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Amaranth Case Becomes Class-Action Suit
Court News | 2010/10/04 02:12

A U.S. judge has awarded class-action status to a lawsuit filed by traders against Amaranth Advisors over the firm’s 2006 collapse following bad bets on natural gas prices, according to Reuters. On Monday, New York district judge Shira Scheindlin ruled that futures traders who bought, sold, or held natural gas futures or options with the $6.4 billion hedge fund between Feb. 16 and Sept. 28, 2006, could sue as a group in order to lower litigation costs and possibly increase their settlements.

In her ruling, Scheindlin stated that the case “involves more than 1,000 potential claimants who are asserting claims based on common issues,” and the judge noted, “Claimants likely have no interest in pursuing their own claims, which may be prohibitively small.” The traders allege that Amaranth manipulated prices of New York Mercantile Exchange natural gas futures contracts in violation of U.S. law. A lawyer for the firm declined to comment, and Amaranth founder Nicholas Maounis is among the defendants that remains in the case.




Kaplan Fox Files Securities Class Action
Court News | 2010/09/27 07:27

Kaplan Fox & Kilsheimer LLP has filed a class action suit against Arena Pharmaceuticals, Inc. that alleges violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 on behalf of purchasers of Arena securities during the period May 11, 2009 and September 16, 2010 inclusive, including investors who purchased Arena shares in the Company's public offerings of common stock during the Class Period (the "Class").

The case is pending in the United States District Court for the Southern District of California. A copy of the complaint may be obtained from Kaplan Fox or the Court. The Complaint alleges that throughout the Class Period the Company represented to investors that the New Drug Application ("NDA") for its drug lorcaserin, or Lorqess, was based on extensive and robust data, and, that lorcaserin's combination of efficacy, safety and tolerability would position the drug candidate as first-line therapy for weight management.

The Complaint further alleges that on September 14, 2010, investors began to learn the truth about lorcaserin when the FDA disclosed a Briefing Document titled NDA 22529 Lorqess (lorcaserin hydrochloride) Tablets, 10 mg Sponsor: Arena Pharmaceuticals Advisory Committee - September 16, 2010, which revealed, among other things, that lorcaserin caused cancer in rats in certain preclinical studies.

On September 14, 2010, Arena shares declined from a close on September 13, 2010 of $6.85 per share, to close at $4.13 per share, a decline of $2.71 per share or approximately 40%. On September 16, 2010, the Wall Street Journal reported a federal advisory panel rejected lorcaserin. On September 17, 2010, Arena shares declined an additional $1.99 per share or approximately 47%.

If you are a member of the proposed Class, you may move the court no later than November 19, 2010 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.



ANZ says to vigorously defend class action suit
Court News | 2010/09/22 02:20

Australia and New Zealand Banking Group said on Wednesday it will vigorously defend a class action suit by customers for recovery of bank fees.

Earlier class-action law firm Maurice Blackburn said it would file a $48 million class action suit against ANZ, with up to 11 other lenders at risk of similar suits in the future.

The suit is against exception fees, which include charges for insufficient funds, overdrawn bank or credit card accounts and late credit card payments.

"We recognised that these fees were unpopular with customers. This is why we took action to simplify fees," the CEO for its Australian operations Philip Chronican said in a statement.



Briefing schedule ordered in Target class action
Court News | 2010/09/15 08:36

The parties in a slow-moving 2008 class action suit in St. Clair County against Target are moving forward again.

A case management conference on sept. 8 saw the first action in the suit since last year.

St. Clair County Circuit Judge Patrick Young signed an order giving the parties in the case 30 days to submit a briefing schedule to him on the issue of class certification in the suit led by led plaintiff Brian Buehlhorn.

If the parties can't agree on that schedule, Young will take up the matter Oct. 20 at 9:30 a.m.

Buehlhorn is leading one of several proposed class actions filed against Target and other retailers over the effectiveness of their immune system supplements.

All of the suits were filed by the same team of attorneys including Paul Weiss of Chicago and Richard Burke of St. Louis.

In his suit, Buehlhorn claims that Target's Immunity Supplement does not boost the immune system as claimed.

While a class has yet to be certified in the case, the plaintiff successfully added claims from Minnesota, California and Florida last year.

There were no filings in the case after October of last year until the Sept. 8 order.

The suit seeks damages not to exceed $75,000 per individual class member.

The defendant is represented by Robert Bassett and others.



Utah court rejects appeal from polygamous sect
Court News | 2010/08/30 03:01

Utah's Supreme Court has rejected a petition from members of a southern Utah-based polygamous sect seeking a reversal of changes made to its communal land trust.

In a ruling issued Friday, justices say members of the Fundamentalist Church of Jesus Christ of Latter Day Saints waited too long to challenge the state's intervention in the United Effort Plan Trust.

Valued at $110 million, the trust holds the property in Hildale, Utah and Colorado City, Ariz., the twin border towns where most church members live.

Utah seized the trust in 2005 after allegations of mismanagement by church leaders. A court-appointed accountant has since converted the trust into a secular entity.

FLDS members consider state control of the UEP a violation of their religious rights.



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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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