the oil company Texaco was operating an oil consortium from 1972 to 1990 in the Amazon. Texaco became a wholly owned subsidiary of Chevron in 2001.
Chevron obtained an order from U.S. District Judge Lewis A. Kaplan last March blocking Ecuadorean plaintiffs from trying to collect the $18 billion until he could stage a trial to determine if the judgment was obtained fairly. |
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Hustler targeted for printing photos of dead woman
Topics in Legal News |
2012/01/26 02:42
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Hustler Magazine argued Wednesday in a federal appeals court that its decision to publish nude photos of a model months after she was killed by her wrestler husband was protected by the First Amendment because she was a newsworthy figure.
The family of Nancy Toffolini Benoit has waged a legal battle against the pornographic magazine since it published the photos after she and her son were killed in 2007 by wrestler Chris Benoit. Her family said she never gave the magazine permission to print the photos.
The 11th U.S. Circuit Court of Appeals ruled in June 2009 that a notorious death doesn't give publishers a blank check to publish any images they wish. The case went to trial, and a jury in June 2011 voted to slap Hustler Magazine with $19.6 million in punitive damages for running the photos. A federal judge soon reduced that award to $250,000 to abide by a Georgia law capping damages.
The debate before the court on Wednesday was not only whether to reinstate the jury's eye-popping verdict, but also whether the case should have even gone to trial.
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Pomerantz Law Firm Has Filed a Class Action
Securities Class Action |
2012/01/25 09:46
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Pomerantz Haudek Grossman & Gross LLP has filed a class action lawsuit against TranS1 Inc., and certain of its officers. The class action (7:12-cv-00023-F), filed in the United States District Court, Eastern District of North Carolina, is on behalf of a class consisting of all persons or entities who purchased TranS1 securities during the period between February 21, 2008 and October 17, 2011, inclusive (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased TranS1 securities during the Class Period, you have until March 26, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529, toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
TranS1 designs, develops, and markets medical devices to treat degenerative disc disease affecting the lower lumbar region of the spine. The Complaint alleges that, during the Class Period, TranS1 made false and/or misleading statements or failed to disclose that: (1) the Company was not in compliance with federal healthcare fraud and false claim statutes; (2) the Company engaged in improper reimbursement practices; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
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Abortion foes march with eye on fall elections
Court Watch |
2012/01/24 09:19
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Thousands of abortion opponents marched to the Supreme Court on Monday to mark the 39th anniversary of the Roe v. Wade decision legalizing abortion, and supportive lawmakers urged them to further their cause by working to defeat President Barack Obama in the fall.
The "March for Life" has been held every year since 1974, a year after the landmark Supreme Court ruling. It's consistently one of the largest protests of the year in Washington, although soggy, chilly conditions likely kept this year's numbers down a bit.
House Speaker John Boehner addressed the group, reminding those gathered on the muddy National Mall that he's one of 12 children
"I'm sure it wasn't easy for our mother to have 12 of us, but I'm glad we're all here," the Republican lawmaker said. "I've never considered being pro-life a label or a political position. It's just who I am."
Several dozen members of Congress addressed the rally and were cheered by participants, many of whom carried signs reading "I Vote Pro-Life First," ''Defund Planned Parenthood" and "Face It ... Abortion Kills a Person."
Signs endorsing Republican presidential contenders were less ubiquitous, although some in the crowd favored Rick Santorum and Ron Paul, both favorites of conservative Christians.
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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