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The Law Office of Robbins Umeda LLP Announces Class Action
Securities Class Action |
2011/10/11 09:40
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Robbins Umeda LLP announces that the firm commenced a class action lawsuit on October 7, 2011, in the U.S. District Court for the Eastern District of Missouri, Eastern Division, on behalf of all persons or entities who purchased the common stock of Stereotaxis, Inc. between February 28, 2011 and August 9, 2011 against certain of the Company's officers and directors for violations of the Securities Exchange Act of 1934. The plaintiff is represented by Robbins Umeda LLP and Carey, Danis & Lowe.
Stereotaxis designs, manufactures, and markets a cardiology instrument control system, called Niobe®, for use in a hospital's interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Company also markets the Odyssey system as a data management solution for remote viewing and recording of live interventional procedures. The Company's executive offices are located in St. Louis, Missouri.
The complaint alleges that beginning on February 28, 2011, Chief Executive Officer Michael Kaminski, along with certain officers and directors at Stereotaxis, issued a series of positive statements to investors about the business condition and future prospects of the Company that were materially false and misleading, and that caused shares of the Company's stock to trade at artificially high prices.
In particular, the complaint alleges that officials at the Company failed to disclose to investors material adverse facts that: (1) Stereotaxis was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner; (2) market feedback from users of the Company's technology was "mixed"; (3) the Niobe system was far from the "standard of care" and needed "fundamental product improvements"; (4) demand for the Niobe and Odyssey systems was weak, and that the number of units being sold was decreasing; (5) the reported backlog of orders did not fairly represent future revenue the Company expected to recognize; and that (6) the Company overstated its market edge.
On August 8, 2011, the Company announced financial results for the second quarter of 2011 that revealed that the Company was performing well below expectations. Additionally, the press release disclosed to investors that the Company was forced to suspend its full year guidance for 2011, and that Daniel Johnston was resigning as the Chief Financial Officer. On this news shares of Stereotaxis declined by more than 58% of their value, closing on August 9, 2011 at just $1.19 per share.
If you purchased Stereotaxis stock during the Class Period and wish to serve as lead plaintiff, you must move the Court no later than 60 days from October 10, 2011. To discuss your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form.
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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FDIC backs ban on banks trading for own profit
Stock Market News |
2011/10/11 09:40
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Banks would be barred from trading for their own profit instead of their clients under a rule being proposed by federal regulators.
The Federal Deposit Insurance Corp. backed the draft rule on a 3-0 vote Tuesday. The ban on proprietary trading was required under last year's financial overhaul law.
For years, banks had bet on risky investments with their own money. But when those bets go bad and banks fail, taxpayers could be forced to bail them out. That's what happened during the 2008 financial crisis.
The Federal Reserve has also approved the draft of the so-called Volcker Rule, which was named after former Fed Chairman Paul Volcker.
The Securities and Exchange Commission and Treasury Department must still vote on it, and then the public has until January 13 to comment. The rule is expected to take effect next year after a final vote by all four regulators.
Congress and President Barack Obama had high hopes for the rule. But they left most of the details for regulators to sort out.
It's unclear how strictly the ban will be enforced. For example, it can be hard to tell whether an investment is intended to benefit a bank or its clients and whether federally insured deposits could be put at risk by these trades. |
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Court won't hear NH presidential ballot question
Court Watch |
2011/10/11 09:39
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The Supreme Court won't hear an appeal from the Libertarian Party over whether New Hampshire officials should have let 2008 Libertarian candidate Bob Barr be the party's sole candidate on the presidential ballot.
The high court on Tuesday refused to hear an appeal from the party, which wanted Barr as the only candidate carrying its brand on the 2008 ballot.
A second candidate, George Phillies, also petitioned his way onto the New Hampshire ballot under the Libertarian banner. Barr and the party sued, saying Barr should have been the only Libertarian candidate on that ballot.
But the federal courts threw out the party's claim that Phillies' affiliation should have been removed because the national party didn't want his name on the ballot.
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Kentucky man sues Facebook over tracking cookie
Topics in Legal News |
2011/10/11 09:38
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A Facebook user in western Kentucky has filed a federal lawsuit against the social networking giant, accusing it of violating wiretap laws with a tracking cookie recording web browsing history after logging off of Facebook.
The plaintiff, David Hoffman of Paducah, is asking a judge to grant class-action status to represent the roughly 150 million
Facebook users in the United States. Hoffman's lawsuit seeks a preliminary and temporary injunction restraining Facebook from intercepting electronic information when they are not logged in and from disclosing any of the information already acquired.
It also seeks damages of $100 per day for each of the class members or $10,000 per violation. The Kentucky lawsuit, filed Friday in U.S. District Court, is similar to cases filed in recent weeks in California, Kansas and Louisiana. |
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Utah bank sued over overdraft fees, policies
Headline Legal News |
2011/10/11 02:38
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Zions Bank's overdraft policies and practices are being challenged in a Utah federal class action lawsuit.
Filed this week in Salt Lake City's U.S. District Court, the lawsuit contends the bank makes it difficult - if not impossible - for customers to avoid fees, even if they closely monitor accounts.
The Deseret News of Salt Lake City reports the lawsuit was filed by three law firms on behalf of a Sandy woman and other Zions customers charged overdraft fees between 2005 and 2010.
In court papers, attorneys say Zions manipulated and altered the order in which debit transactions were posted in order to maximize the number of overdrafts.
Based in Salt Lake City, Zions has branches in 10 states.
A spokeswoman says the company doesn't comment on pending lawsuits. |
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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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