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Levi & Korinsky Investigate Breach of Fiduciary Duty
Firm News | 2009/02/19 16:59
Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Nobel Learning Communities, Inc. ("Nobel Learning" or the "Company") (Nasdaq:NLCI) arising out of their failure to negotiate in good faith with a potential purchaser of the Company and pursue a transaction designed to maximize shareholders value. On September 22, 2008, Knowledge Learning Corporation made an offer to buy the Company for $17 per share which represents a 25% premium to the prior day's closing share price and is a price the Company's stock has not reached since 1996. The Board, however, has taken actions designed to maintain control over the Company and impede the maximization of shareholder value. These actions include the adoption of a rights plan in response to purchases of Company stock by entities controlled by or affiliated with Michael Milken who is the founder of Knowledge Learning Corporation.

If you own common stock in Nobel Learning and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/nlci.html

L&K has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.


Barnhill & Vayernov Investigating Insight Enterprises, Inc.
Headline News | 2009/02/12 17:38
Barnhill & Vaynerov LLP today announced that it is investigating potential claims against Insight Enterprises, Inc. ("Insight Enterprises" or the "Company") (Nasdaq:NSIT), on behalf of investors. The investigation pertains to possible securities violations related to public statements made by the Company between March 11, 2004 and February 6, 2009, in light of the Company's disclosure that it will have to restate its previously reported earnings.

On February 9, 2009, Insight Enterprises's stock declined nearly 50% after the Company shocked the market by revealing that it expects to restate financial statements included in the Company's most recently filed Annual Report on Form 10-K, for the year ended December 31, 2007, and in the Quarterly Reports on Form 10-Q for the first three quarters of fiscal year 2008. According to the Company, the restatement will also include a material reduction of retained earnings as of December 31, 2004, related to the accumulation of such errors in prior periods. Insight Enterprises has disclosed that the cumulative effect of the restatement is expected to be $50 million to $70 million. On this news, Insight Enterprises shares declined by $2.85 per share, more than 48%, to close on February 9, 2009 at $3.05 per share, on unusually heavy volume.

If you purchased or acquired Insight Enterprises common stock between March 11, 2004 and February 6, 2009, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Maxim Vaynerov, Esquire, of Barnhill & Vaynerov LLP, 8200 Wilshire Boulevard, Suite 400, Beverly Hills, California 90211, by telephone at (310) 943-8989, or by email to Vaynerov@aol.com.


Former White House Exec. Rejoins Sidley Austin LLP
Firm News | 2009/02/11 17:48
Sidley Austin LLP today announced that Daniel M. Price has rejoined the firm as Senior Partner for Global Issues and a member of the Executive Committee.

“We are delighted that Dan has returned to assume a leadership role in the firm,” said Thomas A. Cole, Chair of Sidley's Executive Committee. “His experience will be invaluable for our clients.”

Mr. Price recently completed service as Assistant to the President and Deputy National Security Advisor for International Economic Affairs in the Administration of George W. Bush. In this role, Mr. Price was the senior White House official responsible for international economic issues, including international trade and investment, foreign assistance, humanitarian relief, and the international aspects of financial system reform, energy security and climate change. Additionally, Mr. Price was President Bush's personal representative to the G-8, the G-20 Financial Summit and the Asia-Pacific Economic Cooperation Forum. He also served as the U.S. chair of various cabinet-level bilateral economic dialogues, including the Transatlantic Economic Council, the U.S. – Brazil CEO Forum and the U.S. – India CEO Dialogue.

“Dan is a brilliant lawyer and an enormously effective advocate,” said Henry M. Paulson, Jr., former Treasury Secretary who worked closely with Mr. Price. “He was a key player in international economic matters. He is a wonderful colleague and highly regarded around the world. Sidley is fortunate to have him back.”

Joshua B. Bolten, former White House Chief of Staff, agreed noting, “Dan is a real superstar. Sidley and its clients will benefit greatly from his strategic thinking, grasp of world economic affairs and extraordinary energy and effectiveness.”

Before joining the Bush Administration, Mr. Price chaired the International Trade and Dispute Resolution group at Sidley.

“Dan is the founder of our group, and I am thrilled to welcome him home in his expanded role at the firm,” said Andrew Shoyer, who succeeded Mr. Price as chair of the 50-person group. “His experience at the White House, not only on trade but on such cutting-edge issues as global financial regulation and climate change, will greatly enhance our practice.”

From 2002-2007, Mr. Price also served by Presidential appointment on the Panel of Arbitrators of the International Centre for Settlement of Investment Disputes (ICSID), and was a party-appointed arbitrator in a number of investment disputes. President Bush re-appointed Mr. Price to the ICSID Panel as of January 20, 2009.

Earlier in his career, Mr. Price was Principal Deputy General Counsel in the Office of the U.S. Trade Representative (1989 to 1992). He also served in The Hague as Deputy Agent of the United States to the Iran-U.S. Claims Tribunal (1984 to 1986) and in the Office of the Legal Adviser at the State Department (1982 to 1984).

Mr. Price received a BA with High Honors in History from Haverford College in 1977, a Diploma in Legal Studies in 1979 from Cambridge University where he was a Keasbey Scholar and a JD from Harvard Law School in 1981 where he was Articles Editor of the Harvard Law Review.

He has been a member of the Executive Council of the American Society of International Law, the Advisory Board of the British Institute of International and Comparative Law, the U.S. Secretary of State’s Advisory Committee on International Economic Policy and the Advisory Committee of the Institute of International Economic Law of Georgetown University.

Sidley Austin LLP is one of the world's largest full-service law firms, with more than 1800 lawyers practicing in 16 U.S. and international cities, including Beijing, Brussels, Frankfurt, Geneva, Hong Kong, London, Shanghai, Singapore, Sydney and Tokyo. Every year since 2003, Sidley has been named to Legal Business’ Global Elite, its designation for the 18 firms “that define the pinnacle of the legal profession.” BTI, a Boston-based consulting and research firm, has named Sidley to their Client Service Hall of Fame as one of only two law firms to rank in the Client Service Top 10 for seven years in a row, and to the BTI Power Elite as one of only seven law firms demonstrating the best client relationships for the fourth consecutive year.


Level 3 Communications Class Action Filed
Firm News/Colorado | 2009/02/10 17:58
Denver-based Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of investors of Level 3 Communications, Inc. ("Level 3" or the "Company") (Nasdaq:LVLT) who purchased the Company's common stock between February 8, 2007, and October 23, 2007, inclusive (the "Class Period"). The complaint charges Level 3 and certain of its senior officers with violations of the federal securities laws.

If you wish to serve as a lead plaintiff, you must move the Court no later than April 6, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq., at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint alleges that, during the Class Period, defendants made false and misleading statements to the market about the Company's business, operations and earnings prospects. For example, defendants failed to disclose that: (a) the Company was experiencing problems integrating its numerous acquisitions; and (b) the Company's integration problems caused Level 3 to experience severe provisioning problems which were negatively impacting revenue growth. As a result of defendants' false statements, Level 3 stock traded at artificially inflated prices and Company insiders collectively realized more than $3.5 million in proceeds from the sale of their personally-held Level 3 stock.

On October 23, 2007, Level 3 issued a press release announcing its financial results for the third quarter of 2007, the period ending September 30, 2007. The Company reported that its core communications services revenue was negatively impacted by provisioning issues. On this news, Level 3's stock price dropped to close at $3.18 per share on October 24, 2007, on extremely heavy trading volume.

Plaintiff seeks to recover damages on behalf of purchasers of Level 3 common stock during the Class Period. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. 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 go to www.DyerBerens.com.


Harwood Feffer LLP Files Class Action
Firm News/New York | 2009/02/09 21:01
The law firm of Harwood Feffer LLP announces that it filed a new class action lawsuit on February 9, 2009 on behalf of purchasers of the American Depository Shares ("ADSs") of Satyam Computer Services Ltd. ("Satyam" or the "Company") (NYSE:SAY) during the period January 6, 2004 through January 6, 2009 (the "Class Period"). Shareholders may obtain a copy of the complaint by calling our offices or emailing us at the e-mail addresses listed below. The action is pending in United States District Court for the Southern District of New York.

The complaint alleges that the Company and its two top executives violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing false and misleading financial statements. On January 7, 2009, the Company's Chairman B. Ramalinga Raju sent a letter to the Satyam Board of Directors and the Securities & Exchange Board of India admitting a "multi-year" fraud in which Satyam's financial accounts and disclosures were systematically falsified. According to the letter, Raju admitted to having inflated the amount of cash on the Company's balance sheet by nearly $1 billion, incurring liability of $253 million on funds arranged by him personally, and overstating Satyam's September 2008 quarterly revenues by 76% and profits by 97%. The Complaint also alleges that Satyam's auditors PricewaterhouseCoopers Pvt. Ltd., PricewaterhouseCooopers International Limited, and PricewaterhouseCoopers were active participants in the Company's fraud. As a result of this disclosure trading in the ADSs was halted, with an estimated indication of a loss being approximately 90% of its value.

If you bought stock from January 6, 2004 through January 6, 2009, no later than March 7, 2009, you may move the court to appoint you as lead plaintiff, a representative party that acts on behalf of other class members. The court must determine whether the class member's claim is typical of other members' claims, and whether the class member will adequately represent the class. Your ability to recover is not, however, affected by your decision whether or not to serve as a lead plaintiff.

Harwood Feffer has taken a leading role in many important actions on behalf of defrauded shareholders and has recovered hundreds of millions of dollars in those efforts. The Harwood Feffer website (www.hfesq.com) has more information about the firm. If you wish to discuss this action with us or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:

Robert I. Harwood, Esq. Craig Lowther Harwood Feffer LLP 488 Madison Avenue New York, New York 10022 (toll free) 877-935-7400 e-mail: rharwood@hfesq.com clowther@hfesq.com


Gibson Dunn Partner James Moloney to Speak at KC Event
Firm News | 2009/02/06 19:08
The Knowledge Congress, the leading producer of regulatory focused webinars announced today that James J. Moloney, Partner and Co-Chair, Securities Regulation and Corporate Governance, Gibson Dunn & Crutcher LLP will speak at the Knowledge Congress’ upcoming webinar entitled: “Smaller Reporting Company Regulatory Relief and Simplification: Best Practices Explored”. This 2-hour event is scheduled on February 24, 2009, Tuesday at 12:00 NN – 2:00 PM ET. (For further details of the event and an updated list of panelists, please visit: http://knowledgecongress.org/event_2008_SRC.html)

SEC recently finalized the amendment on the rules for Smaller Companies' reporting methods paving the way to a more simplified approach in complying with the new requirements. It also allows covered companies to choose between different disclosure categories. Moreover, a new definition of Smaller Reporting Company was issued; hence, expanded coverage is expected. This event will aim to further explain this amendment along with the issues surrounding its implementation. Small, as well as large scale companies are strongly encouraged to participate.

The Knowledge Congress is assembling a panel of distinguished professionals and key regulators to help the public understand this new and improved regulation. The speakers will share their expert opinions in a two-hour Live Webinar.

About James J. Moloney

James J. Moloney is a partner and Co-Chair of the firm's Securities Regulation and Corporate Governance Practice Group and is resident in the Orange County office of Gibson Dunn. He is also a member of the firm's Corporate Transactions Practice Group focusing primarily on securities, mergers and acquisitions, friendly and hostile tender offers, proxy contests, going-private transactions, and general corporate matters.

Mr. Moloney was with the Securities & Exchange Commission in Washington, D.C. for six years before joining Gibson Dunn in June 2000. He served his last three years at the Commission as Special Counsel in the Office of Mergers & Acquisitions in the Division of Corporation Finance. In addition to reviewing merger transactions, Mr. Moloney was the principal draftsman of Regulation M-A, a comprehensive set of rules relating to takeovers and shareholder communications, that was adopted by the Commission in October 1999.

Mr. Moloney advises a range of listed companies on reporting and other obligations under the securities laws, establishment of corporate compliance programs, and compliance with corporate governance standards under the securities laws and stock exchange rules. He has advised companies in connection with SEC and other U.S. regulatory investigations, and stock exchange proceedings, and works closely with partners in the firm’s Litigation Practice Group on securities-related lawsuits and investigations.

In the cross-border M&A arena, Mr. Moloney has been involved in cross-border tender offers, exchange offers and going private transactions. He has advised bidders as well as targets, and major shareholders of targets, on the registration, disclosure and reporting obligations under the securities laws arising from such transactions.

About Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher has over 1,000 lawyers in 15 offices located in major cities throughout the United States, Europe, the Middle East and Asia, including Los Angeles, New York, Washington, D.C., Orange County, San Francisco, Palo Alto, London, Paris, Munich, Brussels, Dubai, Singapore, Century City, Dallas and Denver. We are committed to providing the highest quality legal services to our clients in a personal, responsive manner.

Gibson Dunn is a recognized leader in representing companies ranging from start-up ventures to multinational corporations in all major industries, including manufacturing, consumer services, hospitality and leisure, and technology, as well as commercial and investment banks, start-up ventures, emerging growth businesses, partnerships, government entities and individuals. We have an extensive practice representing corporations of all sizes in their transactional and general corporate matters.

For more information about James J. Moloney and Gibson, Dunn & Crutcher LLP, please visit: www.gibsondunn.com

About The Knowledge Congress

The Knowledge Congress is an organization that produces webinars that examine regulatory changes across a variety of industries. “We bring together the world's leading authorities and industry participants through informative two-hour Live webinars to study the impact of changing regulations.”

To contact or to register for an event, please visit: www.knowledgecongress.org.


Sidley Austin Receives Commitment to Justice Award
Legal News | 2009/02/05 17:29
Sidley Austin LLP is a proud recipient of a 2009 Commitment to Justice Award given by inMotion, Inc., a leading non-profit legal service provider that helps indigent and working poor women who need divorces, orders of protection and assistance with other family law matters, including spousal/child support, custody and visitation. The ceremony, on February 3, 2009, honored the lawyers of the Sidley Austin LLP Externship Program 2004-2009 with a special Legal Team Award.
"We are deeply honored to receive this award from inMotion," said Joseph Armbrust, co-managing partner of Sidley's New York office. "Sidley prides itself on its strong commitment to pro bono representation and involvement in the community and our partnership with inMotion has been extremely important to the firm."
Since 2004, the firm's New York office has sponsored an innovative full-time externship program with inMotion. The program is open to all Sidley associates who have an interest in family justice. Each Sidley extern works at inMotion's offices in New York City for a three- to four-month period on a rotating basis and receives extensive training from inMotion. The externs litigate family law and contested divorce cases for women throughout New York City in need of legal assistance, especially those with complicated and demanding cases.
Sidley has a long-standing relationship with inMotion and has taken many of its pro bono referrals, as well as serving as one of its corporate partners. In 2003, Sidley received a Commitment to Justice Award for the firm's commitment to the ideal of access to justice for all individuals.
Sidley has a long tradition of providing pro bono services to individuals and organizations in the U.S. and around the world. Sidley's Pro Bono Policy encourages all lawyers to devote time to pro bono legal matters, including assistance to the poor and to charitable, community and other organizations that serve people who are indigent and unable to afford legal representation. In 2007, over 1,000 Sidley lawyers devoted more than 110,000 hours to pro bono matters. In 2008, Sidley was named as one of four recipients of The National Law Journal's Pro Bono Awards, given in recognition of its Veterans Benefits Project. The firm was recognized by NLJ in 2007 for its firmwide Capital Litigation Project and political asylum program. Sidley was also one of five recipients of the American Bar Association's 2007 Pro Bono Publico Awards.
For more information regarding inMotion's Commitment to Justice Awards, please visit: http://www.inmotiononline.org/content/view/211/261/lang,en/
Sidley Austin LLP is one of the world's largest full-service law firms, with more than 1800 lawyers practicing in 16 U.S. and international cities, including Beijing, Brussels, Frankfurt, Geneva, Hong Kong, London, Shanghai, Singapore, Sydney and Tokyo. Every year since 2003, Sidley has been named to Legal Business' Global Elite, its designation for the 18 firms "that define the pinnacle of the legal profession." BTI, a Boston-based consulting and research firm, has named Sidley to their Client Service Hall of Fame as one of only two law firms to rank in the Client Service Top 10 for seven years in a row, and to the BTI Power Elite as one of only seven law firms demonstrating the best client relationships for the fourth consecutive year.
For purposes of the New York State Bar rules, this press release may be considered Attorney Advertising and the headquarters of the firm are Sidley Austin LLP 787 Seventh Avenue, New York, NY 10019, 212.839.5300 and Sidley Austin LLP One South Dearborn, Chicago, IL 60603, 312.853.7000. Prior results described herein do not guarantee a similar outcome.


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