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Faruqi & Faruqi, LLP Announces Class Action Lawsuit
Headline Legal News |
2012/01/04 09:06
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The action alleges that the Company and its executives violated federal securities laws by failing to disclose that: (1) China Med’s acquisition of Bio-Ekon Biotechnology Co. Ltd. was from a third-party seller connected to the Company’s own chairman; (2) China Med overpaid by an estimated $20 million in the acquisition of BBE; (3) China Med’s transaction to acquire BBE involved the Company’s use of fraudulent shell companies, including Finnea International Limited which never owned BBE; (4) according to SAIC filings, BBE actually suffered operating losses prior to China Med’s acquisition; and (5) the Company has spent twice as much on “investing activities” as it has purportedly generated from operations.
On December 6, 2011, Glaucus Research Group released a report focusing on the Company’s fraudulent acquisition of BBE and initiating a strong sell for China Med. On this shocking news, China Med shares plunged roughly 23% at the end of trading on December 6, 2011.
If you purchased China Med securities and would like to discuss your legal rights, visit www.faruqilaw.com/CMED. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding China Medical’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others. |
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Ecuador court upholds ruling against Chevron
Court Watch |
2012/01/03 09:06
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An appeals court in Ecuador upheld an $18 billion ruling against Chevron Corp. on Tuesday for oil pollution in the Amazon rain forest more than two decades ago.
The ruling confirmed a February judgment in the case. The Ecuadorean plaintiffs said in a statement that the decision is based on scientific evidence presented at trial proving that waste had poisoned the water supply.
"The appellate court relied on a record that proved that Chevron has violated the rights of the communities where it operates," the plaintiffs said in the emailed statement.
The lawsuit deals with pollution of the rain forest by energy company Texaco, which Chevron bought in 2001.
Chevron denounced the appeals court's decision and said it will continue to seek recourse in other courts outside Ecuador.
"Today's decision is another glaring example of the politicization and corruption of Ecuador's judiciary that has plagued this fraudulent case from the start," Chevron said in a statement.
The San Ramon, California-based company has previously alleged fraud in the lawsuit. The plaintiffs have also accused Chevron of defrauding the Ecuadorean court to hide the scale of the oil contamination. |
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Chief justice defends court's impartiality
Legal Business |
2012/01/02 10:53
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Chief Justice John Roberts said Saturday that he has "complete confidence" in his colleagues' ability to step away from cases where their personal interests are at stake, and noted that judges should not be swayed by "partisan demands."
The comment, included in Roberts' year-end report, comes after lawmakers demanded that two Justices recuse themselves from the high court's review of President Barack Obama's health care law aimed at extending coverage to more than 30 million people. Republicans want Justice Elena Kagan off the case because of her work in the Obama administration as solicitor general, whereas Democrats say Justice Clarence Thomas should back away because of his wife's work with groups that opposed changes to the law.
While not mentioning the upcoming health care ruling, or any case in particular, Roberts' year-end report dismissed suggestions that Supreme Court Justices are subject to more lax ethical standards than lower federal courts and said each Justice is "deeply committed" to preserving the Court's role as "an impartial tribunal" governed by law.
"I have complete confidence in the capability of my colleagues to determine when recusal is warranted," wrote Roberts. "They are jurists of exceptional integrity and experience whose character and fitness have been examined through a rigorous appointment and confirmation process. I know that they each give careful consideration to any recusal questions that arise in the course of their judicial duties." |
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MT court restores corporate campaign spending ban
Topics in Legal News |
2012/01/01 10:53
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The Montana Supreme Court restored the state's century-old ban on direct spending by corporations on political candidates or committees in a ruling Friday that interest groups say bucks a high profile U.S. Supreme Court decision granting political speech rights to corporations.
The decision grants a big win to Attorney General Steve Bullock, who personally represented the state in defending its ban that came under fire after the "Citizens United" decision last year from the U.S. Supreme court.
"The Citizen's United decision dealt with federal laws and elections — like those contests for president and congress," said Bullock, who is now running for governor. "But the vast majority of elections are held at the state or local level and this is the first case I am aware of that examines state laws and elections."
The corporation that brought the case, and is also fighting accusations that it illegally gathers anonymous donations to fuel political attacks, said the state Supreme Court got it wrong. The group argues that the 1912 Corrupt Practices Act, passed as a citizen's ballot initiative, unconstitutionally blocks political speech by corporations. |
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Del. court says ex-HP CEO can't keep letter secret
Topics in Legal News |
2011/12/31 13:09
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Former Hewlett-Packard Co. CEO Mark Hurd will have to make public a letter detailing sexual-harassment allegations that led to his ouster.
The Delaware Supreme Court, the state's highest, ruled on Wednesday that Hurd's lawyers didn't show that disclosing the letter would invade California privacy rights. The ruling said information that is only "mildly embarrassing" is not protected from public disclosure. The letter, it added, does not contain trade secrets or non-public financial information that would qualify.
Although the letter goes into "embarrassing detail about Hurd's behavior, it does not describe any intimate conversation or conduct," the ruling said. Some sentences, concerning Hurd's family, were ordered redacted, but no one appealed that part of a lower court's decision, according to the ruling.
Celebrity attorney Gloria Allred sent the letter last year on behalf of Jodie Fisher, who was hired to help with HP networking events and later accused Hurd of sexual harassment. Although an investigation did not find any sexual harassment, it uncovered inaccurate expense reports that ultimately pressured Hurd to resign. Hurd now works as co-president at rival Oracle Corp. |
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