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The Law Office of Robbins Umeda LLP Announces Class Action
Press Release |
2011/10/11 09:44
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Robbins Umeda LLP announces that the firm commenced a class action lawsuit on October 7, 2011, in the U.S. District Court for the Eastern District of Missouri, Eastern Division, on behalf of all persons or entities who purchased the common stock of Stereotaxis, Inc. between February 28, 2011 and August 9, 2011 against certain of the Company's officers and directors for violations of the Securities Exchange Act of 1934. The plaintiff is represented by Robbins Umeda LLP and Carey, Danis amp; Lowe.
Stereotaxis designs, manufactures, and markets a cardiology instrument control system, called Niobe®, for use in a hospital's interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias. The Company also markets the Odyssey system as a data management solution for remote viewing and recording of live interventional procedures. The Company's executive offices are located in St. Louis, Missouri.
The complaint alleges that beginning on February 28, 2011, Chief Executive Officer Michael Kaminski, along with certain officers and directors at Stereotaxis, issued a series of positive statements to investors about the business condition and future prospects of the Company that were materially false and misleading, and that caused shares of the Company's stock to trade at artificially high prices.
In particular, the complaint alleges that officials at the Company failed to disclose to investors material adverse facts that: (1) Stereotaxis was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner; (2) market feedback from users of the Company's technology was mixed; (3) the Niobe system was far from the standard of care and needed fundamental product improvements; (4) demand for the Niobe and Odyssey systems was weak, and that the number of units being sold was decreasing; (5) the reported backlog of orders did not fairly represent future revenue the Company expected to recognize; and that (6) the Company overstated its market edge.
On August 8, 2011, the Company announced financial results for the second quarter of 2011 that revealed that the Company was performing well below expectations. Additionally, the press release disclosed to investors that the Company was forced to suspend its full year guidance for 2011, and that Daniel Johnston was resigning as the Chief Financial Officer. On this news shares of Stereotaxis declined by more than 58% of their value, closing on August 9, 2011 at just $1.19 per share.
If you purchased Stereotaxis stock during the Class Period and wish to serve as lead plaintiff, you must move the Court no later than 60 days from October 10, 2011. To discuss your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form.
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com |
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Alberto Gonzales joins Nashville law firm
Legal World News |
2011/10/06 09:39
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Former U.S. Attorney General Alberto Gonzales, the first Hispanic attorney general in U.S. history, has joined one of Nashville’s largest law firms and will play a role in mentoring younger lawyers.
Gonzales, 56, will focus on government relations, government investigations and white-collar defense for Waller Lansden Dortch amp; Davis LLP, the firm said Wednesday.
He also will be involved in the firm’s diversity initiatives, which include a mentoring program.
“It is a great honor for me to join Waller Lansden, a firm that I greatly admire,” Gonzales said in a statement. “Waller Lansden has a reputation for providing incisive legal representation while caring deeply for its clients. The firm’s breakthrough initiatives to encourage diversity in the workplace are admirable.”
Gonzales became the first Hispanic attorney general in U.S. history when President George W. Bush appointed him in 2005.
But he left the post in 2007 under a cloud of controversy stemming from allegations that, under his watch, the U.S. Justice Department improperly hired and fired several U.S. attorneys for political reasons. |
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Hogan to be new courts administrative officer
Legal Career News |
2011/10/06 09:38
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Senior U.S. District Judge Thomas Hogan is the new director of the Administrative Office of the U.S. Courts.
Hogan, a former chief U.S. District Court judge in Washington, will serve a one-year term as the chief administrative officer for the federal court system. He will oversee the federal judiciary's 35,000 employees and its almost $7 billion annual budget.
The Judicial Conference of the United States is the principal policymaking body for the federal court system. As its presiding officer, Chief Justice John Roberts selected Hogan for the position.
Hogan will begin Oct. 17. He plans to resume work as a senior federal judge after his term ends.
The previous director, James Duff, left this summer to become president of the Freedom Forum. |
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European court rules against Soros in trading case
Legal News Digest |
2011/10/06 09:38
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The European Court of Human Rights ruled Thursday that France did not violate George Soros' rights when convicting him of insider trading, defeating a years-long effort by the billionaire financier to clear his name.
Though Soros has faced criticism for other investment decisions before and since, the French conviction over trades in 1988 left a particular stain on the Hungarian-born businessman and philanthropist's five-decade career.
He was fined euro2.2 million in 2002, or $2.92 million at current rates, for purchasing shares in French bank Societe Generale in 1988, days after being informed about a planned takeover bid for the bank.
That was the amount he was accused of making when he sold the shares shortly afterward. France's highest court reduced the fine in 2007 to euro940,000 ($1.25 million at current rates).
Soros argued that France's insider trading rules at the time were unclear, and that the length of the investigation — from 1993 until his indictment in 2000 — made it difficult to call reliable witnesses, violating his right to a fair trial under the European Convention on Human Rights.
The human rights court, based in Strasbourg, France, disagreed. In a 4-3 decision, the panel of judges argued that the law applicable in 1988 was sufficient for Soros to have been aware that his conduct might be unlawful. |
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Court seems divided over Miranda rights case
Headline Legal News |
2011/10/05 10:48
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The Supreme Court seemed split Tuesday on whether to require police to read Miranda rights to prison inmates every time they interrogate them about crimes unrelated to their current incarceration.
The high court heard arguments from lawyers from the state of Michigan who want a federal appeals court decision overturning Randall Lee Fields' conviction thrown out.
Fields was serving a 45-day sentence in prison on disorderly conduct charges when a jail guard and sheriff's deputies from Lenawee County, Mich., removed him from his cell and took him to a conference room. The deputies, after telling him several times he was free to leave at any time, then questioned him for seven hours about allegations that he had sexually assaulted a minor. Fields eventually confessed and was charged and convicted of criminal sexual assault.
Fields was then sentenced to 10 to 15 years in prison but appealed the use of his confession, saying that he was never given his Miranda rights on the sexual assault charges.
On appeal, the 6th Circuit Court of Appeals in Cincinnati threw out his confession and conviction, ruling that it is required that police read inmates their Miranda rights anytime they are isolated from the rest of the inmates in situations where they would be likely to incriminate themselves. |
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