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Koss Settles SEC Action and Shareholder Class Action
Court Watch |
2011/10/25 09:46
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Koss Corporation, the U.S. based high-fidelity stereo headphone company, and its Chief Executive Officer, Michael J. Koss, agreed to a settlement with the Securities and Exchange Commission without admitting or denying the Commission's charges in an action that stems from the previously reported embezzlement by the Company's former Vice President of Finance, Sujata Sachdeva. Ms. Sachdeva is currently serving an eleven year prison sentence for her crimes. The Company also announced that a settlement in principle has been reached subject to Court approval involving the claims that were brought against the Company and Michael Koss in a pending shareholder class action.
"The restated financial statements that we filed with the Commission back in June 2010 describe in detail the theft that occurred within our Company and the ways that the embezzlement was concealed from members of the Board and, in particular, from Michael Koss," said David D. Smith, Executive Vice President and Chief Financial Officer. Mr. Smith observed that, "Although as a smaller reporting Company, Koss was not required to have its internal controls attested to by the Company's auditors, it was clear that the auditors reviewed the Company's internal controls each year as part of planning their substantive testing, and the Company's financial statements were audited each year." Those audits failed to detect the embezzlement and underlying accounting fraud that was committed against the Company.
Immediately upon discovering the embezzlements in December 2009, the Company disclosed the occurrence to its shareholders, the securities markets, securities regulators and federal law enforcement authorities. Moreover, the Commission publicly acknowledged that the Company and Michael Koss cooperated throughout the course of its investigation.
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Federman & Sherwood Announces Class Action Lawsuit
Court Watch |
2011/10/22 10:42
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On October 19, 2011, a class action lawsuit was filed in the United States District Court for the Eastern District of Missouri against K-V Pharmaceutical Company. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price, and the manufacture and distribution of unapproved drugs through its two (2) subsidiaries, Ther-Rx and ETHEX. The class period is from February 14, 2011 through April 4, 2011.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Monday, December 19, 2011, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this or any other lawsuit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact:
William B. Federman
FEDERMAN & SHERWOOD
www.federmanlaw.com
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Mom pleads guilty to forcing beer on children
Court Watch |
2011/10/21 09:35
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A Connecticut mother has pleaded guilty to charges that she forced her 4-year-old son to drink beer and gave her 10-month-old daughter beer and cocaine.
The Connecticut Post reports Juliette Dunn, of Bridgeport, pleaded guilty Wednesday to risk of injury to a child under the Alford Doctrine, where the defendant doesn't agree to the facts but agrees the state has enough evidence to win a conviction.
A companion, 33-year-old Lisa Jefferson, pleaded guilty to the same charges.
Police say officers were waved down in June by a neighbor who complained that a woman was feeding children beer at a playground.
The children were turned over to the Department of Children and Families after 29-year-old Dunn's arrest. Custody hasn't been decided. |
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Brower Piven Announces Investigation of El Paso Corp.
Court Watch |
2011/10/17 10:04
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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 El Paso Corporation and other violations of state law by the Board of Directors of El Paso relating to the proposed acquisition of the company by Kinder Morgan, Inc. The firm’s investigation seeks to determine whether El Paso’s Board breached its fiduciary duties by, among other things, failing to maximize shareholder value.
On October 16, 2011, El Paso and KMI jointly announced that they have entered into a definitive merger agreement whereby KMI will acquire all outstanding shares of El Paso for $26.87 per share based on the closing prices of each of the companies on October 14, 2011. The joint press release stated that the agreement provides that El Paso shareholders will receive for each of their shares $14.65 in cash plus 0.4187 KMI shares and 0.640 KMI warrants with a five-year term exercisable at $40.00 per share.
According to the joint press release, while under all circumstances El Paso shareholders will receive 0.640 KMI warrants per El Paso share held, subject to proration, El Paso shareholders will be able to elect, for each El Paso share held, either (i) $25.91 in cash, (ii) 0.9635 shares of KMI common stock, or (iii) $14.65 in cash plus 0.4187 shares of KMI common stock. According to the joint release, El Paso’s board, two members of which will join the KMI board after the transaction closes, has agreed not to solicit competing transactions. Further, under certain circumstances, according to the companies, KMI will receive a termination fee of $650 million, or over $0.90 per El Paso share, from El Paso. According to Yahoo! Finance, at least one analyst has set a price target for El Paso of $28 per share.
If you own El Paso common stock 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. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.
hoffman@browerpiven.com |
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Utah man charged with threatening air marshals
Court Watch |
2011/10/16 10:04
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A Utah man has been charged in federal court after authorities say he threatened to shoot air marshals, hijack the flight and urinate in the cabin of a Delta Airlines plane en route from Amsterdam to Detroit.
During a Thursday appearance in U.S. District Court in Salt Lake City, a judge allowed Jared L. Hansen to remain free pending a Nov. 7 hearing in Detroit. Hansen was ordered to surrender his passport and abstain from drinking alcohol, among other conditions.
He didn't return a telephone message seeking comment Thursday, and no attorney was listed for him in court records.
Hansen, 31, was aboard an Oct. 4 Delta Airlines flight from Amsterdam to Detroit when authorities say he attempted to use the bathroom in the business class section of the cabin. Members of the flight crew asked him to either return to his seat or use the facilities in the rear of the cabin, but he refused, according to a criminal complaint filed in U.S. District Court in Detroit.
Hansen, who was believed to be heavily intoxicated, then threatened to urinate in the cabin and exposed himself, authorities said. |
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