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The Law Office of Robbins Umeda LLP Announces Class Action
Securities Class Action |
2011/10/11 09:40
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Robbins Umeda LLP announces that the firm commenced a class action lawsuit on October 7, 2011, in the U.S. District Court for the Eastern District of Missouri, Eastern Division, on behalf of all persons or entities who purchased the common stock of Stereotaxis, Inc. between February 28, 2011 and August 9, 2011 against certain of the Company's officers and directors for violations of the Securities Exchange Act of 1934. The plaintiff is represented by Robbins Umeda LLP and Carey, Danis & Lowe.
Stereotaxis designs, manufactures, and markets a cardiology instrument control system, called Niobe®, for use in a hospital's interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Company also markets the Odyssey system as a data management solution for remote viewing and recording of live interventional procedures. The Company's executive offices are located in St. Louis, Missouri.
The complaint alleges that beginning on February 28, 2011, Chief Executive Officer Michael Kaminski, along with certain officers and directors at Stereotaxis, issued a series of positive statements to investors about the business condition and future prospects of the Company that were materially false and misleading, and that caused shares of the Company's stock to trade at artificially high prices.
In particular, the complaint alleges that officials at the Company failed to disclose to investors material adverse facts that: (1) Stereotaxis was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner; (2) market feedback from users of the Company's technology was "mixed"; (3) the Niobe system was far from the "standard of care" and needed "fundamental product improvements"; (4) demand for the Niobe and Odyssey systems was weak, and that the number of units being sold was decreasing; (5) the reported backlog of orders did not fairly represent future revenue the Company expected to recognize; and that (6) the Company overstated its market edge.
On August 8, 2011, the Company announced financial results for the second quarter of 2011 that revealed that the Company was performing well below expectations. Additionally, the press release disclosed to investors that the Company was forced to suspend its full year guidance for 2011, and that Daniel Johnston was resigning as the Chief Financial Officer. On this news shares of Stereotaxis declined by more than 58% of their value, closing on August 9, 2011 at just $1.19 per share.
If you purchased Stereotaxis stock during the Class Period and wish to serve as lead plaintiff, you must move the Court no later than 60 days from October 10, 2011. To discuss your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form.
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com
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Shareholder class action hits Leighton
Securities Class Action |
2011/09/01 09:38
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Shareholders set to take legal action against Leighton over alleged failures to properly report a $907 million turnaround in financial performance.
Law firm Maurice Blackburn on Thursday said it intended to launch a class action against the company, alleging Leighton breached continuous disclosure obligations as set out in the Corporations Act.
On April 11 this year, the Leighton announced it was expecting to post a loss of $427 million for the 2010/11 financial year, a turnaround from a $480 million profit in 2009/10.
The announcement came after a review of its operations, which led to a $282 million drop in profit from its desalination plant project at Wonthaggi in Victoria, a before-tax loss of $430 million on the Brisbane Airport Link and a $295 million write-down on its equity in the Middle East-focused Habtoor Leighton Group.
Maurice Blackburn principal Andrew Watson said Leighton should have told the market about those write-downs by November 2, 2010, or, at the very latest, February 14 this year.
'Shareholders expect a company like Leighton to have proper risk management and internal reporting systems to ensure timely announcements are made when there are difficulties,' Mr Watson said.
Maurice Blackburn says it believes Leighton was seeking approval for design changes on the Brisbane Airport Link because of expected delays as early as April 2009.
Leighton also advised the market that construction of the Victorian desalination plant was on time at least five times between November 2010 and March 2011, Maurice Blackburn alleges.
In response to a query from the Australian Securities Exchange (ASX) several days after its announcement of the losses, Leighton said it informed the market of its expected losses as soon as it was aware of them.
'At all times, the company has been mindful of its continuous disclosure obligations,' Leighton secretary Ashley Moir said on April 18.
Last week, the Leightonboard terminated the contract of chief executive David Stewart, who took over from long-time chief executive Wal King in January.
That followed chairman David Mortimer's decision to depart the Leighton board a day earlier. |
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Shareholder Class Action Filed Against WebMD Health Corp.
Securities Class Action |
2011/08/30 09:30
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The following statement was issued today by the law firm of Kessler Topaz Meltzer & Check, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of WebMD Health Corp., who purchased or otherwise acquired WebMD securities between February 23, 2011 and July 15, 2011, inclusive (the "Class Period"). If you are a member of this class, you can view a copy of the Complaint or join this class action online at http://www.ktmc.com/cases/webmd/.
Members of the class may, not later than October 3, 2011, move the Court to serve as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported 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.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq. or David M. Promisloff, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For additional information about this lawsuit, or to join the class action online, please visit http://www.ktmc.com/cases/webmd/.
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Lieff, Cabraser, Heimann & Bernstein, LLP Announces Class Action Lawsuits
Securities Class Action |
2011/08/26 10:09
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The law firm of Lieff, Cabraser, Heimann & Bernstein, LLP is investigating potential securities law violations as alleged in class action lawsuits brought on behalf of all purchasers of American Depository Shares (“ADS”) of SinoTech Energy Limited (“SinoTech” or the “Company”) between November 3, 2010 and August 16, 2011 (the “Class Period”), including purchasers of SinoTech ADSs in the Company’s initial public offering (the “IPO”) on November 3, 2010.
If you purchased or acquired SinoTech ADSs during the Class Period and/or in the IPO, you may move the Court for appointment as lead plaintiff by no later than October 18, 2011. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
SinoTech shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll free at (800) 541-7358.
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The Rosen Law Firm Announces Class Action Lawsuit Against JBI, Inc.
Securities Class Action |
2011/08/01 09:00
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The Rosen Law Firm, P.A. announces that a class action lawsuit for violations of the federal securities laws has been filed against JBI, Inc. /quotes/zigman/573088 JBII +5.11% based on allegations that the company issued materially misleading financial statements to the investing public. If you purchased JBI stock during the period from August 28, 2009 to July 20, 2011 you can join the class action and seek to recover your investment losses.
To join the JBI class action, visit the firm's website at http://www.rosenlegal.com , or call Jonathan Horne, Esq., toll-free, at 866-767-3653; you may also email jhorne@rosenlegal.com for information on the class action. The case is pending the U.S. District Court for the District of Nevada.
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. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
The Complaint alleges that JBI materially overstated its income in connection with its acquisition of JavaCo, Inc. in 2009. As part of the transaction JBI exchanged 1 million shares of its stock for $9,997,134 worth of media credits. The Complaint alleges that JBI's financial statements were false and misleading because (1) the media credits acquired by the Company in connection with the acquisition of JavaCo were substantially overvalued; (2) that the Company was improperly accounting for acquisitions; (3) that, as such, the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On May 21, 2010, JBI disclosed that its previously issued financial statements for the 2009 fiscal year and third quarter should no longer be relied upon. On July 14, 2011, the Securities and Exchange Commission advised the Company that it was recommending enforcement action against it and possibly one or more of its former officers in connection with the Company's issuing materially inaccurate financial statements.
News that JBI was required to restate its financial statements and was subject to an SEC enforcement action for violation of the federal securities laws has caused its stock price to drop substantially, damaging investors.
You may participate in the securities class action lawsuit to recover your investment losses. If you purchased JBI stock, please visit the website at http://rosenlegal.com to participate in the class action and to obtain more information. You may also contact Laurence Rosen or Phillip Kim of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at or lrosen@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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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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