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Johnson & Johnson Investigated by Goldfarb Branham LLP
Securities Class Action | 2010/11/01 10:23

Goldfarb Branham LLP is investigating potential shareholder claims against the officers and directors of Johnson & Johnson due to lack of internal controls that led to phantom recalls and several class action lawsuits. Johnson & Johnson investors are encouraged to contact the firm at 877-583-2855 or hlindley@goldfarbbranham.com to learn about their rights.

“A class action complaint alleges that defendants received numerous complaints that Tylenol products made in Puerto Rico had a ‘musty’ odor, but failed to conduct an adequate investigation or notify the Federal Drug Administration,” securities lawyer Hamilton Lindley said. “It also alleges that company executives failed to take corrective actions when foreign materials were found in a Pennsylvania manufacturing facility. Additionally, when defendants learned of problems with its Motrin drug, they sent contractors to stores to purchase the product instead of mentioning a recall.”

Goldfarb Branham LLP is investigating a derivative lawsuit against company officers and directors for allowing this to occur. Derivative lawsuits often lead to restored confidence in companies involved in financial scandal and a resulting increase in shareholder value. Concerned shareholders who still hold their shares are urged to contact attorney Hamilton Lindley at 877-583-2855 or hlindley@goldfarbbranham.com.



Bernstein Litowitz Berger & Grossmann LLP Announces Class Action
Securities Class Action | 2010/10/25 09:55

Bernstein Litowitz Berger & Grossmann LLP today announced that it filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of purchasers of PrivateBancorp, Inc.'s publicly traded common stock between November 2, 2007 and October 23, 2009, inclusive (the "Class Period"), and investors who purchased or otherwise acquired PrivateBancorp's common stock pursuant and/or traceable to registered public offerings conducted on or about June 4, 2008 and May 11, 2009. The case is captioned City of New Orleans Employees' Retirement System v. PrivateBancorp., Inc., No. 10-cv-6826 (N.D. Ill.).

The claims alleged in the complaint are asserted against PrivateBancorp, certain of its senior executives and directors, the underwriters of PrivateBancorp's 2008 and 2009 Offerings, and its independent auditor.

PrivateBancorp is a Chicago-based financial services company that concentrates on commercial banking and private banking for high-net worth individuals and families.

The action alleges that during the Class Period the defendants violated the federal securities laws by engaging in improper behavior and by issuing materially false and misleading statements regarding PrivateBancorp's business and financial results that harmed the Company's investors. Specifically, the complaint alleges that the defendants misrepresented the Company's Strategic Growth and Transformation Plan (the "Growth Plan") which led PrivateBancorp to generate hundreds of millions of dollars in commercial and industrial loans that were high risk, and that the Company misrepresented the quality of its residential loan portfolio, which was suffering severe deterioration. As a result of defendants' false statements, PrivateBancorp's stock traded at artificially inflated prices throughout the Class Period. While PrivateBancorp's stock was artificially inflated, the Company conducted two public offerings, resulting in hundreds of millions of dollars in net proceeds to the Company.

Prior to the start of trading on October 26, 2009, PrivateBancorp shocked investors by reporting third quarter 2009 earnings results that fell far short of expectations. Despite having written off in excess of $100 million in bad loans in January 2009, the Company revealed that it held almost $400 million in nonperforming loans as of the third quarter 2009. PrivateBancorp further disclosed that its elevated levels of nonperforming loans were originated under the Growth Plan. In response to the Company's October 26 disclosure, PrivateBancorp stock fell over 37%, dropping from $19.00 per share to $11.98. The action alleges claims under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").

If you wish to serve as lead plaintiff for the Class, you must move the Court no later than 60 days from today. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.

The City of New Orleans Employees' Retirement System is represented by BLB&G, a firm of over 50 attorneys with offices in New York, California, and Louisiana. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Gerald H. Silk of BLB&G at 212-554-1400, or via e-mail at jerry@blbglaw.com. Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.




Brower Piven, A Professional Corporation Announces Class Action
Securities Class Action | 2010/10/25 09:54

Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of purchasers of the securities of China Green Agriculture, Inc. during the period between November 12, 2009 and September 1, 2010, inclusive (the "Class Period").

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 December 14, 2010 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 charges China Green and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose accurate financial information during the Class Period. According to the complaint, after it became known that China Green's comparable 2010 financial statements filed with Chinese authorities materially differed from the financial results set forth in the Company's SEC filings, the value of China Green stock declined significantly.

If you have suffered a net loss for all transactions in China Green Agriculture, Inc. securities during the Class Period (including shares or possibly calls purchased during, but not sold until after the end of the Class Period or possibly put options sold but not covered until after the end of 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 50 years. 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.



Lockheed Martin launches $3B stock buyback
Stock Market News | 2010/10/25 09:51

The board of directors of Bethesda, Md.-based Lockheed Martin Corp. has approved a new $3 billion share repurchase program.

Lockheed said that the shares may be purchased in the open market, or through privately negotiated transactions, and that the dollar amount of shares purchased and the timing of purchases would be at the discretion of management.

Based on Friday’s closing price for Lockheed Martin stock of $71.78, the repurchase program could buy back approximately 41.8 million shares. Lockheed currently has approximately 360 million shares of common stock outstanding.

The defense contractor, which has seen its stock price decline 40 percent in the last two years, said that the buyback demonstrated the company’s commitment to enhancing stockholder value through cash deployment.



Home sales up in Sept. but more troubles ahead
Headline Legal News | 2010/10/25 09:50

Sales of previously occupied homes rose last month after the worst summer for the housing market in more than a decade. And fears over flawed foreclosure documents could keep buyers on the sidelines in the final months of the year.

Sales grew 10 percent in September to a seasonally adjusted annual rate of 4.53 million, the National Association of Realtors said Monday.

Home sales have declined 37.5 percent from their peak annual rate of 7.25 million in September 2005. They have risen from July's rate of 3.84 million, which was the lowest in 15 years.

Most experts expect roughly 5 million homes to be sold through the entire year. That would be in line with last year's totals and just above sales for 2008, the worst since 1997.

Still, sales could fall further if potential lawsuits from former homeowners claiming that banks made errors when seizing their homes make consumers fearful of buying foreclosed properties.

The Federal Reserve on Monday become the latest government regulator to announce it would be looking into whether mortgage companies cut corners on their own procedures when seizing homes.

Chairman Ben Bernanke said the Fed would look intensively to see if policies, procedures or internal controls led lenders to improperly foreclosure on homeowners. Preliminary results of an in-depth report are expected to be released next month.




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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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