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Corzine steps down at collapsed firm, hires lawyer
Law Firm News |
2011/11/07 12:12
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He set out to create a mini-Goldman Sachs. In the end, he built a mini-Lehman Brothers.
Former New Jersey Gov. Jon Corzine's resignation Friday from the securities firm he led capped a week of high drama and swift failure.
MF Global collapsed into bankruptcy Monday, and Corzine has since hired a criminal defense attorney amid an FBI investigation into the disappearance of hundreds of millions of dollars in client money.
In another twist, a top regulator has ended his role in the investigation of MF Global because of his longstanding ties to Corzine. Commodity Futures Trading Commission chairman Gary Gensler, whose agency is leading the effort to locate the missing client money, had worked for Corzine at Goldman Sachs.
MF Global's implosion, which came after Corzine made a big, risky bet on European debt, revived memories of the 2008 banking crisis and the ruin of the much bigger Lehman. |
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NY investment firm among owners of Maine casino
Headline News |
2011/11/07 12:12
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The former owners of the New Hampshire International Speedway and the Oxford Plains Speedway are the largest shareholders in a casino under construction in western Maine, and a New York investment firm also holds a large stake, according to the casino's business application.
Gary Bahre and his father, Robert Bahre, own 30 percent of the casino between them, according to Black Bear Realty Co.'s application, released Friday by the Maine Gambling Control Board. The Associated Press requested the application through Maine's Freedom of Access law.
A company called Maine Funding LLC is listed as owning 25 percent of the facility. Maine Funding is owned by Och-Ziff Real Estate Advisors, a New York firm that has been in involved in many gambling investments over the years, according to the application.
Och-Ziff Real Estate has underwritten gambling-related investment opportunities across numerous jurisdictions (both state and local) ranging from major-market destination casinos to small slot route operations, working closely with property-level operators and developers to assess markets, operations and capital budgets, the application says.
Maine voters last fall approved a referendum proposing a destination resort casino in Oxford. The facility is now under construction and expected to open late next spring. |
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Izard Nobel LLP Announces Class Action Lawsuit
Legal Focuses |
2011/11/07 12:11
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The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of OmniVision Technologies, Inc. between August 27, 2010 and October 13, 2011, inclusive.
The Complaint charges that OmniVision and certain of its officers and directors violated federal securities laws by concealing the loss of its exclusive contract with Apple. On August 25, 2011 OmniVision disclosed delays in the production of its new 8-megapixel product line. As a result, OmniVision would not be the exclusive producer of camera components for Apple's new iPhone 4S, released on October 14, 2011. In response to this news, OmniVision stock declined $7.55 per share, over 30%, to close at $17.27 on August 26, 2011. On October 14, 2011, when the iPhone 4S was released, experts examined the phone's camera and determined that Sony, not Omnivision, had supplied a key component. On this confirmation of the reduced role of the Company's components in the iPhone 4S, OmniVision stock fell $1.65 per share, or 9.3%, to close at $15.95 per share.
If you are a member of the class, you may, no later than December 27, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/omnivision/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com. |
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The Rosen Law Firm Reminds Investors
Legal Focuses |
2011/11/07 12:11
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The Rosen Law Firm, P.A. reminds investors of the important December 19, 2011 lead plaintiff deadline in the class action lawsuit on behalf of investors who purchased the common stock of AgFeed Industries, Inc.
If you purchased AgFeed securities during the period between March 16, 2009 and September 29, 2011, visit the Rosen Law Firm's website at http://www.rosenlegal.com to join the case, or call Phillip Kim, Esq., toll-free, at 866-767-3653 or pkim@rosenlegal.com for information. The action filed by the firm is pending in the U.S. District Court for the District of Colorado.
If you wish to serve as lead plaintiff, you must move the Court no later than December 19, 2011. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com. You may also visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. |
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MF Global faces class-action suits after bankruptcy
Law Center |
2011/11/06 12:11
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Two class-action lawsuits have been filed against bankrupt brokerage MF Global as customers struggle to recover funds from the first major US casualty of the European debt crisis.
On Saturday, Seattle-based Hagens Berman said it was investigating whether the company used clients' money to offset losses the company had incurred in failed investments.
It filed a lawsuit in the name of investors who bought MF Global shares between May 20 and October 28 or who bought bonds issued in August.
The complaint charged that MF Global made false and misleading statements to investors, including failing to disclose the company's reported internal control problems in segregating clients' funds.
Attorney Reed Kathrein said Friday's resignation of the company's chief executive Jon Corzine, whose activities in the last weeks of the failing firm have attracted regulator scrutiny, was not an encouraging sign.
As we continue our investigation, we hope to uncover whether the company mixed investors' and company money, and if Corzine himself played a part in that decision, he added in a statement.
Boston law firm Block amp; Leviton said Friday it had also filed a class-action lawsuit in New York federal court on behalf of MF Global clients over the same period.
It charged MF Global made certain materially false and misleading statements regarding the Company's internal financial controls and liquidity levels through its most senior officers and directors.
Investors lost some $585 million in market capitalization in the week that preceded MF Global's bankruptcy filings alone, according to Block amp; Leviton. |
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Court: Fla. must weigh arbitration in Madoff case
Law Center |
2011/11/05 12:12
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The Supreme Court says the Florida courts should reconsider whether arbitration is required for claims against an auditing firm that worked on a fund that invested with Bernie Madoff.
The high court on Monday reversed a decision by a Florida appeals court. KPMG was sued by investors in the Rye Funds, which lost millions of dollars to Madoff's Ponzi scheme. KPMG was the auditor for the Rye Funds, and the investors said the company did not use proper auditing standards.
KPMG says its contract requires arbitration but the state courts would not allow it.
The Supreme Court ruled that the Florida courts only looked at part of the claims being brought against KPMG. The high court ordered the lower courts to investigate all of the claims before making a decision.
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