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Pomerantz Law Firm Has Filed a Class Action
Headline Legal News |
2011/12/19 11:26
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Shareholders of Pain Therapeutics, Inc. are reminded of the securities class action lawsuit filed against Pain Therapeutics and certain of its officers. The class action (1-11-CV-1034), filed in the United States District Court, Western District of Texas, is on behalf of a class consisting of all persons or entities who purchased PTIE securities during the period from February 3, 2011 through June 23, 2011 (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder by the SEC, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased PTIE securities during the Class Period, you have until January 31, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Complaint alleges that, during the Class Period, PTIE made false and/or misleading statements and/or failed to disclose material facts about a new drug, REMOXY. Specifically, PTIE failed to disclose that REMOXY was not approvable by the U.S. Food and Drug Administration due to chemistry, manufacturing, and control deficiencies that caused inconsistent results during laboratory tests. |
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Penn State figures accused of lying head to court
Headline Legal News |
2011/12/14 13:02
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Jerry Sandusky's decision Tuesday to waive his preliminary hearing shifts the focus in the child sex-abuse scandal to two Penn State administrators accused of failing to properly report suspected abuse and lying to the grand jury investigating Sandusky.
Tim Curley and Gary Schultz face their own pretrial hearing on Friday in Harrisburg, and although the charges are much different, with far less severe potential penalties, their cases could hinge on a man also expected to be a prime witness against Sandusky: assistant football coach Mike McQueary.
McQueary testified that he happened upon "rhythmic, slapping sounds" in the football team locker room showers in March 2002, and looked in to see a naked boy being sodomized by the former defensive coordinator, according to a grand jury presentment.
McQueary, then a 28-year-old graduate assistant, reported what he saw to then-football coach Joe Paterno, the grand jury said. Paterno called Curley, the university's athletic director, the next day, and a week and a half later McQueary met with Curley and Schultz — who oversaw university police in his position as a vice president.
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Saxena White P.A. Files a Securities Fraud Class Action
Headline Legal News |
2011/12/12 11:09
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Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of investors who purchased Hospira, Inc. common stock on the New York Stock Exchange between March 24, 2009, and October 17, 2011, inclusive.
The complaint charges Hospira and certain of its officers and executives with violations of the Exchange Act. Hospira is a global specialty pharmaceutical and medication delivery company.
The complaint alleges that throughout the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, defendants failed to disclose that: (i) Hospira suffered from extensive quality control issues throughout the Class Period, which undermined both the viability of and the supposed financial savings that would be generated by Project Fuel, a Company program designed to optimize Hospira's operations and increase shareholder value; (ii) Hospira was unable to remedy problems identified in FDA Warning Letters related to Hospira's infusion pumps, quality control deficiencies, and manufacturing weaknesses; (iii) Hospira's revenue guidance for 2010 and 2011 was misstated and lacked a reasonable basis when made; and (iv) as a result of the foregoing, defendants' statements regarding the Company's financial performance and expected earnings were false and misleading and lacked a reasonable basis when made.
On October 18, 2011, the Company announced disappointing preliminary third quarter financial results and slashed full-year guidance, pointing to a production disruption at its Rocky Mount, North Carolina manufacturing plant, which accounted for approximately 25% of the Company's sales. The Company attributed the production slowdown to the impact of an ongoing FDA investigation.
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Blagojevich team says he's guilty, asks for mercy
Headline Legal News |
2011/12/06 09:19
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After all his claims of innocence and facing years in prison, Rod Blagojevich let his lawyers make an admission that he has so far avoided - that he is, in fact, guilty of public corruption.
The former Illinois governor will get a chance to do the same Wednesday, when he is scheduled to address the judge who will decide his sentence.
Judge James Zagel signaled Tuesday he may be prepared to impose a stiff prison sentence, saying he thinks Blagojevich lied when he told jurors he never tried to sell or trade an appointment to President Barack Obama's vacated Senate seat for campaign cash or a top job.
Throughout the first day of his two-day sentencing hearing, the impeached executive-turned-reality TV star known for his jocular personality was somber and ill-at-ease, staring down at the floor. His wife sobbed as a letter from their daughter was read begging Zagel not to send Blagojevich to prison.
The hearing was a stark contrast to the circus atmosphere around Blagojevich's trials on multiple counts of corruption.
The conciliatory tone came as something of a surprise — just days after defense filings that, as many times before, stridently declared Blagojevich's innocence and said he had been duped by aides but never intended to cross any lines into illegality. |
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Court: State prisoners count at home in redistricting
Headline Legal News |
2011/12/05 10:22
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A state court ruled Friday that prisoners must be counted among voters back in their home neighborhoods rather than in upstate prisons for the purpose of redrawing state legislative districts, a likely blow to the slim Republican majority in New York’s Senate.
Although prisoners cannot vote, the decision means more voters will be counted as living in heavily Democratic New York City and other urban areas as part of the redistricting process, which is tied to the census. That would reduce the population upstate and likely result in fewer seats in the Assembly and Senate representing sparsely populated upstate areas where prisons are located.
The Senate’s Republican majority says it will appeal the ruling by a trial level judge in Albany.
The immediate practical result of the decision could be minor. The state redistricting commission is already redrawing legislative districts by following a 2010 law requiring prisoners to be counted in their latest home neighborhoods. |
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