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Robbins Umeda LLP Announces Class Action
Securities Class Action |
2012/02/06 09:56
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Shareholder rights firm Robbins Umeda LLP, announces that the firm commenced a class action lawsuit on February 3, 2012 in the U.S. District Court for the Northern District of Illinois, Eastern Division, on behalf of all persons or entities who purchased or otherwise acquired the securities of BioSante Pharmaceuticals, Inc. between February 12, 2010 and December 15, 2011 (the "Class Period"). The action is against the Company and the Company's Chief Executive Officer for violations of the Securities and Exchange Act of 1934.
BioSante Pharmaceuticals is a specialty pharmaceutical Company focused on developing products for female sexual health and oncology. Over the last decade, BioSante has been in the process of developing LibiGel, a drug designed to improve the sex drive of women suffering from female sexual dysfunction, specifically hypoactive desire disorder.
The complaint alleges that beginning on February 12, 2010, the Company, along with its Chief Executive Officer, issued a series of materially false and misleading statements to investors about LibiGel's commercial viability, effectiveness, and market potential that caused shares of BioSante to trade at artificially high prices. Specifically, it is alleged that officials at BioSante boasted that clinical data demonstrated that LibiGel had a "statistically significant" effect on female patients treated with the product, and that LibiGel was "the most clinically advanced pharmaceutical product in the U.S." Additionally, it is alleged that BioSante and its Chief Executive Officer misled investors by routinely analogizing LibiGel's market potential to the $2 billion dollar market for male erectile drugs, often comparing LibiGel to products like "Viagra, Levitra, and Cialis."
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.
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Murray Frank LLP Files Class Action
Securities Class Action |
2012/02/03 10:03
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Murray Frank LLP has filed a class action complaint in the United States District Court for the Southern District of New York (Case No. 12 Civ. 0672) on behalf of all individuals and institutions who purchased securities of GLG Life Tech Corporation during the period between February 1, 2011 and November 13, 2011 (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that throughout the Class Period, the Defendants made false and misleading statements about or knew but failed to disclose that: (1) the Company’s original equipment manufacturers were experiencing production issues that impacted the packaging and appearance quality of its products; (2) consumers were responding poorly to the Company’s AN0C and stevia products; and/or (3) the Company would not meet its earnings projections.
On October 6, 2011, GLG Life Tech issued a press release disclosing for the first time a negative outlook concerning its AN0C and stevia products. On the news, the Company’s stock price dropped by 42% from a close of $3.45 per share on October 5, 2011 to a close of $1.99 per share on October 6, 2011.
Subsequently, on November 14, 2011, the Company announced financial results for the period ending September 30, 2011. Revenue for the period was $1.7 million, versus revenue of $20.9 million for the same period in the previous year. EBITDA for the period was negative $8.8 million, versus EBITDA of $6.1 million for the same period in the previous year. Following its announcement of these disappointing results, the Company’s management declined to provide any further formal guidance on revenues, EBITDA, or capital expenditures. On the news, the Company’s stock price continued to drop, from a close of $2.32 per share on November 11, 2011 (the last trading day before the announcement) to a close of $2.01 on November 14, 2011.
If you purchased GLG Life Tech securities during the period between February 1, 2011 and November 13, 2011, you may move the Court, not later than February 13, 2012, to serve as Lead Plaintiff for the Class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class.
www.murrayfrank.com
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Goldman to face mortgage debt class-action lawsuit
Headline Legal News |
2012/02/02 10:03
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Goldman Sachs Group Inc was ordered by a federal judge to face a securities class-action lawsuit accusing it of defrauding investors about a 2006 offering of securities backed by risky mortgage loans from a now-defunct lender.
U.S. District Judge Harold Baer in Manhattan certified a class-action lawsuit by investors led by the Public Employees' Retirement System of Mississippi.
These investors claimed they lost money in the GSAMP Trust 2006-S2, a $698 million offering of certificates backed by second-lien home loans made by New Century Financial Corp, a California subprime mortgage specialist that went bankrupt in 2007.
Thursday's decision is a setback for Goldman, which had sought to force investors to bring their cases individually.
Class certification lets investors pool resources, which can cut costs, and can lead to larger recoveries than if investors are forced to sue individually.
Goldman spokesman Michael Duvally declined to comment.
The bank is one of many accused by Congress, regulators and others of having fueled the nation's housing crisis and 2008 financial crisis in part by having misled investors about the quality of mortgage debt they sold.
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Filings of Securities Class Actions in Canada Reach New High
Securities Class Action |
2012/02/01 09:35
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Securities class action filings in Canada reached their highest level to date in 2011 with 15 new filings, according to NERA Economic Consulting’s annual report, Trends In Canadian Securities Class Actions: 2011 Update. The previous high was 12 filings in 2008.
Driving this increase in filings are so called “Bill 198” cases, which are those involving claims in respect of an issuer’s continuous disclosure obligations pursuant to PartXXIII.1 of the Ontario Securities Act (OSA) and analogous sections of the other provincial securities acts. Nine of the 15 cases filed in 2011 were Bill 198 cases, compared to the seven filed in 2010. A total of 35 Bill 198 cases have been filed since the new provisions came into force in 2005. Of these, 24 remain unresolved, 10 have settled, and one has been dismissed.
“The uptick in securities class actions filings observed since 2008 is clearly not a transient phenomenon,” said NERA Senior Vice President and Trends co-author Mark Berenblut. “This trend has been driven by filings of Bill 198 cases, which account for more than two-thirds of the cases filed between 2008 and 2011.”
“This upward trend seems likely to continue at least through 2012. Several factors may influence the number of filings and the size of settlements in the future, including future rulings in leave applications, certification motions, and any trial judgments, as well as the evolving landscape of US class actions involving foreign companies and investors following the US Supreme Court decision in Morrison,” added NERA Vice President and Trends co-author Brad Heys.
Filings against Chinese Companies
Three of the new filings during 2011 were made against Chinese companies whose shares trade on the TSX or TSX Venture Exchange. These filings are a reflection of one of the major trends driving class action filings in the United States last year. The filings in Canada include the case against Sino-Forest—one of the highest-profile suits brought against Chinese companies on either side of the border.
About NERA
NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For nearly half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation. |
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Securities Litigation Attorney - Robert L. Herskovits
Attorney News |
2012/02/01 09:35
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New York FINRA Arbitration & Securities Litigation Attorney
Robert L. Herskovits
Robert concentrates his practice in the areas of securities litigation and regulatory enforcement matters. Robert routinely advises broker/dealers, industry professionals and investors in varied litigation, arbitration and regulatory matters relating to the securities industry. Robert is certified as an arbitrator for FINRA, AAA and the NFA and formerly served as in-house counsel for an NYSE-member broker/dealer.
Prior to forming Herskovits PLLC, Robert was a partner with Gusrae Kaplan Nusbaum PLLC for more than five years.
Robert received a JD from the Benjamin N. Cardozo School of Law and a BA from Syracuse University. Robert is admitted to practice in the State of New York and before various federal courts, including the U.S. District Court, Southern District of New York, U.S. District Court, Eastern District of New York, the U.S. Court of Appeals, 2nd Circuit, and the U.S. Supreme Court.
An active participant in the bar, Robert is the Co-Chair of the Committee for Securities and Exchanges of the New York County Lawyers' Association. Robert's accomplishments were recently recognized by Thomson Reuters' "Super Lawyers", which designated Robert as a 2011 Rising Star in business litigation.
Practice Areas
•Securities Litigation and Arbitration
•Securities Industry Regulatory Defense
•Broker-Dealer Advisory Services
•Securities Industry Employment Litigation
•Commercial Litigation
Address
1065 Avenue of the Americas
27th Floor
New York, New York 10018
Contact:
Tel: (212) 897-5410
Fax: (646) 558-0239
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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The content contained on the web site has been prepared by Securities Law News as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. | Affordable Law Firm Website Design by Law Promo |
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