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Levi & Korinsky Investigate Breach of Fiduciary Duty
Firm News |
2009/03/04 17:03
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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. |
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Class Action Filed Against Oppenheimer Funds
Firm News |
2009/02/27 17:34
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Abraham, Fruchter & Twersky, LLP filed a class action lawsuit in the United States District Court for the Eastern District of New York against Oppenheimer Funds, Inc. ("Oppenheimer") on behalf of purchasers of the Rochester Fund Municipals ("Rochester" or the "Fund") (NASDAQ: RMUNX) (NASDAQ: RMUBX) (NASDAQ: RMUCX) from February 26, 2006 through October 21, 2008 (the "Class Period").
The complaint charges Oppenheimer, the Fund and certain of its Trustees with violations of the Securities Act of 1933. The suit claims Oppenheimer, which runs the Fund, misled investors about the risks of investing in the Fund, resulting in an over 30% decline in the Fund's value. The lawsuit identifies the following funds as affected: A Shares (RMUNX), B Shares (RMUBX) and C Shares (RMUCX).
The complaint alleges that the Registration Statements through which shares of the Fund were sold failed to disclose that under certain circumstances Trusts which contain Inverse Floaters, such as those employed by the Fund, may be put to the Fund for repayment of principal. This caused the Trusts to be collapsed and required the Fund to repay the principal amount of the tendered securities. In order to do so, the Fund was forced to sell securities from its portfolio regardless of market conditions and accept prices far below the values at which the bonds were carried on its books.
This risk factor was always present wherever inverse floaters were employed. However, no disclosure was made in any of the Prospectuses filed as part of Registration Statements with respect to the sale of the Fund's shares. Because of this lack of disclosure, the Fund's shares traded at artificially inflated prices during the Class Period.
On October 21, 2008, Rochester filed a Prospectus Supplement which disclosed the relevant risks associated with the Fund's investment in Inverse Floaters. As of October 21, 2008, the Fund's shares traded at $12.35 per share, down from $18.00 per share at the beginning of the year.
Plaintiff seeks to recover damages on behalf of all those who purchased shares of Rochester Fund Municipals from February 26, 2006 through October 21, 2008. The Plaintiff is represented by Abraham, Fruchter & Twersky, LLP which has extensive experience in securities class action cases, having been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.
If you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jeffrey Abraham or Jack Fruchter of Abraham, Fruchter & Twersky, LLP at 212-279-5050, or via e-mail at jabraham@aftlaw.com or jfruchter@aftlaw.com, respectively. If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from today. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class. |
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Christian Boot Camp Accused of Abusing Kids
Top Legal News |
2009/02/26 21:42
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Thayer Learning Center and its successor the Teen Life Skills Center abused children at its "Christian boot camp," hog tying them naked and spraying them with a hose, duct-taping children together overnight, throwing ice water on them as they shivered naked on a concrete floor, putting them in solitary confinement for a month, and forcing a girl to eat her own vomit, one girl's mother claims in Federal Court.
The mother, Ruth Romer, claims that Teen Life Center, of Kidder, Mo., "is a mere continuation of the predecessor Thayer Learning Center and that the creation of the successor for in whole or in part for the purpose of escaping liability for the tortious acts of Thayer Learning Center."
Teen Life is a Utah corporation. Also sued are Dorothy Steele, Willa Bundy and John Bundy, all of Springerville, Utah.
Romer also claims her daughter was provided with inadequate medical care. She says Thayer and its staff tells kids to "suck up your drama," denies them medical attention, and "terminates employees who report abuse to public agencies and law enforcement."
She says the defendants screen mail to and from children, "routinely misrepresent the physical and emotional status of children in their care when speaking to the parents of said children," and "misrepresent to parents the level, or lack thereof, of qualified medical training for staff at Defendant Thayer.'
She claims that "children at Defendant Thayer were routinely 'taken down,' meaning physically incapacitated and taken to the ground through 'choke holds' and other means."
She claims that "when a child was 'taken down' the 'drill instructor' or staff involved, would yell 'grenade,' meaning all other 'cadets' must get on the ground face down with their hands over their eyes and head, so as not to be witnesses to the event."
She claims that "children at Defendant Thayer were routinely 'smoked' meaning that they were forced to perform physical exercise and exertion until they collapsed from physical exhaustion."
She claims that "Some children have spent thirty days or more in solitary confinement, during which time they are forced to hear 'motivational' tapes over and over.
"Children have been restrained with zip ties around their ankles and wrists.
"Children have been restrained and attached to furniture.
"Male children have been stripped to their underwear, 'hog tied' and sprayed with a hose. ...
"A child was thrown into a barbed-wire bundle and told to get himself out.
"During the summer, for punishment, children have been placed in a 'hot box' which is an outside, rubber-sealed tent.
"For punishment, children have been duct taped and/or belted together for an entire day and sometimes overnight.
"For punishment, a child has been forced to brush her teeth for a four hour, non-stop time period.
"Students were stripped down to their underwear, tied up, and laid on a concrete floor and ice cold water was poured on them every hour.
"Restroom breaks were so limited that students regularly soiled themselves.
"The restricted bathroom breaks led to various urinary tract infections and bladder infections.
"One girl was forced to sit in a plastic tub containing urine for at least two and one-half hours. ...
"A female student vegetarian was forced to eat meatballs. The student got sick and vomited in her hands. 'The girl was then forced to eat the vomit.'"
And so on.
Here are the defendants: Thayer Learning Center LLC, Teen Life Skills Center Inc., Parent Help LLC, 2B Enterprises Holdings LLC, A 2B Enterprises LLC, Dorothy Steele, Willa Bundy, and John Bundy.
The Romers seek punitive damages. They are represented by James Thompson with Edelman & Thompson of Kansas City, Mo. |
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Munger, Tolles & Olson Retains Clearwell to lower costs
Legal News |
2009/02/23 17:59
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Clearwell Systems, Inc., a leader in intelligent e-discovery, today announced that Munger, Tolles & Olson, LLP (MTO), a California-based 2008 AMLAW 200 Law Firm, has deployed the Clearwell E-Discovery Platform to help lower e-discovery costs and more rapidly respond to litigation and governmental document requests.
The current financial downturn has spurred a flood of new investigations, surpassing the total number of cases filed from the savings and loan crisis over the last two decades. Affected enterprises and executives face lawsuits and inquiries from investors, financial regulators and the government that require extremely fast responses that drain resources and drive up the cost of e-discovery. Clearwell's rapid processing and analysis of case documents can help clients and law firms respond more cost-effectively to e-discovery requests under extremely tight deadlines. Furthermore, Clearwell's Transparent Search and advanced cull-down features help ensure that only the relevant data is produced and the process is defensible, thus mitigating legal risks.
"Responding successfully to time-sensitive litigation and governmental document requests requires efficient and cost-effective e-discovery processes that maintain accuracy and defensibility, even under tight timelines," said Ron Best, director of legal information systems at MTO. "The Clearwell E-Discovery Platform allows us to more quickly index, search, analyze, and cull-down case data in a product with very robust and transparent tracking and audit capabilities."
"As enterprises navigate through the current financial crisis, many are being hit two-fold with the burden of e-discovery requests from increased litigation and investigations," said Aaref Hilaly, president and CEO at Clearwell Systems. "In order to defensibly respond to these e-discovery requests, enterprises and law firms are seeking products that provide a level of transparency not available with traditional 'black-box' technologies."
About Clearwell Systems
Clearwell Systems is transforming the way enterprises perform electronic discovery in response to litigation, regulatory inquiries, and corporate investigations. By automating the processing, analysis and review of electronically stored information, Clearwell enables enterprises to accelerate early case assessments, lower processing costs, reduce review workload, and gain control of electronic discovery. Clearwell received the highest ranking of 'Strong Positive' in Gartner, Inc.'s, 2008 MarketScope for E-Discovery Software Product Vendors, and was ranked a Top 5 E-Discovery Software Provider Overall in the 2008 Socha-Gelbmann Electronic Discovery Survey. For more information, visit www.clearwellsystems.com or read the E-discovery 2.0 blog at: http://www.clearwellsystems.com/e-discovery-blog/. |
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Microsoft Dodges Class Action For Now
Top Legal News |
2009/02/20 17:32
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Microsoft got rid of the class-action status in the Vista Capable lawsuit, but the plaintiffs might retaliate and appeal the recent ruling. Although they had no immediate comments to make after the ruling, one of the partners in the law firm representing the plaintiffs confirmed that they will take action.
Computerworld quoted Jeffrey Tilden, partner in the Seattle law firm Gordon Tilden Thomas & Cordell LLP, as saying: We anticipate further motion practice in the trial court, followed by -- if unsuccessful –an appeal to the Ninth Circuit.
The plaintiffs argued in the court filling that Microsoft was unfair and deceptive in the Vista Capable matter, creating artificial demand, at artificially maintained prices, for PCs that were not Vista ready. Furthermore, consumers paid (more) for the Vista capability, but did not receive the real Vista capability.
A series of emails revealed in court showed how Microsoft representatives were doubtful about tagging some PCs as Vista Capable, as they would deceive consumers. The plaintiffs said consumers bought Vista Capable PCs only to discover that they were able to run just a basic version of the operating system, and were unable to run Vista’s core feature, the Aero interface.
But U.S. District Court Judge Marsha Pechman granted Microsoft the motion for the class decertification of the lawsuit, while also rejecting its demand for summary judgment. This doesn’t absolve Microsoft from coming back to court though, where 6 individual claims are still standing.
Microsoft will still have a hard time proving that consumers have not been deceived when purchasing Vista Capable PCs, but dealing with individual claims is likely to cost them less than it would have under a class-action lawsuit. |
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Levi & Korinsky Investigate Breach of Fiduciary Duty
Firm News |
2009/02/19 16:59
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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. |
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Barnhill & Vayernov Investigating Insight Enterprises, Inc.
Headline News |
2009/02/12 17:38
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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. |
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