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High court appears to favor Ala. death row inmate
Headline Legal News |
2011/10/03 11:27
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The Supreme Court appeared likely Tuesday to order a new court hearing for an Alabama death row inmate who lost the chance to appeal his death sentence because of a mailroom mix-up at a venerable New York law firm.
Both conservative and liberal justices indicated they would throw out a federal appeals court ruling that relied on the missed deadline to refuse to consider Cory Maples' claims that he received inadequate legal representation, dating back to his trial on charges he gunned down two friends in 1995.
Justice Samuel Alito, a former federal prosecutor, said he did not understand why Alabama fought so hard to deny Maples the right to appeal when the deadline passed "though no fault of his own."
Justice Antonin Scalia was the only member of the court who appeared to agree with the state's argument that Maples' protests are overblown because he was never left without a lawyer. The state also says the role of Maples' lawyers in missing the deadline is unfortunate but nothing the court should correct under its earlier rulings.
Gregory Garre, a former solicitor general who is representing Maples in the Supreme Court, said the earlier legal work for Maples was so bad that it violated the Constitution.
Whatever the shortcomings of Maples' trial lawyers, he appeared to "win the lottery" when two lawyers at Sullivan and Cromwell agreed to represent him for free in his appeals, Garre said. The New York-based firm has 800 lawyers and offices in a dozen cities. |
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Robbins Geller Rudman & Dowd LLP Files Class Action
Legal Focuses |
2011/09/26 09:44
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Robbins Geller Rudman & Dowd LLP announced that a class action has been commenced in the United States District Court for the District of Colorado on behalf of a proposed class of Allos Therapeutics, Inc. shareholders who held Allos common stock during the period beginning July 20, 2011 through and including the closing of the proposed acquisition of Allos by AMAG Pharmaceuticals, Inc.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs’ counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/allostherapeutics. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Allos and its Board of Directors (the “Board”) with breaches of fiduciary duty and aiding and abetting breaches of fiduciary duty under state law and the Board and AMAG with violations of the Securities Exchange Act of 1934 (“1934 Act”). Allos is a biopharmaceutical company that engages in the development and commercialization of anti-cancer therapeutics.
The action arises from Allos and AMAG’s July 20, 2011 announcement that Allos had entered into a definitive merger agreement (the “Merger Agreement”) under which Allos would be acquired by AMAG in a transaction valued at approximately $260 million (the “Proposed Acquisition”). Under the terms of the Merger Agreement, Allos stockholders will receive a fixed ratio of 0.1282 shares of AMAG common stock for each share of Allos common stock held. The deal values Allos stock at $2.44 a share using AMAG’s prior closing price of $19.07. The complaint alleges that the Proposed Acquisition significantly undervalues Allos, as Allos shares traded as high as $4.21 as recently as January 12, 2011, and after the announcement of the Proposed Acquisition the price of AMAG common stock has fallen to $13.58 per share, giving the deal a real value of just $1.74 per Allos share.
The complaint further alleges that in an attempt to secure shareholder support for the Proposed Acquisition, on August 22, 2011, defendants issued a materially false and misleading Preliminary Joint Proxy/Prospectus on Form S-4 (the “Proxy”). The Proxy, which recommends that Allos shareholders vote in favor of the Proposed Acquisition, omits and/or misrepresents material information about the unfair sales process for the Company, conflicts of interest that corrupted the sales process, the unfair consideration offered in the Proposed Acquisition, and the actual intrinsic value of the Company on a stand-alone basis and as a merger partner for AMAG, in contravention of §§14(a) and 20(a) of the 1934 Act and/or defendants’ fiduciary duty of disclosure under state law.
Plaintiffs seek injunctive relief on behalf of all shareholders of Allos who held Allos common stock during the period beginning July 20, 2011 through and including the closing of the proposed acquisition of Allos by AMAG (the “Class”). The plaintiffs are represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site (http://www.rgrdlaw.com) has more information about the firm.
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Appeals court hears challenge to health care law
Headline Legal News |
2011/09/26 09:44
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A conservative-leaning panel of federal appellate judges raised concerns about President Barack Obama's health care overhaul Friday, but suggested the challenge to it may be premature.
The arguments at the U.S. Court of Appeals in Washington over a lawsuit against Obama's signature domestic legislative achievement focused on whether Congress overstepped its authority in requiring people to buy health insurance or pay a penalty on their taxes, beginning in 2014.
But Judge Brett Kavanaugh, a former top aide to President George W. Bush who appointed him to the bench, said that he has a "major concern" that courts might not be able to rule on the law's constitutionality until 2015. That's because a federal law bars most challenges to tax-related legislation before the tax or penalty is paid.
A federal appeals court in Richmond cited that law in throwing out another challenge to the overhaul. Two other appeals courts have reached differing conclusions — one declaring the law unconstitutional and the other upholding it. The Supreme Court is expected to weigh in and could possibly even decide to review the law before the Washington circuit issues an opinion.
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Obama sells jobs plan in Silicon Valley
Topics in Legal News |
2011/09/26 04:43
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President Barack Obama is on the road selling his jobs plan — and his re-election hopes — to plugged-in networkers in Silicon Valley and around the country.
He was to appear Monday at a town hall-style event hosted by the career-focused social networking site LinkedIn to pitch his nearly $450 billion jobs proposal as he travels through California scooping up campaign cash.
The town hall, the White House's latest attempt to meld old-school campaigning with new media capabilities, will allow Obama to take questions from LinkedIn users online as well as a live audience at the Computer History Museum near the company's headquarters in Mountain View, Calif.
It comes midway through a three-day West Coast swing that includes seven fundraisers. Obama is racing to collect cash ahead of an important Friday quarterly fundraising deadline that will provide a snapshot of the president's strength against the gelling GOP field.
Obama has been using the events to try out his newly aggressive tone with supporters who have been disappointed with the president's compromises with the GOP. The president is mixing frontal attacks on Republicans with words of encouragement intended to buck up the faithful as the 2012 campaign revs up. |
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Nike's 1Q net income rises 15 percent
Stock Market News |
2011/09/23 03:47
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Nike Inc. reported its fiscal first-quarter profit rose 15 percent as demand grew for its sneakers and athletic apparel in nearly every market worldwide despite an uncertain global economy. The results, which were reported after the close of the stock market on Thursday, beat Wall Street's expectations and sent its shares up in after-hours trading. Under the weight of political uncertainty, turbulent stock markets and renewed fears that the U.S. and the global economy are headed for recession, people are more closely watching every dollar they spend. Despite the economic pressures, consumers have shown a willingness to spend on some of their favorite brands like their Nike sneaks, Starbucks coffee and McDonald's hamburgers. |
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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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