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Federman & Sherwood Announces Class Action Lawsuit
Topics in Legal News |
2011/10/24 10:12
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On October 19, 2011, a class action lawsuit was filed in the United States District Court for the Eastern District of Missouri against K-V Pharmaceutical Company.
The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price, and the manufacture and distribution of unapproved drugs through its two (2) subsidiaries, Ther-Rx and ETHEX. The class period is from February 14, 2011 through April 4, 2011.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Monday, December 19, 2011, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this or any other lawsuit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact:
William B. Federman
FEDERMAN & SHERWOOD
www.federmanlaw.com |
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Senate rejects GOP effort on terrorist trials
Topics in Legal News |
2011/10/20 09:15
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The Senate voted early Friday to reject a Republican effort to prohibit the United States from prosecuting foreign terrorist suspects in civilian courts, handing a victory to President Barack Obama.
By 52-47, senators turned aside a proposal by Sen. Kelly Ayotte (AY-aht), R-N.H., that would have forced such trials to occur before military tribunals or commissions. The Obama administration has fought to continue bringing such cases in federal courts, with Defense Secretary Leon Panetta and Attorney General Eric Holder writing Senate leaders on Thursday that the measure would deprive them of a potent weapon against terrorism and increase the risk of terrorists escaping justice.
Obama has had numerous clashes with Congress over the handling of war on terror detainees. Congress has voted to prevent the transfer of detainees from the naval prison at Guantanamo Bay, Cuba, to the U.S. Obama has sought to close that detention facility but has been opposed by Republicans and some Democratic lawmakers.
Ayotte said it would be dangerous to let terrorists exercise the protections against self-incrimination and other rights of civilian courts that they might use to avoid surrendering critical information to investigators. Republicans cited last November's acquittal by a federal jury in New York of all but one of hundreds of charges brought against Ahmed Ghailani for his role in destroying two U.S. embassies in Africa, in which 224 people were killed. |
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Top Europe court bans stem cell technique patents
Topics in Legal News |
2011/10/18 10:31
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The European Union's top court ruled Tuesday that scientists cannot patent stem cell techniques that use human embryos for research purposes, a ruling some scientists said threatens important research since no one could profit from it.
The European Court of Justice in Luxembourg said the law protects human embryos from any use that could undermine human dignity.
Embryonic stem cells can develop into any type of cell in the body, which one day might be used to replace damaged tissue from ailments such as heart disease, Parkinson's and stroke. But using stem cells from embryos has been controversial — opposed by some groups for religious and moral reasons.
Despite such concerns, there are no such restrictions on obtaining patents on stem cell techniques in the U.S. and many other countries.
The European ruling centered on the case of Oliver Bruestle at the University of Bonn, who filed a patent on a technique to turn embryonic stem cells into nerve cells in 1997. Greenpeace filed a challenge to Bruestle's patent, arguing that it allows human embryos to be exploited.
The court said patents would be allowed if they involved therapeutic or diagnostic techniques that are useful to the embryo itself, like correcting defects. |
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Court mulls trial in absentia for Hariri case
Topics in Legal News |
2011/10/15 09:34
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A panel of judges at a U.N.-backed court investigating the 2005 assassination of former Lebanese Prime Minister Rafik Hariri will consider whether to stage a trial in absentia for four Hezbollah members accused in the slaying.
The suspects were indicted earlier this year, but Hezbollah has refused to arrest them and send them for trial in the Special Tribunal for Lebanon's purpose-built courtroom.
The court said in a statement Monday that a pretrial judge preparing the case has asked trial judges "to determine whether proceedings in absentia should be initiated" against the four men.
Iranian-backed Shiite militia Hezbollah denies involvement in the Feb. 14, 2005, truck bombing that killed Hariri and 22 others, including the suicide bomber, in Beirut. |
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FDIC backs ban on banks trading for own profit
Topics in Legal News |
2011/10/11 09:32
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Banks would be barred from trading for their own profit instead of their clients under a rule being proposed by federal regulators.
The Federal Deposit Insurance Corp. backed the draft rule on a 3-0 vote Tuesday. The ban on proprietary trading was required under last year's financial overhaul law.
For years, banks had bet on risky investments with their own money. But when those bets go bad and banks fail, taxpayers could be forced to bail them out. That's what happened during the 2008 financial crisis.
The Federal Reserve has also approved the draft of the so-called Volcker Rule, which was named after former Fed Chairman Paul Volcker.
The Securities and Exchange Commission and Treasury Department must still vote on it, and then the public has until January 13 to comment. The rule is expected to take effect next year after a final vote by all four regulators.
Congress and President Barack Obama had high hopes for the rule. But they left most of the details for regulators to sort out.
It's unclear how strictly the ban will be enforced. For example, it can be hard to tell whether an investment is intended to benefit a bank or its clients and whether federally insured deposits could be put at risk by these trades. |
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