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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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Pa.'s rhyming justice pens insurance fraud opinion
Headline Legal News |
2011/12/22 10:27
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A state Supreme Court justice known for opinions written in rhyme has done it again, producing six pages of verse Thursday in the case of whether the maker of a forged check also had committed insurance fraud.
Justice J. Michael Eakin, writing for a 4-2 majority, concluded in six-line stanzas that a man's attempt to deposit a forged check appearing to be from State Farm didn't constitute insurance fraud.
"Sentenced on the other crimes, he surely won't go free, but we find he can't be guilty of this final felony," Eakin wrote. "Convictions for the forgery and theft are approbated -- the sentence for insurance fraud, however, is vacated. The case must be remanded for resentencing, we find, so the trial judge may impose the result he originally had in mind."
A dissenting three-page opinion by Justice Thomas G. Saylor didn't rhyme.
Eakin was first elected to the high court in 2001 after earning a reputation as the "rhyming judge" by issuing some opinions entirely in verse while sitting on an intermediate state appellate court in the late 1990s. Two former state Supreme Court justices, Stephen A. Zappala and the late Ralph J. Cappy, had expressed concern in the past that the practice could reflect poorly on the court. |
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Court backs stripping Chinese tire import duties
Headline Legal News |
2011/12/21 10:37
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An appeals court has ruled that Chinese-made goods shouldn't be subject to certain kinds of import duties imposed by the U.S. Commerce Department.
The U.S. Court of Appeals in Washington upheld a ruling Monday that the duties, called "countervailing" duties, can't be applied to Chinese-made goods because it doesn't have a market economy. Chinese goods are still subject to anti-dumping duties.
Chinese tire makers GRX International Tire Corp., Hebei Starbright Tire Co. and Tianjin United Tire & Rubber International had challenged the imposition of countervailing duties.
Countervailing duties are intended to tax items whose sale price when exported is subsidized by a company's home government.
The Commerce Department sought to impose the duties in 2007. The court ruled that congressional moves in 1988 and 1994 barred them. |
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Mass. court OKs release of Bishop inquest report
Headline Legal News |
2011/12/13 10:29
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The highest court in Massachusetts has sided with The Boston Globe in a battle to release a report and transcript of an inquest into the 1986 shooting death of the brother of an Alabama professor accused of killing three colleagues in a 2010 shooting rampage.
The Supreme Judicial Court ruled Tuesday that the inquest materials can be released, but said Amy Bishop, her family, prosecutors and others can still argue to show "good cause" why the materials should remain sealed.
After Bishop was charged in Alabama, a Massachusetts judge conducted an inquest into her brother's death. A grand jury later indicted Bishop for murder.
The high court outlined new rules for the release of inquest materials, saying they should become public after prosecutors decide whether to bring criminal charges. |
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Washington Mutual agrees to settlement
Headline Legal News |
2011/12/13 10:29
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Bank holding company Washington Mutual Inc. has agreed to a settlement with some creditors involved in its Chapter 11 bankruptcy case and has filed a new reorganization plan.
Washington Mutual said in a statement late Monday that the settlement will allow it to distribute more than $7 billion to its creditors. The settlement must still be approved by the U.S. Bankruptcy Court for the District of Delaware.
"The comprehensive settlement announced today represents a fair and reasonable recovery for the thousands of equity holders of the company who have been following this case closely for three years," Michael Willingham, chairman of the committee of equity security holders appointed in the company's Chapter 11 proceedings.
Washington Mutual's bankruptcy case is three years old and its reorganization plans have twice been rejected by Bankruptcy Court Judge Mary Walrath. The company is hoping to exit bankruptcy protection by the end of February. It has a hearing scheduled for Jan. 11, 2012 in which the bankruptcy court will consider approval of the reorganization plan's disclosure statement. The company also plans to ask the bankruptcy court for a mid-February hearing to confirm its reorganization plan. |
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