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RIM Says Investor Suit Is 'Without Merit'
Headline Legal News |
2011/05/30 13:42
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Lawyers for shareholders of the company filed a lawsuit this week in the U.S. District Court for the Southern District of New York, seeking class action status. The suit claims that between Dec. 16, 2010 and April 28 RIM executives made false and misleading statements about the company's financial condition and business prospects. The suit, which was filed by Mary T. Stabile on behalf of anyone who bought the stock during that time frame, names RIM itself, Chief Financial Officer Brian Bidulka, and co-CEOs Jim Balsillie and Michael Lazaridis as defendants.
The suit is the latest in a string of negatives for RIM. The company's BlackBerry smartphones are known for their security and reliability as email devices, but haven't kept up with Apple Inc.'s iPhones or phones that use Google Inc.'s Android software when it comes to running third-party applications. In addition to its sales struggles, the company released its first tablet, the BlackBerry PlayBook, to mixed reviews in April and had to recall about 1,000 of the devices in May due to defective operating software that could have made it impossible for users to set up the device. Most of the gadgets were recalled before being purchased by consumers.
The suit alleges that RIM "failed to inform investors that its aging product line and inability to introduce new products to the market was negatively impacting the company's business and margins." It also argues that RIM knew that BlackBerry shipments would decline and inventory would rise because of problems such as product delays and "lackluster" launches.
RIM's stock dropped 11 percent on March 25 after the company issued a lower-than-expected forecast for its fiscal first quarter. And On April 28 the stock dropped 14 percent when RIM slashed that quarterly forecast, saying it had been selling fewer and cheaper smartphones than it anticipated. Between Dec. 16 and April 29, the stock fell 17.8 percent overall.
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Court refuses to reconsider Spector's appeal
Headline Legal News |
2011/05/29 13:45
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An appeals court on Friday refused to reconsider music producer Phil Spector's appeal of his murder conviction, saying there was overwhelming evidence of his guilt.
The California 2nd District Court of Appeal panel acknowledged it did not consider an issue that defense lawyers now say was critical to his conviction.
The panel blamed the lawyers for failing to sufficiently brief the point and said they had no obligation to consider it.
They quoted case law saying, "Issues do not have a life of their own: if they are not raised ... we consider the issues waived."
Spector, a legendary rock music producer, was convicted two years ago of fatally shooting actress Lana Clarkson at his Alhambra mansion in 2003. He is serving 19 years to life in prison on a second-degree murder conviction.
His first trial ended in a hung jury; the second ended in a conviction.
Defense lawyer Dennis Riordan said he will be filing an appeal with the California Supreme Court on June 13. Riordan said in an interview the court ignored a central issue of the case. |
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Hearing set on proposed Conn. court rules
Headline Legal News |
2011/05/29 13:43
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State court officials will hear from the public on various proposed rule changes, including some that allow expanded media access in certain cases but limit it in others.
The public hearing is set for 10 a.m. Tuesday at the state Supreme Court in Hartford. The Rules Committee of the Superior Court will hear comments on revisions to the Practice Book and Code of Evidence.
The proposed changes include expanding a media coverage pilot program from Hartford to a permanent program statewide. The program allows television cameras and electronic media in courtrooms for certain proceedings.
The changes would also add sexual assault cases to the list of proceedings in which broadcasting, televising, recording and photographing would be prohibited. Cases where coverage is currently limited include family matters and juvenile proceedings.
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Appeals court upholds sentence in NC bus stop case
Headline Legal News |
2011/05/26 13:44
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A man who a federal judge ruled had sex with his adopted sister has lost an appeal of his 2½ year prison sentence.
The judge ordered Royce Mitchell to jail because he decided his sexual relationship with 15-year-old Tiffany Wright violated terms of his 2007 probation on a federal drug charge.
Wright, who was eight months pregnant, was shot to death as she waited for the school bus in September 2009. Police named Mitchell a person of interest, but later concluded he wasn't involved with the killing.
But Wright told a detective that she had sex with Mitchell before she died.
Mitchell continues to deny the allegations, and Wright's lawyer said a DNA test that found Mitchell was not the baby's father proves they didn't have sex. But The Charlotte Observer reports that the U.S. 4th Circuit Court of Appeals decided that just because prosecutors couldn't independently verify Wright's allegations doesn't mean they aren't true.
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Ex-Georgia bank exec to be sentenced for fraud
Headline Legal News |
2011/05/11 09:24
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A former Georgia bank executive who pleaded guilty to using customers and family members in a multimillion-dollar fraud conspiracy that led to his bank's downfall is scheduled to be sentenced to prison.
Randy Jones could face at least 12 years in prison on Wednesday when he is sentenced in federal court. Three others who have pleaded guilty to conspiring with Jones are also set to be sentenced.
Jones, 50, pleaded guilty in January to receiving kickbacks for real estate loans while he was an executive vice president at Community Bank & Trust, the failed Cornelia-based bank where he worked for 30 years.
The hearing started Tuesday but attorneys spent the day in court arguing over how much restitution Jones should pay and how much time he could face behind bars.
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