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Saxena White P.A. Files a Securities Fraud Class Action
Headline Legal News |
2011/12/12 11:09
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Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of investors who purchased Hospira, Inc. common stock on the New York Stock Exchange between March 24, 2009, and October 17, 2011, inclusive.
The complaint charges Hospira and certain of its officers and executives with violations of the Exchange Act. Hospira is a global specialty pharmaceutical and medication delivery company.
The complaint alleges that throughout the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, defendants failed to disclose that: (i) Hospira suffered from extensive quality control issues throughout the Class Period, which undermined both the viability of and the supposed financial savings that would be generated by Project Fuel, a Company program designed to optimize Hospira's operations and increase shareholder value; (ii) Hospira was unable to remedy problems identified in FDA Warning Letters related to Hospira's infusion pumps, quality control deficiencies, and manufacturing weaknesses; (iii) Hospira's revenue guidance for 2010 and 2011 was misstated and lacked a reasonable basis when made; and (iv) as a result of the foregoing, defendants' statements regarding the Company's financial performance and expected earnings were false and misleading and lacked a reasonable basis when made.
On October 18, 2011, the Company announced disappointing preliminary third quarter financial results and slashed full-year guidance, pointing to a production disruption at its Rocky Mount, North Carolina manufacturing plant, which accounted for approximately 25% of the Company's sales. The Company attributed the production slowdown to the impact of an ongoing FDA investigation.
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Appeals court allows Albany hospital merger
Court Watch |
2011/12/11 11:09
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A federal appeals court has ruled that Albany's Phoebe Putney Memorial Hospital can buy Palmyra Medical Center.
The Albany Herald reports that the 11th U.S. Circuit Court of Appeals upheld a lower court decision that said the sale was not subject to federal antitrust oversight.
The Federal Trade Commission had appealed the lower court ruling. The commission argued that Phoebe Putney and Hospital Corporation of America, Palmyra's parent company, were using the Hospital Authority of Albany-Dougherty County to conceal their actions from federal scrutiny.
Phoebe Putney CEO Joel Wernick said Friday he's eager to move forward with the consolidation of the two hospitals.
The FTC said in a statement Friday that it is concerned the deal will raise health care costs in Albany and said it is considering its options. |
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NYC lawyer: Boy a menace before shopping cart case
Court Watch |
2011/12/08 09:20
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Officials say a 13-year-old had a history of troubling behavior before he helped push a shopping cart that fell on a woman from a fourth-floor walkway at a New York City mall.
A city lawyer told a judge Tuesday the boy tried to run schoolmates over on his bike, threw things in the lunchroom and hit his mother's cat.
The attorney says the boy joked around at a police precinct after his Oct. 30 arrest and expressed more concern about his sneakers than about the woman who was seriously hurt.
The boy's lawyer says the teen needs and wants counseling for his behavioral problems.
The boy was charged as a juvenile and pleaded guilty in Family Court last month to assault. His sentencing was postponed Tuesday until later this month.
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Political aide to former Md. governor found guilty
Topics in Legal News |
2011/12/07 09:20
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A political aide to former Maryland Gov. Robert Ehrlich was convicted Tuesday of conspiring to use election-day robocalls in an effort to suppress black voter turnout during the 2010 gubernatorial election.
Paul Schurick was found guilty of all four counts he faced, including conspiracy to influence or attempt to influence a voter's decision whether to go to the polls through the use of fraud and conspiracy to publish campaign material without an authority line. A stoic Schurick comforted his wife in the courtroom after the Baltimore jury's verdict was read, but declined to comment.
His attorney, A. Dwight Pettit, said they will appeal.
Prosecutors argued the calls that went out on the evening of Election Day to about 110,000 voters in Baltimore city and Prince George's County — two jurisdictions with high percentages of black voters — were an effort by the Republican campaign to reduce the number of black Democrats voting in heavily Democratic Maryland.
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Blagojevich team says he's guilty, asks for mercy
Headline Legal News |
2011/12/06 09:19
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After all his claims of innocence and facing years in prison, Rod Blagojevich let his lawyers make an admission that he has so far avoided - that he is, in fact, guilty of public corruption.
The former Illinois governor will get a chance to do the same Wednesday, when he is scheduled to address the judge who will decide his sentence.
Judge James Zagel signaled Tuesday he may be prepared to impose a stiff prison sentence, saying he thinks Blagojevich lied when he told jurors he never tried to sell or trade an appointment to President Barack Obama's vacated Senate seat for campaign cash or a top job.
Throughout the first day of his two-day sentencing hearing, the impeached executive-turned-reality TV star known for his jocular personality was somber and ill-at-ease, staring down at the floor. His wife sobbed as a letter from their daughter was read begging Zagel not to send Blagojevich to prison.
The hearing was a stark contrast to the circus atmosphere around Blagojevich's trials on multiple counts of corruption.
The conciliatory tone came as something of a surprise — just days after defense filings that, as many times before, stridently declared Blagojevich's innocence and said he had been duped by aides but never intended to cross any lines into illegality. |
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