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SD Supreme Court upholds school funding system
Topics in Legal News |
2011/09/01 02:39
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The South Dakota Supreme Court on Thursday upheld the constitutionality of the state's system for funding school districts, rejecting the schools' arguments that the current arrangement does not provide enough money to assure students of an adequate education.
In a unanimous ruling, the high court said a lawsuit supported by about two-thirds of the state's school districts raises serious questions about the funding system and shows that some districts struggle to provide adequate facilities and qualified teachers.
"Even so, reasonable doubt exists that the statutory funding mechanisms or level of funding are unconstitutional," Justice Judith Meierhenry wrote for the court.
The 41-page main decision upholds a ruling by Circuit Judge Lori Wilbur of Pierre, who ruled in 2009 that the school funding system is constitutional because it provides students with an adequate education that prepares them for life after high school. Wilbur has since been appointed to the Supreme Court, but did not take part in Thursday's ruling.
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$6.5 billion Sino-Forest class action suit launched
Court Watch |
2011/08/31 09:38
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Lawyers representing plaintiffs in a proposed class-action lawsuit against Sino-Forest Corp. (TSX:TRE) have filed a statement of claim against the Chinese timber operator, seeking more than $7.37 billion in damages.
Law firms Koskie Minsky LLP and Siskinds LLP filed the claim in Ontario superior court, alleging that executives conspired to inflate share prices, and accusing the troubled forestry company of making misrepresentations about its operations.
The Ontario Securities Commission halted trading of shares in the forestry company on the Toronto Stock Exchange last week, after accusing it of fraud.
The law suit seeks money for those who bought Sino-Forest shares on the stock market and through the company's public offering.
"The securities sold by Sino via the offerings were sold at artificially inflated prices as a result of the representation and the other misrepresentations," the statement of claim said.
The allegations against Sino-Forest have not been proven in court. The company did not return a call requesting comment Wednesday.
The claim names several Sino-Forest executives, including former CEO Allen Chan; auditor Ernst & Young; and financial institutions that had acted as underwriters for the company's 2009 prospectus offering. They include TD Securities, Dundee Securities, RBC Securities, Scotia Capital, and CIBC World Markets.
"The underwriters earned fees from the class, whether directly or indirectly, for work that they never performed or that they performed with gross negligence, in connection with the offerings, or some of them," according to the statement of claim.
"Sino, E&Y and the individual defendants further breached their duty of care as they failed to maintain appropriate internal controls to ensure that Sino’s disclosure documents adequately and fairly presented the business and affairs of Sino on a timely basis," it said.
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Shareholder Class Action Filed Against WebMD Health Corp.
Securities Class Action |
2011/08/30 09:30
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The following statement was issued today by the law firm of Kessler Topaz Meltzer & Check, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of WebMD Health Corp., who purchased or otherwise acquired WebMD securities between February 23, 2011 and July 15, 2011, inclusive (the "Class Period"). If you are a member of this class, you can view a copy of the Complaint or join this class action online at http://www.ktmc.com/cases/webmd/.
Members of the class may, not later than October 3, 2011, move the Court to serve as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported 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.
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 Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For additional information about this lawsuit, or to join the class action online, please visit http://www.ktmc.com/cases/webmd/.
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Cohen Milstein Sellers & Toll PLLC Announces Class Action
Legal Focuses |
2011/08/30 09:30
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Cohen Milstein Sellers & Toll PLLC announces that it has filed a class action lawsuit in the U.S. District Court for the Southern District of New York against SinoTech Energy Limited, and certain of its officers, directors and underwriters.
The lawsuit, which is captioned Crayder v. SinoTech Energy Limited, et al., 11-CV-05935, alleges violations of the United States securities laws on behalf of purchasers of SinoTech's American Depository Shares ("ADSs") from November 3, 2010 through August 16, 2011 (the "Class Period"), including purchasers of ADSs in the Company's November 3, 2010 initial public offering (the "November IPO"). Claims for November IPO purchasers arise under Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 (the "Securities Act"). Claims for other Class Period purchasers fall under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission.
The lawsuit asserts numerous problems with SinoTech's previously issued financial statements and declarations about its future prospects. Among other claims, the complaint alleges that: (1) the Company's sole import agent, which accounted for more than $100 million worth of oil drilling equipment orders, is an empty shell company with no sign of operations; (2) the Company's only chemical supplier is also an empty shell company, with little or no revenues; (3) the Company's largest subcontracting customer, which provides the vast majority of SinoTech's revenues, has unverifiable operations with minimal revenues; (4) the financial statements SinoTech issued in the United States are inconsistent with similar filings the Company made in China; (5) the Company has engaged in undisclosed related-party transactions in violation of Generally Accepted Accounting Principles; and (6) positive statements the Company made regarding its internal financial controls were false and misleading.
On August 16, 2011, a research analyst writing under the name Alfred Little published an investigative report (the "Report") detailing these and other problems at SinoTech. The day the Report was issued, the Company's stock price plummeted more than 40%, falling from $4.02 per share on August 15, 2011 to $2.35 per share at the close of trading on August 16, 2011 - a decline of $1.67 per share on unusually high trading volume. The NASDAQ halted SinoTech trading after the market closed on August 16, 2011, announcing that trading would remain halted until the Company "fully satisfied NASDAQ's request for additional information." To date, trading has not resumed.
If you purchased the common stock of SinoTech and wish to serve as lead plaintiff, you must move the Court no later than October 18, 2011 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia, Chicago, and West Palm Beach, and is active in major litigation pending in federal and state courts throughout the nation.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
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Court approves Harry and David reorganization plan
Court Watch |
2011/08/30 09:29
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Harry & David will emerge from bankruptcy protection in the middle of September, the specialty foods company said Tuesday, after its plan for reorganization was approved in court.
The emergence will likely occur on or around Sept. 13, giving the company plenty of time to ramp up for the crucial holiday season.
Kay Hong, the interim CEO who is heading the restructuring, said that Harry and David is returning as a stronger company that is better positioned for long-term profitable growth. The restructuring plan was approved by the United States Bankruptcy Court for the District of Delaware
With consumer priorities reshuffled during the recession, the demand fruit basket and gourmet gifts evaporated. Harry & David entered Chapter 11 bankruptcy protection in March.
Hong said the company looks forward to the holiday season with strong lineup of new products and plans "to deliver a terrific gift experience and unparalleled customer service as Harry & David has done for generations."
Harry & David Holdings Inc., based in Medford, Ore., sells under the Harry & David, Wolferman's and Cushman's brands online and in stores.
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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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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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