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Saab files for bankruptcy after Chinese deal fails
Court Watch |
2011/12/19 11:27
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Saab Automobile filed for bankruptcy on Monday, giving up a desperate struggle to stay in business after previous owner General Motors Co. blocked takeover attempts by Chinese investors.
Saab CEO Victor Muller personally handed in the bankruptcy application to a court in southwestern Sweden, ending his two-year effort to revive the carmaker that over more than six decades has become known for its rounded sedans and quirky design features.
The Dutch entrepreneur told reporters he had to pull the plug after GM, which still owns some technology licenses for Saab, rejected a last-ditch financing plan involving a Chinese company.
"That basically was the last nail in the coffin of this beautiful company," Muller said in webcast news conference at the Saab plant in Trollhattan, southwestern Sweden.
The Vanersborg District Court was expected to approve the application later Monday.
"This is the most unwelcome Christmas gift I could have imagined," said Fredrik Almqvist, 36, who has worked at Saab's assembly line for nearly 17 years.
While experts say the company is likely to be chopped up and sold in parts, local officials in the town of Trollhattan, where Saab employs more than 3,000 people, were holding out hope that a new buyer would emerge to salvage the brand.
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Pomerantz Law Firm Has Filed a Class Action
Headline Legal News |
2011/12/19 11:26
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Shareholders of Pain Therapeutics, Inc. are reminded of the securities class action lawsuit filed against Pain Therapeutics and certain of its officers. The class action (1-11-CV-1034), filed in the United States District Court, Western District of Texas, is on behalf of a class consisting of all persons or entities who purchased PTIE securities during the period from February 3, 2011 through June 23, 2011 (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 by the SEC, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased PTIE securities during the Class Period, you have until January 31, 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 (or 888.4-POMLAW), toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that, during the Class Period, PTIE made false and/or misleading statements and/or failed to disclose material facts about a new drug, REMOXY. Specifically, PTIE failed to disclose that REMOXY was not approvable by the U.S. Food and Drug Administration due to chemistry, manufacturing, and control deficiencies that caused inconsistent results during laboratory tests. |
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Wisconsin court accepts wind farm challenge
Court Watch |
2011/12/16 11:35
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The state Supreme Court has agreed to decide whether Wisconsin regulators properly approved a huge wind farm in southern Minnesota.
Regulators in Wisconsin and Minnesota gave Wisconsin Power & Light permission in 2009 to build the $450 million farm just north of Albert Lea.
Two Wisconsin groups representing energy consumers contend the Wisconsin Public Service Commission should have applied stiffer approval criteria to the project. The commission has countered that such standards don't apply to out-of-state facilities.
The 4th District Court of Appeals asked the Supreme Court to take the case directly. Online court records indicate the high court has accepted the case, with the first briefs due in mid-January. |
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Suspect's lawyer describes Minn. courthouse attack
Court Watch |
2011/12/16 09:36
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In the moments after authorities say a man just convicted in a criminal trial opened fire at a small northern Minnesota courthouse, it was his defense attorney who rushed to the aid of two shooting victims.
John Lillie III described a chaotic scene Thursday just minutes after his client, Daniel Schlienz, was convicted of third-degree criminal sexual conduct. Authorities have identified Schlienz, 42, as the man who shot the prosecutor who handled his case and another man.
In an interview with the Star Tribune of Minneapolis, Lillie said he was speaking to Schlienz's mother when he heard a shot ring out inside the Cook County courthouse.
Lillie said he followed a man's pleas for help and found Gregory Thompson, of Grand Marais, wounded. He dragged Thompson outside, then re-entered the courthouse to warn workers. Lillie said he heard two more shots on the second floor and ran up to find Tim Scannell, the county prosecutor, bleeding from three gunshot wounds. |
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Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action
Legal Business |
2011/12/16 09:36
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The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of purchasers of the common stock of The Cooper Companies, Inc. between March 4, 2011 and November 15, 2011, inclusive.
If you purchased the common stock of Cooper during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 27, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Cooper shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll free at (800) 541-7358.
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