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RI pension overhaul may head to the courts
Headline Legal News |
2011/11/19 09:05
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Rhode Island is taking dramatic steps toward fixing one of the nation's most underfunded public pension systems, but the true battle with public-sector unions may be just beginning.
State lawmakers ignored jeers from public workers and the threat of a lawsuit Thursday to pass sweeping changes to the pension system covering 66,000 active and retired public workers.
The legislation is designed to save billions of dollars in future years by backing away from promises to state and municipal workers that lawmakers say the state can no longer afford. Gov. Lincoln Chafee, an independent, said he will sign the bill.
Public-sector union leaders promised a court challenge before the final votes were even cast.
"The attorneys are going to make a lot of money," Philip Keefe, president of Local 580, which represents social service, administrative and technical workers. "If this is overturned, it will be you, me and every other taxpayer that is on the hook for billions."
Supporters acknowledged that a lawsuit was inevitable but said the bill was thoroughly reviewed for any legal problems. Supporters said one of the reasons for the bill was to ensure there's money available when today's workers retire.
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Pomerantz Law Firm Has Filed a Class Action
Headline Legal News |
2011/11/10 09:42
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Pomerantz Haudek Grossman & Gross LLP has filed a class action lawsuit against Diamond Foods, Inc. and certain of its officers. The class action (CV 11 5399 RS) filed in the United States District Court, Northern District of California, is on behalf of all persons or entities who purchased or otherwise acquired the securities of Diamond during the period from December 9, 2010 through and including November 4, 2011 (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"). This class action is brought under Sections 10(b) and 20(a) of the Exchange Act, 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 DMND securities during the Class Period, you have until January 6, 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, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) the Company overstated its earnings by improperly accounting for certain crop payments to walnut growers; (2) the Company's acquisition of Pringles snack business would be delayed; (3) that the Company lacked adequate internal and financial controls; and (4) that, as a result of the foregoing, the Company's financial results were materially false and misleading at all relevant times.
The Pomerantz Firm, with offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com. |
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Court: Fla. must weigh arbitration in Madoff case
Headline Legal News |
2011/11/07 12:26
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The Supreme Court says the Florida courts should reconsider whether arbitration is required for claims against an auditing firm that worked on a fund that invested with Bernie Madoff.
The high court on Monday reversed a decision by a Florida appeals court. KPMG was sued by investors in the Rye Funds, which lost millions of dollars to Madoff's Ponzi scheme. KPMG was the auditor for the Rye Funds, and the investors said the company did not use proper auditing standards.
KPMG says its contract requires arbitration but the state courts would not allow it.
The Supreme Court ruled that the Florida courts only looked at part of the claims being brought against KPMG. The high court ordered the lower courts to investigate all of the claims before making a decision. |
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State budget cuts clog criminal justice system
Headline Legal News |
2011/10/27 09:47
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Prosecutors are forced to ignore misdemeanor violations to pursue more serious crimes. Judges are delaying trials to cope with layoffs and strained staffing levels. And in some cases, those charged with violent crimes, even murder, are set free because caseloads are too heavy to ensure they receive a speedy trial.
Deep budget cuts to courts, public defenders, district attorney's and attorney general offices are testing the criminal justice system across the country. In the most extreme cases, public defenders are questioning whether their clients are getting a fair shake.
Exact figures on the extent of the cuts are hard to come by, but an American Bar Association report in August found that most states cut court funding 10 percent to 15 percent within the past three years. At least 26 states delayed filling open judgeships, while courts in 14 states were forced to lay off staff, said the report.
The National District Attorneys Association estimates that hundreds of millions of dollars in criminal justice funding and scores of positions have been cut amid the economic downturn, hampering the ability of authorities to investigate and prosecute cases.
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Scott+Scott LLP Announces Securities Class Action Lawsuit
Headline Legal News |
2011/10/24 10:44
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On October 19, 2011, Scott+Scott LLP filed a class action complaint against K-V Pharmaceutical Company and certain of the Company's officers in the U.S. District Court for the Eastern District of Missouri. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of K-V between February 14, 2011 and April 4, 2011, inclusive.
If you purchased the common stock of K-V during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott
scottlaw@scott-scott.com
http://www.scott-scott.com/cases/new/securities-fraud-litigation-1533-k-v-pharmaceutical-company-kv-a.html
The complaint filed in the action charges that during the brief Class Period, the Company issued false and misleading statements claiming the Food and Drug Administration had granted K-V the exclusive distribution rights over its "Makena," a drug compound that had previously been prescribed by physicians for decades to prevent miscarriages, and that the agency would enforce those rights by preventing K-V's competitors from distributing generic compounds of Makena. The complaint also alleges that defendants told investors K-V's Makena distribution program was designed to "expand access" to the drug compound, including to low-income and other at-risk groups, while concealing that the $1,500 list price K-V was charging would actually reduce availability of the drug compound to physicians and their patients. As a result, based on a fundamental misperception of K-V's sales and earnings potential, the complaint charges that K-V's stock traded at artificially inflated prices during the Class Period, allowing K-V to sell $200 million worth of senior secured notes, with the proceeds used in large part to pay down the Company's debts.
The complaint alleges that the truth began to come to light on March 17, 2011, when two U.S. Senators publicly questioned the bona fides of K-V's distribution program, stating "the financial assistance is not sufficient and does not extend to certain groups of women," and so that in reality, "KV Pharmaceutical's actions will result in diminished access to appropriate health care for women and result in increased preterm births." It is alleged that this partial disclosure caused K-V's stock price to fall precipitously, removing some of the stock inflation. Then, following the FDA's own March 30, 2011 statement that the agency did "not intend to take enforcement action against" K-V's competitors for distributing the generic version of K-V's Makena, K-V's stock fell further on extremely high trading volume. Finally, following K-V's April 1, 2011 disclosure that K-V was reducing Makena's list price by nearly 55% to $690 per injection -- versus the previous list price of $1,500 -- the market learned on April 4, 2011 that many physicians would never prescribe Makena to their patients due to flaws in the distribution program. On this news, K-V's stock price fell an additional 9.5% in a single trading session.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.
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