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Dyer & Berens LLP Announces Class Action
Securities Class Action | 2010/12/16 06:33

The law firm of Dyer & Berens LLP (www.DyerBerens.com) announced today that a class action securities fraud lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of China Education Alliance (NYSE: CEU) common stock during the period between March 31, 2009 and November 29, 2010 (the "Class Period").

If you wish to serve as a lead plaintiff, you must seek such an appointment with the court no later than January 31, 2011. A "lead plaintiff" directs the litigation and participates in important decisions including whether to accept a settlement offer and how much of a settlement to accept for the class in the action. The lead plaintiff here will be selected from among applicants claiming the largest loss from investment in the company during the Class Period. 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.

If you wish to discuss the action, the lead plaintiff process, or have any questions concerning your rights or interests in the litigation, please contact Jeffrey A. Berens, Esq. at (888) 300-3362 x302, (303) 861-1764, or via email at jeff@dyerberens.com.

The complaint charges China Education Alliance and certain of its current and former officers with violations of the federal securities laws. Specifically, it is alleged that defendants knew or recklessly disregarded that the company improperly reported $24.9 million in revenue in its 2008 annual report, contradicting a report that the company's main operating subsidiary filed with the Chinese authorities, which revealed less than $1 million in revenue. On November 29, 2010, Kerrisdale Capital published a 30-page report citing evidence that China Education Alliance overstated its revenue and profit and called the company "mostly a hoax." On this news, shares of China Education Alliance common stock fell more than 30%.

Dyer & Berens LLP has significant expertise in prosecuting investor class actions. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.

Contact:

Jeffrey A. Berens
Dyer & Berens LLP
303 East 17th Avenue, Suite 300
Denver, CO 80203
Tel: (888) 300-3362 x302 or (303) 861-1764
Email: Email Contact
Website: www.DyerBerens.com



Milberg LLP Announces the Filing of a Securities Fraud Class Action
Securities Class Action | 2010/12/15 23:33
A class action lawsuit was filed in the United States District Court for the Central District of California on behalf of purchasers of RINO International Corporation (" RINO | PowerRating") (PINKSHEETS: RINO) from July 13, 2009 to November 12, 2010, inclusive ("Class Period").
The complaint alleges RINO and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges that RINO, a Chinese manufacturer of environmental protection equipment, fraudulently reported inflated revenues to the SEC that were, for 2009, more than 90% higher than revenues reported to Chinese regulators.

On November 10, 2010, a research firm reported that RINO executives allegedly engaged in a wide range of wrongful conduct, including inflating the Company's reported sales revenues and fabricating customer contracts.

In response to this news, the price of RINO's common stock fell $2.34 per share, or more than 15%, to close at $13.18 per share on November 11, 2010.

If you purchased RINO common stock during the Class Period you may, no later than January 14, 2011, 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 be a lead plaintiff to recover in a class action; you can 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 (www.milberg.com) has additional information.


Bell Potter facing class action
Securities Class Action | 2010/12/03 09:13

A class action has been initiated in the Federal Court by 50 former clients of Bell Potter Securities over the company’s alleged conduct with respect to the purchase of shares in a Brisbane biotechnology company, Progen Pharmaceuticals.

The former clients are being represented by law firm Slater & Gordon, which has said it will be alleged to the court that Bell Potter manipulated the market in Progen shares and engaged in misleading and deceptive conduct when it encouraged clients to buy the overvalued shares ahead of and subsequent to Bell Potter being a co-underwriter of a Progen capital raising.

Slater and Gordon solicitor Van Moulis said it was being alleged in the class action that reports published by Bell Potter analysts improperly inflated the value of Progen stock and were then used by brokers to promote the stock to clients.

He said investors were seeking compensation from Bell Potter for their share trading losses, legal costs plus interest.

Bell Potter has indicated it will be vigorously defending the claim.




Faruqi & Faruqi, LLP Announces Class Action Lawsuit
Securities Class Action | 2010/11/28 21:32

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Tennessee on behalf of shareholders of Green Bankshares, Inc. ("Green Bankshares" or the "Company") /quotes/comstock/15*!grnb/quotes/nls/grnb (GRNB 2.56, -0.07, -2.66%) .

The complaint alleges that defendants knew or recklessly disregarded that their public statements concerning Green Bankshares' business, operations and prospects were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (i) that the Company was overvaluing the collateral of certain loans; (ii) that, as such, Green Bankshares was failing to timely take impairment charges to reduce the carrying values of certain loans to appropriate market values; (iii) that the Company lacked adequate internal and financial controls; and (iv) that, as a result, the Green Bankshares' financial results were materially false and misleading at all relevant times.

On October 20, 2010, Green Bankshares announced its financial results for the 2010 fiscal Q3 and disclosed that the Company's net charge-offs increased on a sequential basis from $4.9 million in the prior quarter to $36.5 million. Furthermore, Green Bankshares indicated that it had engaged a third-party loan reviewer, which contributed to the asset quality-impact reflected in its Q3 results. As a result of this news, shares of the Company declined more than 43% to close at $3.68 per share on October 21, 2010.

On November 9, 2010, Green Bankshares announced that in consultation with the Federal Reserve Bank of Atlanta, the Company had given notice to the U.S. Treasury Department that Green Bankshares was suspending the payment of regular quarterly cash dividends on the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the U.S. Treasury Department. Moreover, Green Bankshares disclosed that two large relationships totaling approximately $31.4 million had defaulted during Q3. On this news, shares of Green Bankshares declined more than 29.5% to close at $2.57 per share on November 10, 2010.

If you purchased Green Bankshares common stock between January 19, 2010 and November 19, 2010 and you have lost in excess of $100,000.00, please request more information now by clicking here: www.faruqilaw.com/GRNB

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.

If you purchased Green Bankshares common stock between January 19, 2010, and November 19, 2010 and wish to obtain additional information, please visit us at www.faruqilaw.com/GRNB or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.

Attorney Advertising. (C) 2010 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.



Faruqi & Faruqi, LLP Announces Class Action Lawsuit
Securities Class Action | 2010/11/22 10:38

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Tennessee on behalf of shareholders of Green Bankshares, Inc. ("Green Bankshares” or the "Company”)

The complaint alleges that defendants knew or recklessly disregarded that their public statements concerning Green Bankshares’ business, operations and prospects were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (i) that the Company was overvaluing the collateral of certain loans; (ii) that, as such, Green Bankshares was failing to timely take impairment charges to reduce the carrying values of certain loans to appropriate market values; (iii) that the Company lacked adequate internal and financial controls; and (iv) that, as a result, the Green Bankshares’ financial results were materially false and misleading at all relevant times.
On October 20, 2010, Green Bankshares announced its financial results for the 2010 fiscal Q3 and disclosed that the Company’s net charge-offs increased on a sequential basis from $4.9 million in the prior quarter to $36.5 million. Furthermore, Green Bankshares indicated that it had engaged a third-party loan reviewer, which contributed to the asset quality-impact reflected in its Q3 results. As a result of this news, shares of the Company declined more than 43% to close at $3.68 per share on October 21, 2010.




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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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