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Shaw Group hit with fiscal 3Q loss on charges
Stock Market News |
2011/06/27 22:26
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Shaw Group Inc. said on Tuesday that problems with a subcontractor on an energy and chemicals project and troubles on another project triggered a $70 million loss in its fiscal third quarter. Shares of the engineering and construction company dropped 12.6 percent in after-hours trading. After markets closed, Shaw reported a loss of $70 million, or 89 cents per share, for the three months ended May 31. That compared with net income of $68.2 million, or 79 cents per share on more shares outstanding, in the same quarter a year ago. Analysts surveyed by FactSet had forecast a profit of 68 cents, on average, in the latest quarter. Analysts' estimates typically exclude one-time items. Revenue dropped nearly 17 percent to $1.49 billion from $1.79 billion in last year's fiscal third quarter. Shaw said that unspecified "subcontractor execution issues" resulted in cost increases to the company on an energy and chemicals project. That reduced earnings by $112.8 million on a pretax basis, and $68.9 million after taxes. The Baton Rouge-based company also recorded a pretax accounting impairment of $48.1 million, or $29.4 million after taxes, on loans made to Nuclear Innovation North America's South Texas Project. |
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NYSE stocks posting largest volume decreases
Stock Market News |
2011/06/27 22:26
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A look at the 10 biggest volume decliners on New York Stock Exchange at the close of trading: Blk DefOppCredTr : Approximately 7,500 shares changed hands, a 88.2 decrease from its 65-day average volume. The shares rose $.06 or .4 percent to $13.90. Gabelli Hltc&Well : Approximately 10,300 shares changed hands, a 79.6 decrease from its 65-day average volume. The shares rose $.06 or .8 percent to $7.60. Hubbell A : Approximately 200 shares changed hands, a 86.7 decrease from its 65-day average volume. The shares rose $.75 or 1.3 percent to $58.00. Huntington Ingalls Industries Inc. : Approximately 160,000 shares changed hands, a 81.6 decrease from its 65-day average volume. The shares rose $.06 or .2 percent to $35.26. Korea Fund Inc. : Approximately 1,400 shares changed hands, a 93.1 decrease from its 65-day average volume. The shares rose $.28 or .6 percent to $47.75. Nuveen New York Select Tax Free Income Portfolio : Approximately 600 shares changed hands, a 86.4 decrease from its 65-day average volume. The shares rose $.10 or .7 percent to $13.53. Primedia Inc. : Approximately 51,000 shares changed hands, a 81.9 decrease from its 65-day average volume. The shares rose $.01 or .1 percent to $7.10. |
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Toyota class action suit to start with Utah case
Topics in Legal News |
2011/06/24 22:29
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The first lawsuit to go to trial in a massive class action against Toyota Motor Corp. over acceleration problems that led the company to recall 14 million cars will involve a crash that killed two people in western Utah, a federal judge said Friday.
U.S. District Judge James Selna told attorneys the case of 38-year-old Charlene Jones Lloyd and 66-year-old Paul Van Alfen, whose Toyota Camry slammed into a wall in Utah in 2010, is scheduled to go to trial in February 2013.
The case - Van Alfen v. Toyota Motor Sales, U.S.A., Inc. - will be the first of several bellwether lawsuits, intended to determine how the rest of the litigation will proceed.
Selna wrote in a tentative order that he hoped the selection would "markedly advance these proceedings."
"The Court believes that selection of a personal injury/wrongful death case is most likely the type of case to meet that goal," Selna said.
Toyota said it welcomes the Utah case as the first suit to reach court.
"We are pleased that the initial bellwether will address plaintiffs' central allegation of an unnamed, unproven defect in Toyota vehicles, as every claim in the multi-district litigation rests upon this pivotal technical issue," the company said in a statement.
Toyota has previously argued the plaintiffs have been unable to prove that a design defect in its electronic throttle control system is responsible for vehicles surging unexpectedly. It has instead blamed driver error, faulty floor mats and sticky accelerator pedals.
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Pa. appeals court upholds $188M Wal-Mart verdict
Headline Legal News |
2011/06/24 11:28
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A $188 million class-action verdict against Wal-Mart Stores Inc. and Sam's Club over payment to employees for rest breaks and off-the-clock work was upheld Friday by a Pennsylvania appeals court.
A three-judge Superior Court panel said there was sufficient evidence at trial to conclude there had been a breach of contract, unjust enrichment and violations of state labor laws.
The judges also ruled in a 211-page opinion that the presiding Philadelphia judge erred in determining some of the plaintiffs' legal fees, and sent that part of the case back for recalculation.
The 2006 trial, which lasted 32 days, resulted in a finding that Wal-Mart did not pay employees for all the work they performed and did not let them take their paid, mandatory rest breaks, the judges wrote. The court awarded $46 million in attorneys' fees.
Wal-Mart spokesman Greg Rossiter said the retail giant believes the court decision was wrong in a number of respects and looks forward to additional review in the courts.
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Casino owner cited in complaint against Ala. judge
Headline Legal News |
2011/06/23 22:29
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A casino owner accused of buying votes in Alabama for pro-gambling legislation is cited in a judicial complaint against a former state judge, who's accused of letting a gambling lobbyist bankroll her re-election campaign while she was handling a custody dispute involving the casino owner's grandchildren.
An attorney for VictoryLand casino owner Milton McGregor said Tuesday that he did nothing wrong and the complaint filed against former District Judge Patricia Warner of Montgomery is based on errors.
"It's reckless and somebody is going to have to answer for that," defense attorney Joe Espy said Tuesday outside the federal courthouse.
The 72-year-old McGregor is in the third week of a trial where he and eight others are accused of buying and selling legislators' votes for pro-gambling legislation with campaign contributions. The legislation was designed to keep McGregor's now-closed VictoryLand casino in Shorter operating.
Late Monday afternoon, the state's Judicial Inquiry Commission filed a complaint against Warner, a Democrat who resigned unexpectedly last week less than six months into her second term. The 74-count complaint accuses Warner of judicial misconduct in several cases, including the one involving an effort by McGregor's former son-in-law to regain visitation rights with McGregor's grandchildren.
The complaint will be heard by the Alabama Court of Judiciary, which can sanction her if it finds her guilty of misconduct and impose financial penalties. A spokesman for the state pension system said Warner qualifies for state retirement benefits. The amount was not immediately available.
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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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