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Scott+Scott LLP Announces Securities Class Action Lawsuit
Legal Line News |
2011/11/14 11:31
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Scott+Scott LLP filed a class action complaint against Human Genome Sciences, Inc., certain of the Company's senior officers and directors and GlaxoSmithKline plc in the U.S. District Court for the District of Maryland. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of HGSI between July 20, 2009 and November 11, 2010, inclusive (the Class Period), including all persons who acquired the common stock of HGSI in the Company's July 28, 2009 public offering at $14 per share and in its December 2, 2009 public offering of common stock at $26.75.
If you purchased the common stock of HGSI during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com), (800) 404-7770, (860) 537-5537 or visit the Scott+Scott HGSI Pharmaceutical website for more information: www.scott-scott.com/cases/hgs.html. There is no cost or fee to you.
The complaint filed in the action alleges that, during the Class Period, HGSI issued false and misleading statements concerning Benlysta(R) (belimumab) (Benlysta), the Company's potential new drug for the treatment of Systemic Lupus Erythematosus, a chronic, life-threatening autoimmune disease. Specifically, the complaint alleges that defendants failed to disclose that Benlysta was associated with suicide in clinical drug trials conducted by the Company.
The complaint alleges that when the U.S. Food and Drug Administration posted its analysis of Benlysta on the Internet on November 12, 2010, investors learned for the first time of the association between Benlysta and suicide in clinical trials of the drug, causing HGSI's common stock price to decline precipitously. Meanwhile, the complaint alleges, during the Class Period, HGSI sold to investors more than 44 million shares of its common stock in public offerings at artificially inflated prices, receiving $850 million in net proceeds.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide. |
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SearchMedia Announces Settlement on Securities Class Action
Legal Line News |
2011/11/11 09:42
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SearchMedia Holdings Limited, one of China's leading nationwide multi-platform media companies, today announced that it reached a tentative partial settlement agreement for a securities class action lawsuit pending against the Company and a number of its current and former directors, officers and employees.
The securities class action lawsuit was filed in the United States District Court for the Southern District of Florida (Murdeshwar v. SearchMedia Holdings Limited, et al., Case no. 1:11-cv-20549-KMW) against the Company and certain of its current and former officers and directors in relation to various disclosures regarding the Company's acquisition of SearchMedia International Ltd. and the financial condition of that company.
The partial settlement agreement is made on behalf of the defendants who served as directors and officers of Ideation Acquisition Corp. (the Settling Defendants) without any admission of wrongdoing on the part of the Settling Defendants and provides for a settlement fund of $2.75 million, which the Company expects to be entirely funded by its insurance carriers. The partial settlement agreement remains subject to court approval and certain other conditions including execution of a stipulation of settlement, notice to class members, and an opportunity for class members to object or opt out of the settlement.
The securities class action lawsuit remains pending against other defendants who reside in China and who have not been served with the complaint and summons. |
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Ala. county files for largest municipal bankruptcy
Legal Line News |
2011/11/10 09:46
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Alabama’s most populous county filed what became the largest municipal bankruptcy in U.S. history in an effort to retake control of its beleaguered sewer system and wipe away as much of its whopping $4.15 billion in debt as possible.
Jefferson County’s Chapter 9 filing on Wednesday gives it protection from creditors while it develops and negotiates a plan for adjusting its debts. It could accomplish that by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan.
Perhaps the biggest is the potential impact on the county’s 658,000 residents, who could be asked to pay higher sewer rates. Officials say it’s too early to assess the full impact, though bankruptcy filings can lead to layoffs, tax increases, pension reductions for public workers, and spending cuts on things like schools and roads. |
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Chavez orders more land taken from British firm
Legal Line News |
2011/10/30 08:38
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Venezuela's president on Sunday ordered the expropriation of 716,590 acres belonging to a British-owned company amid a disagreement over compensation for earlier takeovers of ranchland from the firm.
President Hugo Chavez announced the latest seizure after saying that Venezuela refuses to pay compensation in foreign currency to Agropecuaria Flora, a local subsidiary of the British company Vestey Group.
Chavez said the government had received a demand from the company that it be paid in dollars for the previous seizure of tens of thousands of acres. But the government insists in paying in bolivars, Venezuela's currency.
It's difficult for foreign companies operating in Venezuela to repatriate profits and other income in bolivars due to foreign currency controls in the South American country.
Representatives of Agropecuaria Flora did not answer telephone calls seeking comment Sunday.
Venezuela's expropriation of farm and ranch lands began in earnest in 2005, with the government employing a 2001 law allowing it to seize lands deemed idle or not adequately used. |
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