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Saxena White P.A. Files a Securities Fraud Class Action
Press Release |
2011/11/08 09:12
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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 Southern District of New York on behalf of investors who purchased Agnico-Eagle Mines Limited common stock on the New York Stock Exchange between April 29, 2010 and October 19, 2011, inclusive.
The action charges Agnico-Eagle and certain of its officers with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that, throughout the Class Period, the Company's financial results were artificially inflated by virtue of the fact that the Company concealed material adverse problems present at its Goldex Mine which eventually forced the Company to shut down the mine and write off a $260 million investment in the mine.
On October 19, 2011, Agnico-Eagle issued a press release titled, "Agnico-Eagle's Goldex mine to suspend production during investigation and remediation of water inflow and ground stability issue; book value of Goldex to be written off." The Company announced that it was suspending mining operations and gold production at its Goldex mine in Val d'Or, Quebec effective immediately. This unexpected closure forced Company to take a $260 million write off of its investment. This news shocked the market, resulting in an 18.54% decline in the value of Agnico-Eagle's stock on October 19th after the news was revealed. On that day, the shares of Agnico-Eagle closed at $46.51, down $10.59, on unusually high New York Stock Exchange volume.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased the shares of Agnico-Eagle Mines Limited between the period of April 29, 2010 and October 19, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests.
If you purchased Agnico-Eagle Mines Limited during the Class Period of April 29, 2010 and October 19, 2011, inclusive, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than January 6, 2012. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Tel: (561) 394-3399
Fax: (561) 394-3382
www.saxenawhite.com |
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Corzine steps down at collapsed firm, hires lawyer
Legal Business |
2011/11/07 12:12
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He set out to create a mini-Goldman Sachs. In the end, he built a mini-Lehman Brothers.
Former New Jersey Gov. Jon Corzine's resignation Friday from the securities firm he led capped a week of high drama and swift failure.
MF Global collapsed into bankruptcy Monday, and Corzine has since hired a criminal defense attorney amid an FBI investigation into the disappearance of hundreds of millions of dollars in client money.
In another twist, a top regulator has ended his role in the investigation of MF Global because of his longstanding ties to Corzine. Commodity Futures Trading Commission chairman Gary Gensler, whose agency is leading the effort to locate the missing client money, had worked for Corzine at Goldman Sachs.
MF Global's implosion, which came after Corzine made a big, risky bet on European debt, revived memories of the 2008 banking crisis and the ruin of the much bigger Lehman. |
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NY investment firm among owners of Maine casino
Headline Legal News |
2011/11/07 12:12
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The former owners of the New Hampshire International Speedway and the Oxford Plains Speedway are the largest shareholders in a casino under construction in western Maine, and a New York investment firm also holds a large stake, according to the casino's business application.
Gary Bahre and his father, Robert Bahre, own 30 percent of the casino between them, according to Black Bear Realty Co.'s application, released Friday by the Maine Gambling Control Board. The Associated Press requested the application through Maine's Freedom of Access law.
A company called Maine Funding LLC is listed as owning 25 percent of the facility. Maine Funding is owned by Och-Ziff Real Estate Advisors, a New York firm that has been in involved in many gambling investments over the years, according to the application.
"Och-Ziff Real Estate has underwritten gambling-related investment opportunities across numerous jurisdictions (both state and local) ranging from major-market destination casinos to small slot route operations, working closely with property-level operators and developers to assess markets, operations and capital budgets," the application says.
Maine voters last fall approved a referendum proposing a destination resort casino in Oxford. The facility is now under construction and expected to open late next spring. |
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Izard Nobel LLP Announces Class Action Lawsuit
Press Release |
2011/11/07 12:11
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of OmniVision Technologies, Inc. between August 27, 2010 and October 13, 2011, inclusive.
The Complaint charges that OmniVision and certain of its officers and directors violated federal securities laws by concealing the loss of its exclusive contract with Apple. On August 25, 2011 OmniVision disclosed delays in the production of its new 8-megapixel product line. As a result, OmniVision would not be the exclusive producer of camera components for Apple's new iPhone 4S, released on October 14, 2011. In response to this news, OmniVision stock declined $7.55 per share, over 30%, to close at $17.27 on August 26, 2011. On October 14, 2011, when the iPhone 4S was released, experts examined the phone's camera and determined that Sony, not Omnivision, had supplied a key component. On this confirmation of the reduced role of the Company's components in the iPhone 4S, OmniVision stock fell $1.65 per share, or 9.3%, to close at $15.95 per share.
If you are a member of the class, you may, no later than December 27, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/omnivision/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com. |
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The Rosen Law Firm Reminds Investors
Press Release |
2011/11/07 12:11
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The Rosen Law Firm, P.A. reminds investors of the important December 19, 2011 lead plaintiff deadline in the class action lawsuit on behalf of investors who purchased the common stock of AgFeed Industries, Inc.
If you purchased AgFeed securities during the period between March 16, 2009 and September 29, 2011, visit the Rosen Law Firm's website at http://www.rosenlegal.com to join the case, or call Phillip Kim, Esq., toll-free, at 866-767-3653 or pkim@rosenlegal.com for information. The action filed by the firm is pending in the U.S. District Court for the District of Colorado.
If you wish to serve as lead plaintiff, you must move the Court no later than December 19, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. |
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