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Milberg LLP Announces the Filing of a Securities Fraud Class Action
Securities Class Action |
2010/12/15 23:33
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A class action lawsuit was filed in the United States District Court for the Central District of California on behalf of purchasers of RINO International Corporation (" RINO | PowerRating") (PINKSHEETS: RINO) from July 13, 2009 to November 12, 2010, inclusive ("Class Period").
The complaint alleges RINO and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that RINO, a Chinese manufacturer of environmental protection equipment, fraudulently reported inflated revenues to the SEC that were, for 2009, more than 90% higher than revenues reported to Chinese regulators.
On November 10, 2010, a research firm reported that RINO executives allegedly engaged in a wide range of wrongful conduct, including inflating the Company's reported sales revenues and fabricating customer contracts.
In response to this news, the price of RINO's common stock fell $2.34 per share, or more than 15%, to close at $13.18 per share on November 11, 2010.
If you purchased RINO common stock during the Class Period you may, no later than January 14, 2011, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class.
Your share in any recovery will not be enhanced by serving as a lead plaintiff. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.
Founded in 1965, Milberg has offices in New York, Los Angeles, Tampa, and Detroit. The Firm has litigated landmark cases and recovered billions for shareholders and consumers. Our website (www.milberg.com) has additional information.
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Texan indicted in alleged $17M securities fraud
Court Watch |
2010/12/15 23:28
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A Houston man already facing federal charges in Virginia for his role in an alleged life insurance scam has been indicted by a federal grand jury in Texas. The U.S. Attorney's Office in Dallas said Wednesday that Adley Husni Abdulwahab was indicted on five counts of securities fraud and one count of conspiracy in connection with an alleged $17 million investment scam. Two co-defendants in the case have pleaded guilty to a single count of securities fraud and face up to five years in prison. Abdulwahab remains in custody in the Eastern District of Virginia for his alleged role in an alleged $100 million life insurance scam and couldn't be reached for comment. Federal court records do not list an attorney for Abdulwahab in the Texas matter.
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Gain Capital IPO raises $81M in gross proceeds
Headline Legal News |
2010/12/15 11:29
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An initial public offering of Gain Capital Holdings Inc. stock raised a total of $81 million in gross proceeds at a price that came in lower than the company expected. The Bedminster, N.J., company, which is an online foreign exchange trading platform for retail customers, said Wednesday it priced an IPO of 9 million shares at $9 per share. The stock will start trading Wednesday under the ticker symbol "GCAP." Gain Capital offered 407,692 shares and selling stockholders offered about 8.6 million. The company said it won't receive proceeds from the sale of shares by selling stockholders. Underwriters also have an option to buy more than 1.3 million additional shares to cover excess demand. The company had said it expected to sell about 11 million shares at a price between $13 and $15. It plans to use the net proceeds to pay the expenses related to the IPO. Gain Capital was founded in 1999 by a group of trading and technology professionals. It offers global over-the-counter foreign exchange trading where participants trade with one another rather than through a central exchange or clearinghouse. It offers access to global gold and silver markets, stock indices, and commodities.
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Walker & Dunlop prices IPO at $10 per share
Stock Market News |
2010/12/14 23:29
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Commercial real estate financier Walker & Dunlop Inc. said it has priced its initial public offering at $10 per share, well below the company's expected range. The offering includes about 10 million shares, including 6.7 million being sold by Walker & Dunlop and another 3.3 million sold by initial shareholders. The company, which is based in Bethesda, Md., had expected to sell its initial shares between $14 and $16 apiece. Walker & Dunlop has said in previous regulatory filings that it expects to net $89.5 million in proceeds from the offering. It won't receive proceeds from the sale of shares by shareholders. The company plans to use the proceeds to execute its growth strategy, fund working capital needs and for general corporate purposes. The company has also said that it does not anticipate paying any cash dividends in the foreseeable future. Walker & Dunlop was founded in 1937 and has grown into one of the biggest originators and sellers of commercial real estate loans, particularly in the apartment buildings segment. In addition to originating loans for sale to investors or government mortgage finance companies, Walker & Dunlop also services apartment building mortgages and other commercial real estate financing products. Last year, the company originated more than $2.2 billion in commercial real estate loans, the majority through programs by government-sponsored entities such as Fannie Mae or the Department of Housing and Urban Development. |
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Lexington Realty offering $77 million in stock
Stock Market News |
2010/12/14 10:30
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Real estate investment trust Lexington Realty Trust said Wednesday it is publicly offering $77 million in common stock. The company is offering 10 million shares at $7.70 apiece, marking a 4.3 percent discount to the stock's closing price of $8.05 on Tuesday. The company also granted the underwriter a 30-day option to buy up to an additional 1.5 million shares. Barclays Capital is the sole book running manager. The offering is expected to close on Dec. 20. The company has about 134.7 million shares of common stock outstanding. Lexington Realty said it would use proceeds to repay debt and for general corporate purposes. Shares of Lexington Realty rose 6 cents to $8.11 in morning trading on Wednesday. |
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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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