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Class-action lawsuit has been filed against infrastructure products
Law Firm News |
2011/06/20 08:17
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A class-action lawsuit has been filed against infrastructure products maker Armtec Infrastructure Inc. alleging the company broke securities laws when it instituted a dividend, later to cancel it after it became unsupportable by earnings.
The suit filed in Ontario Superior Court on behalf of investors who bought shares between March 30 and June 8 alleges that Armtec should have known when it raised capital in the public market that it did not have sufficient earnings to pay dividends.
Through this class action, we hope to determine precisely what the defendants knew about Armtec's financial results when Armtec raised more than $50 million from investors, lawyer Jay Strosberg of Sutts, Strosberg LLP said in a statement.
Armtec shares plummeted earlier this month after the Ontario-based announced a widening of its first-quarter loss and the planned suspension of the 40 cent per share dividend. The dropped 22 cents or six per cent to $3.43 in early trading Friday on the Toronto Stock Exchange.
Class action lawsuits must be certified by a judge in order to proceed. None of the allegations against Armtec have been proven in court.
In a statement issued late Friday, Armtec said it was confident that there are no grounds for a lawsuit to succeed.
If, however, this suit proceeds, Armtec will defend it vigorously based on, amongst other things, Armtec's disclosure of the risk factors associated with its business and to the payment of a dividend.
The Guelph-based company, which makes construction materials such as precast concrete and tubing, said business was hurt by an unusually late and wet spring across the country during the quarter and ended up with a payout significantly in excess of free cash flow.
The company said it had to meet certain terms in its credit facilities and meet earnings tests on senior notes to be permitted to pay dividends. |
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SEC charges 4 with insider trading
Law Firm News |
2011/01/12 01:02
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| pFederal regulators on Monday charged the co-founder of a New York hedge fund and three other individuals with insider trading, the latest action in what the government has called the biggest insider-trading case in U.S. history./ppThe Securities and Exchange Commission announced it filed a civil lawsuit against hedge fund Trivium Capital Management, its co-founder Robert Feinblatt and analyst Jeffrey Yokuty. The SEC also filed charges against Sunil Bhalla, a former senior executive of tech company Polycom, and Shammara Hussain, a former employee at a consulting firm that did work for Google. The agency said Bhalla and Hussain provided confidential information that enabled Feinblatt and Yokuty to make about $15 million from trading on the information./ppSo far the SEC has filed civil charges against 27 people and hedge funds in a wide-ranging probe of the Galleon group of hedge funds and its founder. The government says Galleon funds made about $69 million in illegal profits. Raj Rajaratnam, the one-time billionaire founder of the Galleon funds, has pleaded not guilty. Federal authorities have arrested 23 people on criminal charges in the case; 14 have pleaded guilty./ppThe SEC alleged in its suit that Feinblatt and Yokuty traded using confidential information they received from Roomy Khan, a Florida investor who pleaded guilty in 2009 to conspiracy and securities fraud in the Galleon case. Khan has been cooperating in the government's investigation./ppThe SEC said that Bhalla gave Khan inside information on Polycom's fourth-quarter earnings in 2005, and that Khan traded on the information and gave it to others, including Feinblatt and Yokuty. The SEC also alleged that Hussain gave Khan confidential information about Google's second-quarter earnings in 2007./p |
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Armstrong Teasdale LLP New Associate Announcement
Law Firm News |
2010/10/04 09:19
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| pArmstrong Teasdale LLP announces the addition of attorney Angie Fletcher as an associate in the St. Louis office. Fletcher is a member of the Corporate Services practice group and focuses primarily on securities, corporate governance, and commercial and general business law. /ppSupporting growing and mature businesses, Fletcher guides clients in securities law compliance, Exchange Act reporting, mergers and acquisitions, internal restructuring and general commercial contracting. She also develops social responsibility programs for businesses and their employees to be better involved in the community./pp“Angie shares the firm’s vision of delivering value and innovative service,” says David Braswell, leader of the firm’s Corporate Services practice group. “Her past corporate experience and client relationships will be invaluable as we continue to grow and diversify the practice.”/ppPreviously serving as corporate counsel for a Fortune 500 company in the energy sector and for a leading producer of plastic sheet, compounds and packaging products, Fletcher has the experience and ability to provide practical, cost-effective and business-oriented approaches to her clients when solving routine and complex issues. /ppFletcher earned her J.D. with a concentration in Business Transactional Law from Saint Louis University School of Law in 2008. She received her B.A. in history and political science, cum laude, in 2003. Fletcher is licensed in Missouri and a member of The Missouri Bar, The Bar Association of Metropolitan St. Louis and the Society of Corporate Secretaries and Governance Professionals./p |
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SC law firm loses $390,000 in bogus check scam
Law Firm News |
2010/09/06 23:17
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| pThe Secret Service says a South Carolina law firm lost $390,000 in a counterfeit check scam./ppAuthorities told The Post and Courier of Charleston the scammers called the law firm and requested an attorney to help collect on a debt, offering to pay a retainer./ppInvestigator say before any work was done, the scammer called back and said the threat of legal action settled the matter, then sent the law firm two checks, one for the retainer and the second the supposed settlement./ppAuthorities say the scammer asked the law firm to send the settlement to an overseas bank account. After the money was wired, the check was found to be bogus./ppThe Secret Service did not identify the Charleston firm, or a second firm that figured out the scam before being taken./p |
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The Rosen Law Firm Announces Investigation
Law Firm News |
2010/09/03 23:18
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pThe Rosen Law Firm today announced that it has commenced an investigation into allegations that China-Biotics, Inc. (China-Biotics or the Company) may have violated the federal securities laws by issuing false and misleading statements to investors about its business and financial condition. /ppRecently, market commentators have published reports questioning the truth of China-Biotics' disclosures about the nature, quality, and number of the Company's retail outlets. Additionally, a recent report calls into question the veracity of China Biotics' financial statements filed with the SEC for the fiscal years ended 2007 and 2008; China Biotics' financial statements filed with the SEC report much higher revenue, income, and assets than the financial statements filed by China Biotics' main operating subsidiary Shanghai Shining Biotechnology Co., Ltd. with the China State Administration for Industry and Commerce. /ppAs a result of these allegations, the Rosen Law Firm is preparing a class action lawsuit on behalf of investors who suffered losses purchasing China-Biotics stock. /ppYou may access the website at a href=http://www.rosenlegal.comhttp://www.rosenlegal.com/a to participate in the proposed class action. /ppIf you purchased China-Biotics securities and would like further information concerning your legal rights or your ability to recover your investment losses, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email a href=mailto:lrosen@rosenlegal.comlrosen@rosenlegal.com/a or a href=mailto:pkim@rosenlegal.compkim@rosenlegal.com/a or visit the website at a href=http://www.rosenlegal.comwww.rosenlegal.com/a
/p |
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