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Law Offices of Howard G. Smith Announces Class Action
Headline Legal News |
2011/08/25 08:56
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Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of Penson Worldwide, Inc. (“Penson Worldwide” or the “Company”) between February 10, 2011 and August 4, 2011, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934. The class action lawsuit was filed in the United States District Court for the Northern District of Texas.
Penson Worldwide, through its subsidiaries, provides securities and futures processing infrastructure products and services to the financial services industry. The Complaint alleges that during the Class Period, Penson concealed from investors that by at least the end of 2010: (1) the Company had approximately $96-97 million in receivables, of which approximately $43 million were collateralized by illiquid securities and therefore unlikely to be collected; (2) the Company’s assets (Nonaccrual Receivables) were materially overstated and should have been written down at least by the end of 2010; (3) as a result, the Company’s reported income and EBITDA (earnings before interest, taxes, depreciation and amortization and stock-based compensation, and excluding certain nonoperating expenses) were materially overstated; and (4), the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Penson Worldwide securities between February 10, 2011 and August 4, 2011, you have certain rights, and have until October 24, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com. |
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Court rules Ventas may immediately collect $102M
Headline Legal News |
2011/08/22 10:18
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Health care real estate investment trust Ventas Inc. said a federal court has ruled it can immediately collect $102 million in damages awarded by a federal jury in 2009 in a judgment against HCP Inc.
The two companies had agreed to delay payment of the funds while HCP appealed the decision. In May, the U.S. 6th Circuit Court of Appeals upheld the judgment and ordered a second trial to decide punitive damages. Those proceedings are set to begin in February.
Ventas, based in Chicago, said late Monday that the U.S. District Court for the Western District of Kentucky ruled that HCP could not further delay enforcement of the judgment. In the case, Ventas accused HCP of driving up the purchase price of Sunrise Senior Living real estate investment trust.
HCP of Long Beach, Calif., said in a separate statement it will promptly pay the $102 million. It had accrued the full amount in the third quarter of 2009, and the payment will have no additional impact on its earnings.
Ventas operates a portfolio of senior housing communities, skilled nursing facilities, hospitals, medical office buildings and other properties in 47 states and two Canadian provinces. |
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NY court rejects $18M class action writers deal
Headline Legal News |
2011/08/18 09:18
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A federal appeals court in New York has rejected an $18 million class action settlement reached after freelance writers sued publishers.
The writers had said their copyrights were infringed upon when their works were reprinted online without permission.
The 2nd U.S. Circuit Court of Appeals in Manhattan said Wednesday the 2005 deal had to be scrapped because the plaintiffs didn't adequately represent all members of the class. It says more than 99 percent of claims wouldn't be covered by the settlement because they involved writers who hadn't registered copyrights.
The settlement was reached after the Supreme Court in 2001 ruled freelance writers have online rights to their work. The case largely applied to articles, photographs and illustrations produced 15 or more years ago. |
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Former CEO guilty in 'Ponzi' scheme
Headline Legal News |
2011/08/18 09:17
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The former CEO of an Austin-based investment firm was found guilty on Wednesday on federal charges that he schemed and defrauded investors out of millions of dollars.
Triton Financial CEO Kurt Branham Barton was named in a 39-count indictment alleging he used former NFL stars and church contacts to raise $50 million fraudulently from investors.
The counts against Kurt Branham Barton included money laundering, wire fraud and securities fraud. He is accused of using the money raised from investors "to support an expanding Ponzi scheme" and to enrich himself and the chief financial officer of his Triton Financial firm.
“It is regrettable that selfish, greedy individuals devise schemes to make themselves rich by victimizing honest and innocent people, often depriving the victims of their life savings," U.S. Attorney John E. Murphy said. "These con artists are usually very accomplished salesmen taking advantage of trusting investors, who unfortunately will never be made whole again."
Evidence presented during the eight-day trial showed that from December 2005 and December 2009, Barton devised a scheme to obtain money from investors under false pretenses. |
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EPA settles with owners of Mass. chemical plant
Headline Legal News |
2011/08/17 10:32
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The owners of a suburban Massachusetts chemical plant that exploded in 2006, destroying dozens of homes, have agreed to pay the federal government an estimated $1.3 million to help cover the cost of cleaning up the hazardous waste that was left behind.
The Environmental Protection Agency said a consent decree unveiled Monday requires the companies to pay for some of the $2.7 million spent by the agency to clean up the site after the explosion in Danvers, a town about 25 miles north-northeast of Boston.
The EPA said the action resolves claims against former operator CAI Inc. and property owners Sartorelli Realty LLC and Roy Nelson, of the Nelson Danvers Realty Trust.
The EPA also announced that CAI will pay $100,000 to settle allegations that conditions at the facility violated the federal Clean Air Act. The $1.3 million includes cash and the net proceeds from the sale of the property, assuming the property sells for its appraised value, the agency said.
A series of explosions at the ink and paint factory shared by CAI and Arnel Co. Inc. on Nov. 22, 2006, damaged 270 local homes and businesses. No one was killed or seriously injured. |
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