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Brower Piven Announces Summary Notice of Proposed Settlement of Class Action
Securities Class Action |
2012/03/09 09:40
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SUMMARY NOTICE OF PROPOSED SETTLEMENT OF CLASS ACTION
All Persons and Entities Who Purchased Inyx, Inc. Common Stock Between April 1, 2005 and July 2, 2007, Inclusive.
This Summary Notice is given pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York (the "Court"), dated February 9, 2012. The purpose of this Summary Notice is to inform you of the proposed settlement of the above-entitled class action (the "Action") against defendants Inyx, Inc., Jack Kachkar, Rima Goldshmidt, and Jay M. Green.
A Settlement Hearing will be held before the Hon. P. Kevin Castel, United States District Judge, at the Daniel Patrick Moynihan U.S. Courthouse, 500 Pearl Street New York, NY 10007, at 11:30 a.m. on May, 4, 2012 in order: (1) to determine whether the Settlement consisting of no less than $600,000.00 (US) and no more than $1,100,000 (US) in cash should be approved as fair, reasonable, and adequate to the Class and the proposed Judgment entered; (2) to determine whether the proposed Plan of Allocation for the proceeds of the settlement is fair and reasonable, and should be approved by the Court; (3) to determine whether any applications for attorneys' fees not to exceed 35% of the settlement Fund and reimbursement of litigation expenses not to exceed $110,000.00 (US) to Class Counsel should be approved; and (5) to rule upon such other matters as the Court may deem appropriate.
If you purchased the common stock of Inyx, Inc. between April 1, 2005 and July 2, 2007, inclusive, and are not otherwise excluded from the Class, you are a Class Member. Class Members will be bound by the final Judgment of the Court. 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 postmarked no later than June 8, 2012, establishing that you are entitled to recovery. If you are a Class Member and need a Proof of Claim, copies may be obtained by telephoning the Claims Administrator at (800) 231-1815 or by downloading the form on the Internet at www.gcginc.com.
If you do not wish to be included in the Class and you do not wish to participate in the proposed Settlement, you may request to be excluded in the manner set forth in the full Notice of Proposed Settlement of Class Action ("Notice"), no later than April 9, 2012. If you are a Class Member, and you do not request exclusion from the Class, you may make written objection(s) to the Settlement, the Plan of Allocation or Class Counsel's request for an award of attorneys' fees and reimbursement of expenses by following the procedures set forth in the Notice. If you make a written objection, you also may appear at the Settlement Hearing. You must file and serve your written objection, in the manner specifically set forth in the Notice, no later than April 9, 2012.
This is only a summary notice. The full Notice of Proposed Settlement of Class Action may be accessed at: www.gcginc.com.
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Glancy Binkow & Goldberg LLP Announces Class Action
Securities Class Action |
2012/03/02 10:18
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Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of purchasers of CNOOC Limited American Depositary Shares between January 27, 2011 and September 16, 2011, inclusive, seeking to pursue remedies under the Securities Exchange Act of 1934. CNOOC, through its subsidiaries, engages in the exploration, development, production and sale of crude oil, natural gas and other petroleum products. The Company owns oil and natural gas properties in Asia, Oceania, Africa, the Americas and offshore China – including the Penglai 19-3 (“PL19-3”) oilfield situated in northern China’s Bohai Bay.
The Complaint alleges that defendants misrepresented or failed to disclose material adverse facts about the Company’s business and financial results, including that: (i) the Company was not in compliance with environmental laws and regulations; (ii) the Company concealed the extent and severity of oil spills that occurred at the PL19-3 oilfield in June 2011; (iii) as news of the oil spills emerged, the Company downplayed its responsibility to effect the cleanup of the oil spills, portrayed itself as being the “non-operator” of the oilfield and, moreover, hindered the cleanup by requiring the operator of the oilfield to use a CNOOC-affiliated company for the cleanup; (iv) the Company improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles (“GAAP”); and (v), based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s operations and its expected oil production.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased the ADSs of CNOOC between January 27, 2011 and September 16, 2011, you have certain rights, and have until April 29, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent class member.
www.glancylaw.com
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Robbins Geller Rudman & Dowd LLP Files Class Action
Securities Class Action |
2012/02/22 10:01
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Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of BioSante Pharmaceuticals, Inc. securities during the period between February 8, 2010 and December 15, 2011.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from February 6, 2012. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/biosante/. 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.
The complaint charges BioSante and its Chief Executive Officer with violations of the Securities Exchange Act of 1934. BioSante is a specialty pharmaceutical company focused on developing products for female sexual health and oncology.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the commercial viability, effectiveness, and market potential for LibiGel, a drug designed to improve the sex drive of women suffering from female sexual dysfunction, and specifically hypoactive sexual desire disorder (“HSDD”). Defendants boasted about LibiGel’s efficacy over placebo in clinical trials, and provided supposedly concrete “data” regarding the drug’s “statistically significant” effect on increasing the “number of satisfying sexual events” for women suffering from HSDD. As a result of these false statements, BioSante’s stock traded at artificially inflated prices during the Class Period, reaching a high of $3.81 on July 12, 2011.
On December 14, 2011, BioSante issued a press release disclosing for the first time to investors that LibiGel failed to yield positive results in large-scale efficacy tests designed by the Company. According to the clinical trial results, women treated with LibiGel did not experience a statistically significant increase in either total satisfying sexual encounters or sexual desire. In fact, in the double-blind, placebo-controlled trial, LibiGel did not fare significantly better than the placebo. On this news, BioSante’s stock collapsed $1.64 per share to close at $0.48 per share on December 15, 2011, a one-day decline of 77% on volume of nearly 50 million shares.
According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) LibiGel’s efficacy was well short of that required to obtain FDA approval; and (b) LibiGel failed to yield statistically superior results to placebo.
Plaintiff seeks to recover damages on behalf of all purchasers of BioSante securities during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations.
www.rgrdlaw.com |
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Law Firm Brower Piven Announces Investigation
Securities Class Action |
2012/02/21 10:05
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The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of CH Energy Group, Inc. and other violations of state law by the board of directors of CH Energy Group relating to the proposed acquisition of the company by Fortis Inc. The firm's investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On February 21, 2012, Fortis announced that it had entered into an agreement providing for Fortis to acquire CH Energy Group for $1.5 billion. Under the terms of the merger agreement, CH Energy Group shareholders will receive $65.00 for each share of CH Energy Group common stock held. However, according to Yahoo! Finance, at least one analyst has set a high price target of $69.00 per share.
If you currently own shares of CH Energy Group and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions.
www.browerpiven.com |
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Kessler Topaz Meltzer & Check, LLP Announces a Proposed Class Action Settlement
Securities Class Action |
2012/02/20 09:43
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To: All persons and entities who purchased or otherwise acquired the common stock of Pilgrim's Pride Corporation from May 5, 2008 to October 28, 2008, inclusive, including all those who purchased the common stock of Pilgrim's Pride Corporation pursuant and/or traceable to any registration statement, prospectus, prospectus supplement or any documents therein incorporated by reference filed with the U.S. Securities and Exchange Commission in connection with the Company's May 14, 2008 Secondary Offering, and who were damaged thereby (the "Class").
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Order of the Court, that the above-captioned action has been certified as a class action for purposes of settlement only and that a settlement for One Million Five Hundred Thousand Dollars ($1,500,000) has been proposed. A hearing will be held before the Honorable Rodney Gilstrap in the United States District Court for the Eastern District of Texas, Sam B. Hall, Jr. Federal Building and United States Courthouse, 100 East Houston Street, Marshall, Texas 75670, Courtroom 106, at 9:00 a.m., on May 1, 2012 to determine: (1) whether the proposed Settlement should be approved as fair, reasonable and adequate; (2) whether the Action should be dismissed with prejudice against Defendants; (3) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (4) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys' Fees and Expenses and Settlement Fairness Hearing (the "Notice") and Proof of Claim and Release form ("Proof of Claim"), you may obtain copies of these documents by contacting:
Pilgrim's Pride Corporation Securities Litigation
c/o Rust Consulting, Inc.
P.O. Box 2619
Faribault, MN 55021-9619
(866) 430-8117
www.PilgrimsPrideSecuritiesSettlement.com |
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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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