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Dyer & Berens LLP Files Class Action Lawsuit
Press Release |
2011/10/26 09:47
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Dyer & Berens LLP announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of all persons who purchased or otherwise acquired the common stock of AgFeed Industries, Inc. between March 16, 2009 and August 2, 2011, inclusive. AgFeed is engaged in the animal nutrition and commercial hog producing businesses in China and maintains its principal executive offices in Colorado.
What actions may I take at this time?
If you purchased or acquired shares during the Class Period and wish to serve as a lead plaintiff, you must request appointment by the court no later than December 19, 2011. A "lead plaintiff" works with counsel to direct the litigation and participates in important decisions, including the amount of compensation to accept in settlement of the class action. The lead plaintiffs here will be selected from among applicants claiming the largest loss from their investment in the Company during the Class Period.
What are the allegations in the complaint?
The complaint contains allegations that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's business. Specifically, the defendants misrepresented and concealed from the investing public that, among other things: (i) AgFeed's formula-based analysis for determining accounts receivable and calculating reserves for doubtful accounts did not take into consideration the individual repayment abilities of its customers; (ii) the Company's accounts receivable were materially overvalued and its allowances for doubtful accounts were significantly under-reserved; and (iii) the Company exaggerated its market edge as the combination of overstated assets and understated expenses resulted in an illusion of heightened profitability and Company value. Based upon the foregoing, the complaint charges the Company and certain of its officers with violations of the Securities Exchange Act of 1934.
About Dyer & Berens LLP.
The plaintiffs are represented by Dyer & Berens LLP. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please visit www.dyerberens.com.
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Justices could talk health care cases on Nov. 10
Legal Business |
2011/10/26 09:46
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The Supreme Court could decide as early as Nov. 10 whether to hear a challenge to President Barack Obama's health care overhaul this term.
Federal appeals court rulings on health care from Atlanta, Cincinnati and Richmond are on the agenda for the justices' private conference on Nov. 10.
If they agree then to hear any or all of those cases, the decision would be announced that day or when the court meets in public session the following Monday. Such a timetable would allow the court to hear arguments over the health care law in late March and would give the justices three months to craft their opinions.
The central issue is whether the requirement for individuals to buy insurance or pay a penalty is constitutional.
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Koss Settles SEC Action and Shareholder Class Action
Court Watch |
2011/10/25 09:46
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Koss Corporation, the U.S. based high-fidelity stereo headphone company, and its Chief Executive Officer, Michael J. Koss, agreed to a settlement with the Securities and Exchange Commission without admitting or denying the Commission's charges in an action that stems from the previously reported embezzlement by the Company's former Vice President of Finance, Sujata Sachdeva. Ms. Sachdeva is currently serving an eleven year prison sentence for her crimes. The Company also announced that a settlement in principle has been reached subject to Court approval involving the claims that were brought against the Company and Michael Koss in a pending shareholder class action.
"The restated financial statements that we filed with the Commission back in June 2010 describe in detail the theft that occurred within our Company and the ways that the embezzlement was concealed from members of the Board and, in particular, from Michael Koss," said David D. Smith, Executive Vice President and Chief Financial Officer. Mr. Smith observed that, "Although as a smaller reporting Company, Koss was not required to have its internal controls attested to by the Company's auditors, it was clear that the auditors reviewed the Company's internal controls each year as part of planning their substantive testing, and the Company's financial statements were audited each year." Those audits failed to detect the embezzlement and underlying accounting fraud that was committed against the Company.
Immediately upon discovering the embezzlements in December 2009, the Company disclosed the occurrence to its shareholders, the securities markets, securities regulators and federal law enforcement authorities. Moreover, the Commission publicly acknowledged that the Company and Michael Koss cooperated throughout the course of its investigation.
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Scott+Scott LLP Announces Securities Class Action Lawsuit
Headline Legal News |
2011/10/24 10:44
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On October 19, 2011, Scott+Scott LLP filed a class action complaint against K-V Pharmaceutical Company and certain of the Company's officers in the U.S. District Court for the Eastern District of Missouri. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of K-V between February 14, 2011 and April 4, 2011, inclusive.
If you purchased the common stock of K-V during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott
scottlaw@scott-scott.com
http://www.scott-scott.com/cases/new/securities-fraud-litigation-1533-k-v-pharmaceutical-company-kv-a.html
The complaint filed in the action charges that during the brief Class Period, the Company issued false and misleading statements claiming the Food and Drug Administration had granted K-V the exclusive distribution rights over its "Makena," a drug compound that had previously been prescribed by physicians for decades to prevent miscarriages, and that the agency would enforce those rights by preventing K-V's competitors from distributing generic compounds of Makena. The complaint also alleges that defendants told investors K-V's Makena distribution program was designed to "expand access" to the drug compound, including to low-income and other at-risk groups, while concealing that the $1,500 list price K-V was charging would actually reduce availability of the drug compound to physicians and their patients. As a result, based on a fundamental misperception of K-V's sales and earnings potential, the complaint charges that K-V's stock traded at artificially inflated prices during the Class Period, allowing K-V to sell $200 million worth of senior secured notes, with the proceeds used in large part to pay down the Company's debts.
The complaint alleges that the truth began to come to light on March 17, 2011, when two U.S. Senators publicly questioned the bona fides of K-V's distribution program, stating "the financial assistance is not sufficient and does not extend to certain groups of women," and so that in reality, "KV Pharmaceutical's actions will result in diminished access to appropriate health care for women and result in increased preterm births." It is alleged that this partial disclosure caused K-V's stock price to fall precipitously, removing some of the stock inflation. Then, following the FDA's own March 30, 2011 statement that the agency did "not intend to take enforcement action against" K-V's competitors for distributing the generic version of K-V's Makena, K-V's stock fell further on extremely high trading volume. Finally, following K-V's April 1, 2011 disclosure that K-V was reducing Makena's list price by nearly 55% to $690 per injection -- versus the previous list price of $1,500 -- the market learned on April 4, 2011 that many physicians would never prescribe Makena to their patients due to flaws in the distribution program. On this news, K-V's stock price fell an additional 9.5% in a single trading session.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
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Baker Donelson law firm acquires Houston practice
Legal Business |
2011/10/24 10:43
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A Memphis-based law firm with a large presence in Louisiana will expand into Texas through an acquisition announced today. Baker, Donelson, Bearman, Caldwell & Berkowitz, PC will retain its name as it merges with Houston-based Spain Chambers.
Ranked the 73rd-largest law firm in the country before the merger, the expanded Baker Donelson will include 620 attorneys and advisors working in 17 offices in Louisiana, Mississippi, Alabama, Georgia, Tennessee, Texas and the District of Columbia.
The merger will help to retain and attract new clients, as large companies doing business across mutliple states look to consolidate their legal service providers, said Roy Cheatwood, managing shareholder of Baker Donelson's Louisiana offices.
"Many of our clients would ask us if we had a Texas presence, because if so, they would be interested in having us as their law firm there," said Cheatwood. "It's no surprise that many New Orleans firms, the firms we consider to be our major competition, have Houston offices."
While the Spain Chambers practice focuses primarily on litigation, energy, construction and the financial sector, Baker Donelson provides legal services to a broader range of industries, including banking, real estate, and health care. The merger will allow Baker Donelson to further expand its offerings, Cheatwood said.
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