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Izard Nobel LLP Announces Class Action Lawsuit
Securities Class Action |
2010/10/06 14:24
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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 District of Vermont on behalf of purchasers of the common stock of Green Mountain Coffee Roasters ("Green Mountain" or the "Company") between July 28, 2010 and September 28, 2010, inclusive (the "Class Period"). The Complaint charges Green Mountain and certain of its officers and directors with violations of federal securities laws. It is alleged that defendants made materially false and misleading statements related to the Company's business and operations. Specifically, the Complaint alleges that Green Mountain issued inaccurate and unreliable financial statements that were not prepared in accordance with Generally Accepted Accounting Principles and SEC rules, which artificially inflated the Company's stock price. On September 28, 2010, after the close of trading, the Company announced it was under investigation by the SEC for issues related to improper revenue recognition. The announcement also revealed that certain of the Company's previously issued financial statements would be restated. On this news, shares of the Company's stock fell from $37 per share to a close of $31.06 per share on the following trading day. If you are a member of the class, you may, no later than November 29, 2010, 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/greenmountain/, 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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Stocks Lack Direction, VIX Closes Down, Gold Outshines
Stock Market News |
2010/10/06 14:21
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The market struggled to find direction amid expectations for QE2 and discouraging employment data from the private sector in September. Stocks ended Wednesday mixed on relatively low volume, as investors digested the data and took a step back prior to same-store sales tomorrow and the all-important September jobs report on Friday. The Dow Jones Industrial Average ended up 22.93 points, or 0.21%, to close at 10,967. The S&P 500 fell 0.80 points, or 0.07%, to close at 1159, and the Nasdaq was down 19.17 points, or 0.80%, to finish at 2380. Gold continued its stellar run, rising as high as nearly $1,350 an ounce, before slipping back slightly, while copper prices hit a two-year high, boosted in part by a weaker U.S. dollar. Benchmark crude added $0.41, to settle at $83.23 a barrel, on the New York Mercantile Exchange.
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Vanguard Strikes Back in Mutual Fund Price Wars
Stock Market News |
2010/10/06 11:22
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Vanguard on Wednesday morning lowered the minimum initial investments for the low-cost Admiral Share classes of more than 50 active and passive funds. It dropped the ante for broad market index fund Admiral Shares to $10,000 from $100,000. Many of Vanguard's actively managed stock and bond funds also lowered their Admiral Shares minimums to $50,000 from $100,000. The news means big savings for investors. For example, Admiral Shares of Vanguard Total Stock Market Index (NASDAQ:VTSAX - News) charge a rock-bottom fee of 0.07%, while Investor Shares with a minimum investment of $3,000 cost 0.18%. Fees for the Admiral Shares narrowly eke past Schwab Total Stock Market Index (NASDAQ:SWTSX - News), which last year lowered its expense ratio to 0.09% (after fee waivers) and has a minimum investment of $100. Meanwhile, Fidelity Spartan Total Market Index (NASDAQ:FSTMX - News) has a minimum investment of $10,000 and charges 0.10%. The cost savings are similarly strong with Vanguard Total Bond Market Index VBTLX, where the Admiral Shares cost 0.12%, and the Investor Shares charge 0.22%. Another noteworthy difference is Vanguard Wellington Admiral Shares (NASDAQ:VWENX - News), which cost 0.23% compared with the 0.34% fee on Investor Shares. While a $10,000 hurdle on index funds and $50,000 for active funds is steep for many investors, Vanguard says nearly half their individual investor client base should now qualify for the Admiral Shares. Investors rolling over assets from employer 401(k) plans may find the lower minimums more attractive.
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Tech execs tell White House IT can curb deficit
Topics in Legal News |
2010/10/06 10:21
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Top U.S. technology bosses met with White House officials on Wednesday to recommend how to use technology to cut deficits by $1 trillion over 10 years and offer advice on boosting the country's sluggish economy. The Technology CEO Council said six chief executives led by IBM Corp's Samuel Palmisano would suggest ways to boost government worker productivity and save taxpayer money. "America's growing national debt is undermining our global competitiveness," the council said. "How we choose to confront and address this challenge will determine our future environment for growth and innovation." President Barack Obama is anxious to counter claims he is anti-business and has frequently invited corporate chiefs to the White House to pick their brains. He also has voiced openness to lowering corporate tax levels and cutting red tape after criticism that his reforms raise the cost of doing business in the United States. Voters, worried by U.S. unemployment stuck near 10 percent, are likely to punish Obama's Democrats in November midterm congressional elections, while Republicans have turned a record budget deficit into a potent criticism of Obama's presidency. The technology executives will meet with top Obama advisers, including National Economic Council Director Larry Summers and White House Council of Economic Advisers Chairman Austan Goolsbee, as well as Federal Reserve Chairman Ben Bernanke. The other corporate bosses were Motorola Inc's Greg Brown, Intel Corp's Paul Otellini, Micron Technology Inc's Steven Appleton, Michael Splinter of Applied Materials Inc and EMC Corp's Joseph Tucci.
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Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuits
Securities Class Action |
2010/10/04 09:17
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The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of purchasers of the common stock of Beckman Coulter, Inc. between July 31, 2009 and July 22, 2010, inclusive (the "Class Period"). If you purchased Beckman common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 2, 2010. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in this action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in this action. Beckman shareholders that wish to learn more about this action and how to seek appointment as lead plaintiff should visit Lieff Cabraser's website at http://lieffcabraser.com/cases.php?CaseID=346 or contact attorney Sharon Lee toll free at (800) 541-7358. Background on Beckman Coulter Securities Class Litigation The actions, pending in the United States District Court for the Central District of California, were brought against Beckman and certain of its officers and directors for violations of the Securities Exchange Act of 1934. Beckman, headquartered in Brea, California, is a manufacturer and marketer of biomedical testing instrument systems, tests, and supplies. The complaints in the above-mentioned actions allege that during the Class Period, defendants made materially false and misleading statements regarding Beckman's financial condition and business prospects. Specifically, defendants allegedly failed to disclose quality and compliance issues with respect to Beckman's troponin test, a critical care test used to aid in the diagnosis of cardiac events, and that the Company made certain modifications to the troponin test without obtaining required clearance from the Food and Drug Administration. In addition, defendants allegedly failed to disclose that Beckman failed to maintain proper controls with respect to product quality and regulatory compliance. On July 22, 2010, Beckman reported disappointing results for the second quarter of 2010 and reduced its full-year 2010 guidance due in substantial part to troponin quality and compliance issues. On this news, Beckman's stock plummeted $12.64 per share, or more than 21 percent, to close at $47.26 per share on July 23, 2010. About Lieff Cabraser Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last seven consecutive years. For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. SOURCE: Lieff Cabraser Heimann & Bernstein, LLP
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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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