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Scandal-plagued former Bell official sues city
Headline Legal News |
2011/11/01 10:13
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Public outrage — and changed locks — forced Robert Rizzo out of a job last year, but the former city manager says he's still owed his $1.5 million salary and benefits.
In a lawsuit against the city of Bell filed Monday, Rizzo claims he's owed his wages — with interest — because he hasn't been convicted of a felony and hasn't resigned his post.
According to prosecutors, Rizzo orchestrated a scheme to bilk the Los Angeles suburb out of more than $6 million by paying himself and other Bell city officials' exorbitant salaries. They face charges of fraud and misappropriation of public funds.
Rizzo has pleaded not guilty.
In the lawsuit he filed in Los Angeles Superior Court, Rizzo said he hasn't been paid since a public meeting in July 2010, when the small, blue-collar community of Bell learned of his outsized salary and benefits.
Protesters were outraged by compensation of $100,000 to City Council members that met once a month, but it was Rizzo's $787,637 salary, along with numerous perks that amounted to nearly $1.5 million a year, that made him the poster-child for corruption in government for furious Bell residents. |
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Izard Nobel LLP Announces Class Action Lawsuit
Securities Class Action |
2011/11/01 10:13
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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 Middle District of Tennessee on behalf of purchasers of the common stock of HCA Holdings, Inc. pursuant or traceable to the Company's Registration Statement and Prospectus issued in connection with its March 9, 2011 initial public offering ("IPO").
The Complaint charges that HCA, and certain of its officers, directors and underwriters violated federal securities laws. Specifically, the Complaint alleges that defendants omitted the following from the Registration Statement: (i) HCA improperly accounted for its prior business combinations in violation of Generally Accepted Accounting Principles, causing its financial results to be materially misstated; (ii) HCA failed to maintain effective internal controls concerning accounting for business combinations; and (iii) HCA failed to disclose known trends and uncertainties concerning its revenue growth rate.
On July 25, 2011, HCA announced disappointing second quarter 2011 results. On this news, HCA's stock fell $6.64 to close of $27.97. Then, on October 1, 2011, Barron's issued an article titled "Where Did the $15.8 Billion Go?", which claimed HCA improperly accounted for two major acquisitions as recapitalizations causing HCA to overstate reported earnings and avoid taking significant charges which would have negatively impacted earnings. On this news, HCA fell to $18.81 on October 3, 2011.
If you are a member of the class, you may, no later than December 27, 2011, 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/hca/, 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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Labaton Sucharow LLP Files a Class Action Lawsuit
Securities Class Action |
2011/10/31 08:41
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Labaton Sucharow LLP filed a class action lawsuit on October 26, 2011 in the U.S. District Court for the Northern District of California. The lawsuit was filed on behalf of purchasers of OmniVision Technologies, Inc. common stock between August 27, 2010 and October 13, 2011, inclusive (the "Class Period").
The action charges OmniVision and certain of its officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that, throughout the Class Period, the Company's financial results were artificially inflated by virtue of the fact that the Company had concealed the loss of its exclusive contract with Apple Inc. ("Apple") to supply imaging sensors for Apple's celebrated iPhone.
OmniVision is a designer and manufacturer of image sensors that are used in digital cameras to convert optical images into electronic signals. OmniVision is one of the leading suppliers of complementary metal-oxide-semiconductors ("CMOS") sensors used in mobile telephones. The Complaint alleges that OmniVision failed to disclose that: (a) it had lost its lucrative, high-profile, and exclusive contract with Apple; (b) competition was eroding its "leadership position" in the smartphone industry; (c) delays in the development of its 8-megapixel product line were threatening its prospects; and (d) it lacked a reasonable basis for its statements about its bright prospects in the smartphone market.
On August 25, 2011, OmniVision announced its results for the fiscal first quarter of 2012 and provided guidance for the fiscal second quarter of 2012 that was well below analyst expectations. The Company also disclosed delays in the production of its new 8-megapixel product line. Based on the Company's disappointing guidance, analysts recognized that OmniVision would not be the exclusive producer of camera components for Apple's new, fifth generation iPhone--the iPhone 4S--set for release in the fall of 2011. As a result of these revelations, OmniVision's stock declined $7.55 per share, or 30.4 percent, to close at $17.27 per share on August 26, 2011 on extraordinary trading volume.
On October 14, 2011, the iPhone 4S became available for sale and for disassembly. Based on a logo stamped on the inside of the camera sensor, experts determined that Sony--and not OmniVision--had supplied the CMOS sensor for the iPhone 4S. In reaction to this news, OmniVision's stock fell $1.65 per share, or 9.3 percent, to close at $15.95 per share on October 14, 2011 on high trading volume.
On October 14, 2011, the iPhone 4S became available for sale and for disassembly. Based on a logo stamped on the inside of the camera sensor, experts determined that Sony--and not OmniVision--had supplied the CMOS sensor for the iPhone 4S. In reaction to this news, OmniVision's stock fell $1.65 per share, or 9.3 percent, to close at $15.95 per share on October 14, 2011 on high trading volume.
If you are a member of this Class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.
Labaton Sucharow LLP, with offices in New York, New York and Wilmington, Delaware, is one of the country's premier law firms representing institutional investors in class action and complex securities litigation, as well as consumers and businesses in class actions seeking to recover damages for anticompetitive practices. The Firm has been a champion of investor and consumer rights for more than 45 years, seeking recovery of current losses and necessary governance reforms to protect investors and consumers. Labaton Sucharow has been recognized for its excellence by the courts and its peers. More information about Labaton Sucharow is available at www.labaton.com.
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High court avoids dispute over highway crosses
Court News |
2011/10/31 03:42
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The Supreme Court won't hear an appeal of a ruling that 12-foot-high crosses along Utah highways in honor of dead state troopers violate the Constitution.
The justices voted 8-1 Monday to reject an appeal from Utah and a state troopers' group that wanted the court to throw out the ruling and take a more permissive view of religious symbols on public land.
Since 1998, the private Utah Highway Patrol Association has paid for and erected more than a dozen memorial crosses, most of them on state land. Texas-based American Atheists Inc. and three of its Utah members sued the state in 2005.
The federal appeals court in Denver said the crosses were an unconstitutional endorsement of Christianity by the Utah state government.
Justice Clarence Thomas issued a 19-page opinion dissenting from Monday's order. Thomas said the case offered the court the opportunity to clear up confusion over its approach to disputes over the First Amendment's Establishment Clause, the prohibition against governmental endorsement of religion.
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Chinese companies plan to invest $933 mln in Saab
Stock Market News |
2011/10/31 02:41
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A Swedish court ruled Monday that Saab can continue its reconstruction after reviewing two Chinese companies' plans to invest €660 million ($933 million) in the struggling brand and cut 500 jobs.
Vanersborg District Court made its ruling after reviewing the plans by Zhejiang Youngman Lotus Automobile Co. and Pang Da Automobile Trade Co. and hearing comments by creditors, said court spokesman Peter Rosen.
The two Chinese companies said they can provide €50 million ($71 million) in immediate bridge-financing to the car maker while it is being reorganized. They also plan to inject €610 million ($863 million) to restart production, settle the company's debts and fund operations between 2012 and 2013.
The companies reached a tentative deal on Friday to buy Saab from Swedish Automobile, the Dutch company previously known as Spyker Cars, for €100 million ($141 million) — the latest rescue attempt for the company, which has been fighting for survival since it was sold by General Motors Co. in 2010.
If the deal is completed and approved by regulators it would mean that both of Sweden's car makers end up in Chinese hands. Last year, China's Geely Holding Group bought Volvo Cars from Ford Motor Co. for $1.5 billion.
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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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