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Brower Piven, A Professional Corporation Announces Class Action
Securities Class Action | 2010/10/25 09:54

Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of purchasers of the securities of China Green Agriculture, Inc. during the period between November 12, 2009 and September 1, 2010, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 14, 2010 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint charges China Green and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose accurate financial information during the Class Period. According to the complaint, after it became known that China Green's comparable 2010 financial statements filed with Chinese authorities materially differed from the financial results set forth in the Company's SEC filings, the value of China Green stock declined significantly.

If you have suffered a net loss for all transactions in China Green Agriculture, Inc. securities during the Class Period (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.



Milberg LLP Announces the Filing of a Securities Fraud Class Action
Securities Class Action | 2010/10/20 10:45

A class action lawsuit was filed on September 3, 2010, in the United States District Court for the Central District of California on behalf of purchasers of Beckman Coulter, Inc.  securities during the period from July 31, 2009, to July 22, 2010.

The complaint alleges that Beckman and certain of its officers violated the Securities Exchange Act of 1934 by not disclosing that it modified its troponin test kits without proper FDA approval, requiring a recall, and that it did not disclose the adverse financial impact from quality and compliance issues relating to its troponin test kits.

The FDA sent a warning letter on June 21, 2010, criticizing Beckman for selling an "adulterated," "misbranded," and "unapproved" version of its troponin test kits. On July 22, 2010, Beckman slashed its 2010 earnings outlook, blaming the recall. On July 23, 2010, shares of Beckman fell $12.59 per share, a decline of 21% on heavy volume.

If you purchased Beckman securities during the Class Period, you may, no later than November 2, 2010, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class. Your share in any recovery will not be enhanced by serving as a lead plaintiff. You do not need to move for lead plaintiff to recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.

Founded in 1965, Milberg has offices in New York, Los Angeles, Tampa, and Detroit. The Firm has litigated landmark cases and recovered billions for shareholders and consumers. Our website has additional information: (www.milberg.com).



Great Southern investors file class action
Securities Class Action | 2010/10/12 07:36

Investors with failed agribusiness provider Great Southern have launched a class action against Bendigo and Adelaide Bank (BABL), in an attempt to recover losses from the venture.

A statement of claim issued by DC Legal on behalf of investors against BABL, which currently holds the loans, alleges that the Great Southern Group made false and misleading claims in its product disclosure statement (PDS) such as promoting unattainable woodlot yields and failing to report the true position of the managed investment schemes (MISs).

The group also offered investment in the schemes and loans in order to invest up until the month of receivership, according to the statement.

DC Legal solicitor Bruce Dennis encouraged other Grout Southern investors to join the class action.

Since at least 2004, the Great Southern Group was relying on sales from the following year’s MIS sales, which Dennis described as having a ponzi-like character, where new capital is constantly required to prop up previous projects.

Investors were unable to make an informed decision regarding the investments and would not have taken out the loans and invested in the schemes if the true position had been stated, Dennis said. About 260 investors are asking the Federal Court to set aside loans and to be reimbursed for all costs.

“BABL has threatened to commence action against borrowers from GSF having acquired these purported loans. BABL has even threatened the investors with bankruptcy,” Dennis said.

This is the only nationwide class action on the Great Southern matter, Dennis said, although a smaller class action was filed by Macpherson + Kelley lawyers in the Victorian Supreme Court in May this year.

Along with the Great Southern Group, three formers directors have also been named as respondents in the action. They are John Young, Cameron Rhodes and Phillip Butlin. The matter is due to go before the Federal Court on 22 October.

A response from BABL said there was nothing new in the statement of claim, which the bank described as “hopelessly inadequate”.

It covers the same ground as the Macpherson + Kelley action, and BABL has always acted within the letter and spirit of the law relating to loans provided to investors in Great Southern MIS and will vigorously defend the new action, according to BABL managing director Mike Hurst.

Although DC Legal claims to be acting on behalf of up to 2,000 investors, only 230 of its clients have Great Southern loans with BABL, Hurst said.




Kaplan Fox Files Securities Class Action
Securities Class Action | 2010/10/06 14:25
Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit against Apollo Group, Inc. that alleges violations of the Securities Exchange Act of 1934 on behalf of purchasers of Apollo's common stock during the period February 12, 2007 through August 3, 2010, inclusive (the "Class").

The case is pending in the United States District Court for the District of Arizona. A copy of the complaint may be obtained from Kaplan Fox or the Court.

The Complaint alleges that throughout the Class Period, Defendants represented that Apollo's student enrollment in its programs, and its revenues and profits were growing, but the positive statements regarding the Company's performance and growth made by defendants were materially false and misleading when made, and were known by defendants to be false or were recklessly disregarded because the defendants failed to disclose that the Company's purported growth and profits were achieved through an improper course of conduct, including fraudulently inducing students to enroll in Apollo's scholastic and educational programs and engaging in other manipulative recruiting tactics. Further, the Complaint alleges that during the Class Period Apollo insiders sold over $450 million dollars of their privately held Apollo stock at artificially inflated prices.

The Complaint further alleges that the truth about Apollo's improper recruiting tactics began to emerge on January 7, 2010, when, after the close of trading, the Company issued a press release disclosing, among other things, that the U.S. Department of Education expressed a concern that some students had enrolled and began attending classes before completely understanding the implications of enrollment, including their eligibility for student financial aid. On January 8, 2010, the next trading day, Apollo shares declined from a close on January 7, 2010 of $63.94 per share to close at $60.50 per share, a decline of $3.44 per share or approximately 5.4% on heavier than usual volume.

Then, the Complaint alleges, on August 3, 2010, the United States Government Accounting Office (the "GAO") published a report finding that certain for-profit schools (i) used deceptive recruiting practices; (ii) inflated their tuition costs; and (iii) engaged in other "troubling" practices. The Complaint alleges that, as a result of these disclosures, between August 3, 2010, and August 6, 2010, shares of the Company declined from a close of $47.14 per share on August 2, 2010, to a close of $42.83 per share on August 5, 2010, a decline of $4.34 per share or approximately 9%.

If you are a member of the proposed Class, you may move the court no later than October 15, 2010 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.



Izard Nobel LLP Announces Class Action Lawsuit
Securities Class Action | 2010/10/06 14:24
The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Vermont on behalf of purchasers of the common stock of Green Mountain Coffee Roasters ("Green Mountain" or the "Company") between July 28, 2010 and September 28, 2010, inclusive (the "Class Period").

The Complaint charges Green Mountain and certain of its officers and directors with violations of federal securities laws. It is alleged that defendants made materially false and misleading statements related to the Company's business and operations. Specifically, the Complaint alleges that Green Mountain issued inaccurate and unreliable financial statements that were not prepared in accordance with Generally Accepted Accounting Principles and SEC rules, which artificially inflated the Company's stock price.

On September 28, 2010, after the close of trading, the Company announced it was under investigation by the SEC for issues related to improper revenue recognition. The announcement also revealed that certain of the Company's previously issued financial statements would be restated. On this news, shares of the Company's stock fell from $37 per share to a close of $31.06 per share on the following trading day.

If you are a member of the class, you may, no later than November 29, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/greenmountain/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.



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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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