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Dyer & Berens LLP Files Class Action Lawsuit
Securities Class Action |
2011/10/26 09:44
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Dyer & Berens LLP announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of all persons who purchased or otherwise acquired the common stock of AgFeed Industries, Inc. between March 16, 2009 and August 2, 2011, inclusive. AgFeed is engaged in the animal nutrition and commercial hog producing businesses in China and maintains its principal executive offices in Colorado.
What actions may I take at this time?
If you purchased or acquired shares during the Class Period and wish to serve as a lead plaintiff, you must request appointment by the court no later than December 19, 2011. A "lead plaintiff" works with counsel to direct the litigation and participates in important decisions, including the amount of compensation to accept in settlement of the class action. The lead plaintiffs here will be selected from among applicants claiming the largest loss from their investment in the Company during the Class Period.
What are the allegations in the complaint?
The complaint contains allegations that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's business. Specifically, the defendants misrepresented and concealed from the investing public that, among other things: (i) AgFeed's formula-based analysis for determining accounts receivable and calculating reserves for doubtful accounts did not take into consideration the individual repayment abilities of its customers; (ii) the Company's accounts receivable were materially overvalued and its allowances for doubtful accounts were significantly under-reserved; and (iii) the Company exaggerated its market edge as the combination of overstated assets and understated expenses resulted in an illusion of heightened profitability and Company value. Based upon the foregoing, the complaint charges the Company and certain of its officers with violations of the Securities Exchange Act of 1934.
About Dyer & Berens LLP.
The plaintiffs are represented by Dyer & Berens LLP. 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 visit www.dyerberens.com.
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GOP candidates would cut federal judges' power
Topics in Legal News |
2011/10/25 10:41
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Most of the Republican presidential candidates want to wipe away lifetime tenure for federal judges, cut the budgets of courts that displease them or allow Congress to override Supreme Court rulings on constitutional issues.
Any one of those proposals would significantly undercut the independence and authority of federal judges. Many of the ideas have been advanced before in campaigns to court conservative voters.
This time, though, six of the eight GOP candidates are backing some or all of those limits on judges, even though judges appointed by Republican presidents hold a majority on the Supreme Court and throughout the federal system.
A group that works for judicial independence says the proposals would make judges "accountable to politicians, not the Constitution."
Bert Brandenburg, executive director of the Justice at Stake Campaign, said, "Debates like these could threaten to lead to a new cycle of attempts to politicize the courts."
Only the former governors in the race, Mitt Romney of Massachusetts and Jon Huntsman of Utah, have not attacked federal judges in their campaigns.
Former House Speaker Newt Gingrich has been the most outspoken critic of the courts. He would summon judges before Congress to explain their decisions and consider impeaching judges over their rulings.
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US appeals court upholds roadless rule in forests
Topics in Legal News |
2011/10/24 10:41
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A federal appeals court on Friday upheld a rule prohibiting roads on nearly 50 million acres of land in national forests across the United States, a ruling hailed by environmentalists as one of the most significant in decades.
Mining and energy companies, however, say it could limit development of natural resources such as coal, oil and natural gas.
The 10th U.S. Circuit Court of Appeals backed the 2001 Roadless Area Conservation Rule after lawyers for the state of Wyoming and the Colorado Mining Association contended it was a violation of the law.
Supporters of the roadless rule say the court's decision preserves areas where outdoor enthusiasts like to hunt, fish, hike and camp. It also protects water quality and wildlife habitat for grizzly bears, lynx and Pacific salmon, supporters say.
"Without the roadless rule, protection of these national forests would be left to a patchwork management system that in the past resulted in millions of acres lost to logging, drilling and other industrial development," said Jane Danowitz, director of the Pew Environment Group's U.S. public lands program.
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Law Firm Brower Piven Announces Class Action Lawsuit
Court Watch |
2011/10/24 10:41
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Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Hewlett-Packard Co. during the period between November 22, 2010 and August 18, 2011, inclusive (the "Class Period”).
If you have suffered a net loss for all transactions in HP common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action.
Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 14, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company’s failure to disclose during the Class Period, contrary to its disclosure that webOS was going to play an integral role in the Company’s strategy going forward, including running on HP’s new TouchPad tablet PC as well as on all of the Company’s PCs by 2012, that webOS, the TouchPad and the PC business were not central to HP’s business model and webOS would not be integrated across the Company’s entire product line, that TouchPad hardware was inefficient, limiting the degree of effectiveness of the webOS operating system, and that HP’s business model was not working because the Company was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner.
According to the complaint, after, on August 18, 2011, HP announced disappointing third quarter fiscal 2011 financial results and lowered guidance for fiscal year 2011, and after HP announced several major shifts in its long-term business model, including that it "will discontinue operations for webOS devices, specifically the TouchPad and webOS phones,” the value of HP shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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Izard Nobel LLP Announces Class Action Lawsuit
Securities Class Action |
2011/10/24 10:40
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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 Middle District of Tennessee on behalf of purchasers of the securities of AgFeed Industries, Inc. between March 16, 2009 and August 2, 2011 (the "Class Period").
The Complaint charges that AgFeed and certain of its officers and directors violated federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following: (i) AgFeed's collection efforts and credit dealings with its animal nutrition customers were not working because the "formula based analysis" AgFeed relied on in determining accounts receivable and reserves for doubtful accounts was flawed; (ii) allowances for doubtful accounts were undervalued; (iii) accounts were overvalued and bad debts were undervalued, causing reported asset values to be overstated and expenses to be understated; and (iv) as a result, AgFeed exaggerated its market edge creating an illusion of heightened profitability.
On August 2, 2011, AgFeed announced preliminary financial results for the second quarter of 2011 that were well below expectations and that it expected to post a loss of $17 million, as it added $5 million in allowances for its bad debt expenses. Additionally, on August 9, 2011, AgFeed disclosed to the SEC that it would withdraw the Registration Statement for its animal nutrition business.
If you are a member of the class, you may, no later than December 19, 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/agfeed/, 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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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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