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Milberg LLP Announces the Filing of a Securities Fraud Class Action Lawsuit
Securities Class Action | 2010/11/08 11:20

A class action lawsuit was filed in the United States District Court for the District of Vermont on behalf of purchasers of Green Mountain Coffee Roasters, Inc. securities during the period from July 28, 2010, to September 29, 2010.

The complaint alleges that Green Mountain and certain of its officers violated the Securities Exchange Act of 1934 by not disclosing improper revenue recognition practices.

On September 28, 2010, Green Mountain reported that the U.S. Securities and Exchange Commission's Division of Enforcement is conducting an investigation and seeking documents relating to certain revenue recognition practices and the Company's relationship with one of its fulfillment vendors. Additionally, Green Mountain announced that as of June 26, 2010, there is a cumulative $7.6 million overstatement of pre-tax income due to an accounting error.

In reaction to the news, Green Mountain shares fell 16.08% to close at $31.06 on September 29, 2010.

If you purchased Green Mountain securities during the Class Period, you may, no later than November 29, 2010, 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 move for lead plaintiff to 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 has additional information: (www.milberg.com).



The Law Office of Curtis V. Trinko LLP Announces Proposed Settlement of Class Action
Securities Class Action | 2010/11/08 11:18

Lead Counsel for the Class has announced, pursuant to an Order of the United States District Court for the Southern District of New York, that a hearing in the class action entitled Fogarazzo, et al. v. Lehman Brothers, Inc., et al., No. 03 Civ.5194 (SAS) will be held on January 31, 2011, at 4:30 p.m., before The Honorable Shira A. Scheindlin, at the Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street, Courtroom 15C, New York, New York 10007, for the purpose of determining (1) whether the proposed Settlement of the claims against the Settling Defendants in the Action for the sum of $6,750,000 in cash should be approved by the Court as fair, reasonable, and adequate to Members of the Class; (2) whether, thereafter, this Action should be dismissed with prejudice as regards the Settling Defendants pursuant to the terms and conditions set forth in the Settlement Agreement dated as of August 23, 2010; (3) whether the proposed plan to distribute the Settlement proceeds (the "Plan of Allocation") is fair, reasonable, and adequate, and therefore should be approved; and (4) whether the application of Lead Counsel for the payment of attorneys' fees and expenses incurred in connection with the Settlement involving the Settling Defendants, and reimbursement of Lead Plaintiffs' reasonable costs and expenses (including lost wages) directly related to their representation of the Class should be approved.

If you purchased or otherwise acquired shares of RSL Communications, Inc. common stock between April 30, 1999 and December 29, 2000, your rights may be affected by this Settlement.  If you have not received a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Settlement Fairness Hearing ("Notice") and a copy of the Proof of Claim and Release, you may obtain copies by mail: RSL Communications Securities Litigation, c/o Berdon Claims Administration LLC. P.O. Box 9014, Jericho NY 11753-8914; by toll-free phone: 800-766-3330; by fax: 516-9831-0810; or you can download a copy at www.berdonclaims.com.  If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than February 22, 2011, establishing that you are entitled to recovery.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE.  If you have any questions about the Settlement, you may contact Lead Counsel at: Curtis V. Trinko, Esq.; The Law Office of Curtis V. Trinko LLP; 16 West 46th Street, 7th Floor; New York, NY 10036; 212-490-9550; ctrinko@trinko.com; or go to the Claims Administrator's website: www.berdonclaims.com.



MannKind stock falls after news of Afrezza lawsuit
Court Watch | 2010/11/08 10:22

Valencia biotech firm MannKind Corp.'s stock fell 11% Thursday after reports that a former senior manager said he had uncovered potentially serious problems with clinical trials of the company's experimental insulin inhaler.

The Food and Drug Administration is reviewing the Afrezza inhaler and is expected to make a decision Dec. 29 on whether to approve it.

The former MannKind manager, John Arditi, filed a lawsuit against the company in New Jersey Superior Court, saying he was wrongfully fired after internal audits he conducted in November 2009 uncovered "potential fraud and scientific misconduct" involving Afrezza clinical trial data. The lawsuit, which was filed in September, was first reported on TheStreet.com.

Arditi, who worked in a MannKind facility in New Jersey, said in the lawsuit that he urged his superiors at the firm to report his findings to the FDA but that the company refused because "if the FDA was notified of these concerns, it might delay approval" of the inhaler.

MannKind addressed the lawsuit in its most recent quarterly earnings report, stating that the company had completed an internal investigation into Arditi's claims and had hired an outside firm to conduct an independent investigation.

"Neither investigation found any basis for his claims," MannKind said. "The company believes that the allegations in the complaint are without merit and intends to defend against them vigorously."

Matthew J. Pfeffer, MannKind's corporate vice president, said the company was working on a legal response to the lawsuit. MannKind has until Dec. 3 to file its response in court, Pfeffer said.

MannKind has yet to share with the FDA the findings of its internal investigation or of the independent investigation, he said.



Radian shares drop on notes offering, subpoena
Stock Market News | 2010/11/08 10:08

Shares Radian Group Inc. tumbled Monday after the mortgage insurer announced a public offering of convertible notes and disclosed it received a government subpoena.

Radian said it's publicly offering up to $350 million in convertible senior notes due 2017. The underwriters have the option to buy an additional $52.5 million of notes. The company said it plans to enter in a "capped call" to prevent the dilution of its shares once the debt is converted to stock.

But that did little to ease investor concerns. The stock of the Philadelphia company dropped $1.16, or 12 percent, to $8.79 in early afternoon trading.

The company also said Monday in a Securities and Exchange Commission filing that it received a subpoena from the U.S. Department of Housing and Urban Development asking for information on the company's captive reinsurance.

Under certain so-called "captive reinsurance" programs, insurers and lenders share premium revenue but also split exposure to any losses when borrowers default. Insurers take the primary loss, and lenders bear secondary exposure up to certain limits, after which insurers are saddled with the additional losses.



Stocks waver ahead of Federal Reserve announcement
Stock Market News | 2010/11/03 07:45
Stock traded in a tight range Wednesday as investors turned their attention to the Federal Reserve's meeting after there were few surprises in the midterm elections.

The Dow Jones industrial average rose 13 points in morning trading, again putting it in range to close at its highest level in more than two years. Broader indexes were mixed.

By the end of the trading day, investors will likely know exactly how much the Fed plans to spend to stimulate the economy. The central bank has hinted for two months it plans to buy Treasurys to drive interest rates lower in an attempt to spark lending and spending. However, there was still plenty of debate about the size and length of the program, particularly in the past few days.

The Fed is expected to announce details of its plan when it wraps up its meeting Wednesday afternoon. Treasury prices rose slightly, sending interest rates lower ahead of the announcement.

The Dow rose 12.75, or 0.1 percent, to 11,201.32 in morning trading.

The has been flirting with its highest closing level of the year, which was 11,205.03 on April 26. If it can close above that level, it would be the Dow's best finish since September 2008, just before the financial crisis peaked.

The Standard & Poor's 500 index rose 0.75, or 0.1 percent, to 1,194.32, while the Nasdaq composite index fell 0.36, or less than 0.1 percent, at 2,533.16.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.56 percent from 2.59 percent late Tuesday.

Key economic reports that would have normally affected trading are being overshadowed by the Fed's meeting.



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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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