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Saxena White P.A. Files a Securities Fraud Class Action
Law Firm Business |
2011/11/08 17:21
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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 Southern District of New York on behalf of investors who purchased Agnico-Eagle Mines Limited common stock on the New York Stock Exchange between April 29, 2010 and October 19, 2011, inclusive.
The action charges Agnico-Eagle and certain of its officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that, throughout the Class Period, the Company's financial results were artificially inflated by virtue of the fact that the Company concealed material adverse problems present at its Goldex Mine which eventually forced the Company to shut down the mine and write off a $260 million investment in the mine.
On October 19, 2011, Agnico-Eagle issued a press release titled, "Agnico-Eagle's Goldex mine to suspend production during investigation and remediation of water inflow and ground stability issue; book value of Goldex to be written off." The Company announced that it was suspending mining operations and gold production at its Goldex mine in Val d'Or, Quebec effective immediately. This unexpected closure forced Company to take a $260 million write off of its investment. This news shocked the market, resulting in an 18.54% decline in the value of Agnico-Eagle's stock on October 19th after the news was revealed. On that day, the shares of Agnico-Eagle closed at $46.51, down $10.59, on unusually high New York Stock Exchange volume.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased the shares of Agnico-Eagle Mines Limited between the period of April 29, 2010 and October 19, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests.
If you purchased Agnico-Eagle Mines Limited during the Class Period of April 29, 2010 and October 19, 2011, inclusive, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than January 6, 2012. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Tel: (561) 394-3399
Fax: (561) 394-3382
www.saxenawhite.com |
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Class-action suit filed after infection scare at Ottawa clinic
Court Center |
2011/11/07 20:34
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A class-action lawsuit has been filed against a doctor and her Ottawa clinic over what health officials have described as lax infection-prevention practices.
Dr. Christiane Farazli's now-closed clinic, which conducted endoscopy procedures, has been the subject of an investigation by the Ontario College of Physicians and Surgeons.
The investigation was made public recently when the Ottawa Public Health authority revealed it was sending a letter to about 6,800 patients who had been treated at the clinic over the past decade, warning them they may have been exposed to hepatitis and HIV infection.
The suit has been launched by the Merchant Law Group LLP, a Saskatchewan-based firm that has been involved with numerous high-profile class-action lawsuits in this country.
The firm says its claim asserts that Farazli failed to consistently follow standard and statutory practices and procedures used to clean endoscopes and that patients have suffered worry, anxiety, and possible bodily injuries as a result. |
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Izard Nobel LLP Announces Class Action Lawsuit
Court Center |
2011/11/07 20:32
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of OmniVision Technologies, Inc. between August 27, 2010 and October 13, 2011, inclusive.
The Complaint charges that OmniVision and certain of its officers and directors violated federal securities laws by concealing the loss of its exclusive contract with Apple. On August 25, 2011 OmniVision disclosed delays in the production of its new 8-megapixel product line. As a result, OmniVision would not be the exclusive producer of camera components for Apple's new iPhone 4S, released on October 14, 2011. In response to this news, OmniVision stock declined $7.55 per share, over 30%, to close at $17.27 on August 26, 2011. On October 14, 2011, when the iPhone 4S was released, experts examined the phone's camera and determined that Sony, not Omnivision, had supplied a key component. On this confirmation of the reduced role of the Company's components in the iPhone 4S, OmniVision stock fell $1.65 per share, or 9.3%, to close at $15.95 per share.
If you are a member of the class, you may, no later than December 27, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/omnivision/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com. |
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MF Global faces class-action suits after bankruptcy
Legal News |
2011/11/07 20:31
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Two class-action lawsuits have been filed against bankrupt brokerage MF Global as customers struggle to recover funds from the first major US casualty of the European debt crisis.
On Saturday, Seattle-based Hagens Berman said it was "investigating whether the company used clients' money to offset losses the company had incurred in failed investments."
It filed a lawsuit in the name of investors who bought MF Global shares between May 20 and October 28 or who bought bonds issued in August.
The complaint charged that MF Global "made false and misleading statements to investors, including failing to disclose the company's reported internal control problems in segregating clients' funds."
Attorney Reed Kathrein said Friday's resignation of the company's chief executive Jon Corzine, whose activities in the last weeks of the failing firm have attracted regulator scrutiny, was "not an encouraging sign."
"As we continue our investigation, we hope to uncover whether the company mixed investors' and company money, and if Corzine himself played a part in that decision," he added in a statement.
Boston law firm Block & Leviton said Friday it had also filed a class-action lawsuit in New York federal court on behalf of MF Global clients over the same period.
It charged MF Global made "certain materially false and misleading statements regarding the Company's internal financial controls and liquidity levels" through its "most senior" officers and directors.
Investors lost some $585 million in market capitalization in the week that preceded MF Global's bankruptcy filings alone, according to Block & Leviton. |
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Court: Fla. must weigh arbitration in Madoff case
Legal Watch |
2011/11/07 20:30
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The Supreme Court says the Florida courts should reconsider whether arbitration is required for claims against an auditing firm that worked on a fund that invested with Bernie Madoff.
The high court on Monday reversed a decision by a Florida appeals court. KPMG was sued by investors in the Rye Funds, which lost millions of dollars to Madoff's Ponzi scheme. KPMG was the auditor for the Rye Funds, and the investors said the company did not use proper auditing standards.
KPMG says its contract requires arbitration but the state courts would not allow it.
The Supreme Court ruled that the Florida courts only looked at part of the claims being brought against KPMG. The high court ordered the lower courts to investigate all of the claims before making a decision. |
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Court won't hear 'Ghost Hunters' appeal
Court Center |
2011/11/07 20:30
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The Supreme Court won't hear an appeal from some television networks being sued by a paranormal investigator who claims his idea was stolen and turned into the television show "Ghost Hunters."
Without comment, the court turned away an appeal from NBC Universal, Inc., Universal Television Networks and Pilgrim Films & Television, Inc.
Parapsychologist Larry Montz and producer Daena Smoller unsuccessfully shopped around an idea for a show about paranormal investigators in 1981. "Ghost Hunters" appeared on the Sci Fi Channel — now known as SyFy — in 2004.
Montz and Smoller sued in federal court. The courts threw out their copyright claims, but the 9th U.S. Circuit Court of Appeals agreed that they could sue for breach of an implied contract and breach of confidence claims. |
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Court to look at life in prison for juveniles
Headline News |
2011/11/06 20:30
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The Supreme Court on Monday agreed to decide whether juveniles convicted of killing someone may be locked up for life with no chance of parole, a follow-up to last year's ruling barring such sentences for teenagers whose crimes do not include killing.
The justices will examine a pair of cases from the South involving young killers who are serving life sentences for crimes they committed when they were 14.
Both cases were brought by the Equal Justice Initiative in Montgomery, Ala. The institute said that life without parole for children so young "is cruel and unusual" and violates the Constitution.
The group says roughly six dozen people in 18 states are under life sentences and ineligible for parole for crimes they committed at 13 or 14.
Kuntrell Jackson was sentenced to life in prison in Arkansas after the shooting death of a store clerk during an attempted robbery in 1999. Another boy shot the clerk, but because Jackson was present he was convicted of capital murder and aggravated robbery.
Evan Miller was convicted of capital murder during the course of arson. A neighbor, while doing drugs and drinking with Miller and a 16-year-old boy, attacked Miller. Intoxicated, Miller and his friend beat the man and set fire to his home, killing the 52-year-old man. Miller's friend testified against him, and got life in prison with the possibility of parole. |
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