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Robbins Geller Rudman & Dowd LLP Files Class Action
Press Release |
2012/03/01 10:21
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Robbins Geller Rudman & Dowd LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of CNOOC Limited American Depositary Shares (“ADSs”) during the period between January 27, 2011 and September 16, 2011.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/cnooc/. 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.
The complaint charges CNOOC and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CNOOC is China’s biggest offshore state oil company. CNOOC co-owns the Penglai 19-3 (“PL 19-3”) oilfield in northern Bohai Bay with ConocoPhillips China Inc. (“ConocoPhillips”) as its operator.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. As a result of defendants’ false statements, CNOOC’s ADSs traded at artificially inflated prices during the Class Period, reaching a high of US$270.64 per ADS on April 4, 2011.
On June 4, 2011, an oil spill occurred at the PL 19-3 oilfield. A second spill occurred at the PL 19-3 oilfield on June 17, 2011. The complaint alleges that CNOOC and ConocoPhillips failed to disclose the spills when they occurred. However, despite CNOOC’s attempts to conceal the news, news of the spills began to leak into the market. On July 5, 2011, the State Oceanic Administration (“SOA”), China’s coastal regulator, officially acknowledged the spills had occurred. Thereafter, CNOOC downplayed the extent of the damage done by the oil spills and the impact it would have on CNOOC’s operations. On September 2, 2011, the SOA announced that it had ordered CNOOC and ConocoPhillips to immediately suspend all oil production at the PL 19-3 oilfield. On September 6, 2011, it was announced that CNOOC and ConocoPhillips would establish a Bohai Bay fund to address the environmental impact of the oil spills. On this news, CNOOC’s ADSs declined US$9.39 per ADS on September 6, 2011. Then, on September 18, 2011, it was announced that CNOOC and ConocoPhillips would establish a second Bohai Bay fund. On this news, CNOOC’s ADSs declined another US$6.85 per ADS on September 19, 2011.
According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company was not in compliance with environmental laws and regulations; (b) as news of the oil spills emerged, the Company concealed the extent and severity of the oil spills; (c) as news of the oil spills emerged, the Company downplayed its responsibility to effect the cleanup of the oil spills as it portrayed itself as being the “non-operator” of the oilfield; (d) the Company improperly accounted for its contingent liabilities in violation of Generally Accepted Accounting Principles; and (e) based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s operations and its expected oil production.
Plaintiff seeks to recover damages on behalf of all purchasers of CNOOC ADSs during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
www.rgrdlaw.com
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Sidley Austin LLP Expands Project Finance Practice in Washington D.C.
Press Release |
2012/02/29 09:42
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Sidley Austin LLP is pleased to announce that Timothy J. Moran will join the firm as a partner in the project finance practice in Washington, D.C. Mr. Moran's practice focuses on infrastructure project development and finance, where he represents lenders, project sponsors and developers in the development, financing, acquisition and sale of infrastructure projects located in North America, Central and South America, Europe, the Middle East and Africa. Mr. Moran's projects include alternative energy (wind, solar and biomass), coal and natural gas-fired facilities, natural gas storage facilities, LNG projects and natural gas pipelines.
"Tim's level of experience in project finance will be instrumental as we continue to expand the firm's ability to represent clients on what are certainly going to be important undertakings in the global economy," said Carter G. Phillips, Managing Partner of the Washington, D.C. office of Sidley, and a member of the firm's Management Committee. "He has a highly respected and very dynamic project finance practice that fits perfectly with the firm's significant expansion of its energy practice, as well as our enhancement of project finance capabilities. Tim's practice will be a wonderful complement to our newly established Houston office."
"Sidley provides an ideal opportunity for me to grow my practice on an international platform that is already successful but very well equipped for new opportunities," said Mr. Moran. "I look forward to working with the project finance team in Washington, New York, Houston and Los Angeles, as well as Sidley's highly regarded energy and environmental lawyers in Washington and Houston."
Mr. Moran represents lenders in construction and term financings and equity investors in private placements and tax-based equity investments. Mr. Moran is currently representing both developers and lenders in the structuring and financing of wind, solar and mid-stream oil and gas projects, to be located in the U.S., Latin America and Canada.
With respect to developers, Mr. Moran has represented both large and small sponsors in the development and financing of infrastructure projects throughout North America, Central America, South America, China and numerous countries in Europe and Africa. He has also represented developers in connection with bids on more than 90 major power facilities, acquisitions of individual and portfolios of power facilities, and of gas storage facilities and pipelines. Mr. Moran has also represented developers and lenders in asset sales, as well as whole and partial sales of interests in energy-related companies.
www.rubenstein.com |
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Eugene Criminal Defense - MJM Law Office, P.C.
Press Release |
2012/02/20 09:44
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Eugene Criminal Defense Law Firm
MJM Law Office, P.C. defends clients throughout Southern Oregon and the Willamette Valley against criminal charges. Eugene criminal defense attorney Max Mizejewski provides an aggressive defense against state and federal prosecutors. Mr. Mizejewski believes everyone's rights should be protected, and everyone deserves the best possible defense. If you have been charged with a criminal offense, you need to know your rights. Serious offenses such as drunk driving should not be taken lightly and you want to have an experience Eugene DUI Lawyer. Their firm also covers the follow criminal defenses: criminal driving offenses, drug crimes, property crimes, assault and violent crimes, and stalking. If you have been accused of domestic violence or are facing charges for any crime against the person it is important consult an experienced lawyer to protect your rights.
MJM Law Office is an Oregon based firm that has experience and successful track records defending cases against criminal charges. Their principal attorney, Max J. Mizejewski believes in dedicating time to understand each clients' individual case and specific needs. He has had the background and training to represent clients in criminal prosecutions and administrative hearings, making him the right advocate to have on your side. Contact MJM Law Office, P.C. today to schedule a consultation and visit www.mjmlawoffice.com for more information. |
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Kessler Topaz Meltzer & Check, LLP Announces a Proposed Class Action Settlement
Press Release |
2012/02/20 09:43
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To: All persons and entities who purchased or otherwise acquired the common stock of Pilgrim's Pride Corporation from May 5, 2008 to October 28, 2008, inclusive, including all those who purchased the common stock of Pilgrim's Pride Corporation pursuant and/or traceable to any registration statement, prospectus, prospectus supplement or any documents therein incorporated by reference filed with the U.S. Securities and Exchange Commission in connection with the Company's May 14, 2008 Secondary Offering, and who were damaged thereby (the "Class").
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and Order of the Court, that the above-captioned action has been certified as a class action for purposes of settlement only and that a settlement for One Million Five Hundred Thousand Dollars ($1,500,000) has been proposed. A hearing will be held before the Honorable Rodney Gilstrap in the United States District Court for the Eastern District of Texas, Sam B. Hall, Jr. Federal Building and United States Courthouse, 100 East Houston Street, Marshall, Texas 75670, Courtroom 106, at 9:00 a.m., on May 1, 2012 to determine: (1) whether the proposed Settlement should be approved as fair, reasonable and adequate; (2) whether the Action should be dismissed with prejudice against Defendants; (3) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (4) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.
IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys' Fees and Expenses and Settlement Fairness Hearing (the "Notice") and Proof of Claim and Release form ("Proof of Claim"), you may obtain copies of these documents by contacting:
Pilgrim's Pride Corporation Securities Litigation
c/o Rust Consulting, Inc.
P.O. Box 2619
Faribault, MN 55021-9619
(866) 430-8117
www.PilgrimsPrideSecuritiesSettlement.com |
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Bernstein Liebhard LLP Announces Class Action
Press Release |
2012/01/10 09:53
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Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Camelot Information Systems Inc. American Depositary Shares between July 21, 2010 and August 17, 2011, including those who acquired Camelot ADSs pursuant or traceable to the Company’s false and misleading Registration Statements and Prospectuses issued in connection with its July 21, 2010 initial public offering and December 10, 2010 Secondary Offering.
The complaint charges Camelot, certain of its officers and directors and the underwriters of the Offerings with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. Camelot is a holding company that conducts business through its operating subsidiaries in China. The Company is a provider of enterprise application services and financial industry information technology services in China.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business practices and financial results. Specifically, defendants failed to disclose negative trends in Camelot’s business, including with Camelot’s most important customers. As a result of defendants’ false statements, Camelot ADSs traded at artificially inflated prices during the Class Period, reaching a high of $26.73 per share on January 11, 2011.
On July 21, 2010, Camelot announced the pricing of its IPO of 13.3 million ADSs at $11.00 per ADS. Subsequently, on December 9, 2010, Camelot announced the pricing of its Secondary Offering of 7,160,206 ADSs by selling shareholders at $19.50 per ADS. The complaint alleges that the Registration Statements issued in connection with the Offerings were inaccurate and misleading and omitted to state material facts required to be stated therein.
On August 15, 2011, Seeking Alpha published an article questioning several key components of Camelot’s business. This caused Camelot’s ADSs to drop to below $9 per share. Then on August 18, 2011, Camelot issued a press release announcing its second quarter 2011 unaudited financial results, including lower-than-expected guidance for fiscal 2011. On this news, Camelot’s ADSs dropped $2.24 per share to close at $6.32 per share on August 18, 2011, a one-day decline of 26%.
According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company’s IT professionals were not a competitive advantage to the Company and many were dissatisfied with Camelot, which would adversely affect Camelot’s ability to retain its customers; (b) the Company was suffering from undisclosed attrition of employees, which was having a negative impact on the Company’s ability to attract new customers; (c) Camelot did not have the large numbers of highly trained professionals at its disposal that it had represented; and (d) Camelot’s contract with its most important customer, IBM, was not as solid as represented, and would not be renewed on the same terms.
www.bernlieb.com
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