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Class Action Filed Against Former, Current A&P Execs
Court News |
2011/09/19 23:50
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A class action has been filed in the U.S. District Court for the District of New Jersey on behalf of purchasers of the securities of the Great Atlantic & Pacific Tea Co. Inc. (A&P) for the period between July 23, 2009, and Dec. 10, 2010. The complaint, filed Sept. 9 by Robbins Geller Rudman & Dowd LLP, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, Philadelphia and Atlanta, claims that some former and current A&P executives violated the Securities Exchange Act of 1934. A&P itself wasn’t named as a defendant in the action because it filed for bankruptcy protection in December 2010.
Those named in the action are former Executive Chairman and CEO Christian Haub, former CEO and President Eric Claus, former CFO and Treasurer Brenda Galgano, Vice Chairman and Chief Strategy Officer Andreas Guldin, former CEO and President Ron Marshall, and current CEO and President Sam Martin.
The complaint alleges that during the period mentioned above, the defendants failed to disclose material adverse facts about the company’s true financial condition, business and prospects. Specifically, the class action alleges that the executives failed to reveal that A&P was facing increased low-cost competition from retailers such as Walmart and Target, which negatively affected its business and financial condition; that the Pathmark acquisition was a “complete disaster” for the company, as Pathmark’s operations were in far worse condition than had been represented to investors; that A&P wasn’t operating according to internal expectations and couldn’t achieve the guidance endorsed by the defendants; and that, as a result of these factors, the defendants lacked a reasonable basis for their positive statements about the company, its operations and prospects.
The class action seeks to recover damages on behalf of all purchasers of A&P securities during the period noted above. Those who are member of this class can view a copy of the complaint or join the class action online at www.rgrdlaw.com/cases/aandp
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Pa high court to meet in historic chamber
Legal Business |
2011/09/17 23:49
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Pennsylvania's highest court plans to convene in a historic chamber in Philadelphia for the first time in more than two centuries.
Tuesday's oral arguments session in the Supreme Court Chamber in Old City Hall will be the first time the justices have used the room since 1802.
The session also will be the first to be videotaped under a court policy announced last month. The Pennsylvania Cable Network plans to record the event and air it Tuesday evening.
Cases to be heard include one involving the state's use of an $800 million surplus from a fund that helps doctors pay medical malpractice premiums to balance the state budget in 2009.
The court is using the historic courtroom as part of a commemoration of Constitution Week, which runs through Saturday.
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Ga. court upholds Open Meetings fines
Court Watch |
2011/09/16 23:50
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Georgia's top court is requiring the city of Statesboro to pay the legal costs of residents who sued it for violating the state's Open Meetings Act.
The unanimous opinion released Monday upholds a Bulloch County judge's ruling that requires the city pay $4,250 in legal fees after it found the Statesboro mayor and city council met outside the Statesboro City Hall chambers to discuss the city's 2011 budget.
A group of residents sued the city, mayor and five council members and sought an injunction barring any more "secret" meetings, and the city appealed after a judge ruled against it in September 2010.
The opinion written by Justice Harold Melton says "the Open Records Act explicitly authorizes the assessment of attorney fees." |
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Ex-Mormon bishop pleads guilty to child sex abuse
Topics in Legal News |
2011/09/16 23:49
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A former Mormon bishop and co-founder of a nonprofit group that helps women and children in Third World villages faces sentencing in November for sexually abusing children.
Lon Harvey Kennard, 69, from Heber City, Utah, pleaded guilty this week to three counts of aggravated sexual abuse of a child. Each count involves a different victim, and carries a sentence of 5 years to life.
The victims were among six children the man and his wife adopted from Ethiopia, where the couple helped establish an orphanage.
The Associated Press isn't naming the man to protect the identity of the victims.
The couple's nonprofit organization provided services to destitute villages in Mexico, Central America, Africa and the Caribbean.
Kennard was initially charged with 43 counts stemming from abuse that began in 1995, around the time the defendant was bishop of his Latter-day Saints ward and one year after he and his wife started the nonprofit agency. |
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Guilty plea for Va. man in $318K Social Security fraud
Court Watch |
2011/09/09 08:54
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A Bristol man has pleaded guilty to stealing Social Security benefits and making false statements in an attempt to hide the thefts.
Seventy-one-year-old David Ross entered the plea Thursday in federal court in Abingdon.
Ross faces a sentence of up to 65 years in prison on all counts.
Federal prosecutors say Ross admitted stealing more than $318,000 in benefits that had been intended for his mother, who died in 1971. He told the Social Security Administration that his mother died in December 2010.
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