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The Shuman Law Firm Announces the Filing of a Class Action Lawsuit
Securities Class Action |
2010/09/08 07:29
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The Shuman Law Firm today announced that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of the common stock of CVB Financial Corporation between October 21, 2009 and August 9, 2010, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com. The Complaint alleges that CVB and certain of its officers and directors violated federal securities laws by making a series of materially false and misleading statements. Specifically, the Complaint alleges that defendants had propped up the Company's results by manipulating CVB's accounting for costs and expenses by failing to properly account for impaired loans. On August 9, 2010, defendants disclosed that the Company was the subject of an investigation by the SEC into possible accounting violations related to the manner in which defendants accounted for troubled loans. This disclosure had an immediate impact on the price of Company shares, which fell 22% to close at $8.00 per share on August 10, 2010. If you purchased CVB common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than October 22, 2010. 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. The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions. |
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Class action - Class Action Lawsuits
Opinions |
2010/09/08 07:29
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In law, a class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued.
This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. However, in several European countries with civil law different from the English common law principle (which is used by U.S. courts), changes have been made in recent years that allow consumer organizations to bring claims on behalf of large groups of consumers.
U.S. federal class actions
Class action lawsuits may be brought in federal court if the claim arises under federal law, or if the claim falls under 28 USCA § 1332 (d). Under § 1332 (d) the federal district courts have original jurisdiction over any civil action where the amount in controversy exceeds $5,000,000 and either 1. any member of a class of plaintiffs is a citizen of a State different from any defendant; 2. any member of a class of plaintiffs is a foreign state or a citizen or subject of a foreign state and any defendant is a citizen of a State; or 3. any member of a class of plaintiffs is a citizen of a State and any defendant is a foreign state or a citizen or subject of a foreign state. Nationwide plaintiff classes are possible, but such suits must have a commonality of issues across state lines. This may be difficult if the civil law in the various states have significant differences.
State class actions
Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions.[5] Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions.
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Kahn Swick & Foti, LLC Announces Class Action
Legal Focuses |
2010/09/07 10:43
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Kahn Swick & Foti, LLC ("KSF") (www.ksfcounsel.com), a nationally recognized Louisiana-based law firm, and KSF partner Charles C. Foti, Jr., former Attorney General of Louisiana, announce that a class action securities case was filed in the United States District Court for the Central District of California on behalf of purchasers of Beckman Coulter, Inc. ("Beckman Coulter") (NYSE: BEC | PowerRating) common stock during the period between July 31, 2009 and July 22, 2010, inclusive (the "Class Period"). If you are an BEC shareholder who has suffered losses on your investment during this period and would like to receive a copy of this complaint and discuss your rights as class members and/or apply for lead plaintiff, you may, without obligation or cost to you, prior to November 2, 2010, e-mail or call Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free at 1-866-467-1400, ext. 200, or after hours via cell phone 504-301-7900 or, KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877/694-9510, or via cell phone 330/860-4092. You may also visit KSF's website at www.ksfcounsel.com to contact the firm online. A "lead plaintiff" is a representative party that acts on behalf of other class members in directing and controlling the litigation. To learn more about KSF and how becoming a lead plaintiff may benefit you, you may contact Mr. Kahn or Mr. Rothstein. On July 22, 2010, Beckman reported results for 2Q:10 well below guidance, in substantial part due to quality and compliance issues related to its Troponin product. Following these belated disclosures, shares of Beckman collapsed -- falling $12.64 per share to close at $47.26 per share on July 23, 2010 -- a single day decline of 21%. Accordingly, the complaint charges that, during the Class Period, defendants concealed the following: (a) that, Beckman failed to disclose that it had modified its Troponin test kits without proper approval from the Food and Drug Administration; (b) that, defendants failed to maintain proper controls and procedures related to regulatory compliance and product quality; (c) that, Beckman failed to disclose the adverse impact the Troponin quality and compliance issues was already having and, forseeably, would continue to have on Becman's financial results; and (d) that, Beckman's revenue and earnings guidance for 2010 was not foreseeable, and lacked a reasonable basis. If you wish to serve as lead plaintiff in this class action lawsuit
, you must request this position by application to the court no later than November 2, 2010. 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. To learn more about KSF, you may visit www.ksfcounsel.com. KSF is a law firm focused on securities class action litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions.
Contact:
Kahn Swick & Foti, LLC Managing Partner Lewis Kahn toll free at 1-866-467-1400, ext. 200
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Save housing market by letting it crash?
Opinions |
2010/09/07 10:39
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The unexpectedly deep plunge in home sales this summer is likely to force the Obama administration to choose between future homeowners and current ones, a predicament officials had been eager to avoid. Over the last 18 months, the administration has rolled out just about every program it could think of to prop up the ailing housing market, using tax credits, mortgage modification programs, low interest rates, government-backed loans and other assistance intended to keep values up and delinquent borrowers out of foreclosure. The goal was to stabilize the market until a resurgent economy created new households that demanded places to live. As the economy again sputters and potential buyers flee — July housing sales sank 26 percent from July 2009 — there is a growing sense of exhaustion with government intervention. Some economists and analysts are now urging a dose of shock therapy that would greatly shift the benefits to future homeowners: Let the housing market crash. When prices are lower, these experts argue, buyers will pour in, creating the elusive stability the government has spent billions upon billions trying to achieve. “Housing needs to go back to reasonable levels,” said Anthony B. Sanders, a professor of real estate finance at George Mason University. “If we keep trying to stimulate the market, that’s the definition of insanity.” The further the market descends, however, the more miserable one group — important both politically and economically — will be: the tens of millions of homeowners who have already seen their home values drop an average of 30 percent. The poorer these owners feel, the less likely they will indulge in the sort of consumer spending the economy needs to recover. If they see an identical house down the street going for half what they owe, the temptation to default might be irresistible. That could make the market’s current malaise seem minor.
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Stocks fall on fresh European bank concerns
Stock Market News |
2010/09/07 06:53
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Fresh worries Tuesday about the health of European banks sent stocks lower in the U.S. The Dow Jones industrial average fell about 50 points in early morning trading to kick off the start of the holiday-shortened week. Broader markets also fell. European markets all fell Tuesday after reports said the continent's major banks have more potentially risky government debt on their books than was disclosed during stress tests earlier this year. The banks could be forced to raise more money to protect against potential losses, while also facing more fees from regulators. The dollar strengthened against the euro and investors bought U.S. Treasurys on the new European bank concerns. Stocks worldwide dropped during the spring because of worries that mounting government debt in Europe would hurt banks' ability to lend and stunt an economic recovery on the continent. That, in turn, would drag down a global rebound. Investors could be taking their cues from overseas because there are few domestic economic reports due out this week that could sway traders. A barrage of mostly better-than-anticipated economic data sent stocks sharply higher last week. The reports helped push major indexes to their first winning week in a month.
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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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