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The Law Firm of Levi Korsinsky Notifies Investors
Legal Business |
2011/09/22 11:53
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Levi amp; Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas Dallas Division on behalf of purchasers of Penson Worldwide, Inc. common stock from February 20, 2011 through August 4, 2011.
Prior to and during the Class Period, Penson derived a material part of its revenue and income from interest it received on margin loans to customers for which its customers pledged collateral in return for such loans.
The complaint alleges that during the class period, defendants issued materially false and misleading statements regarding and concealed from investors that, by at least the end of 2010, a) the Company had approximately $96-97 million in receivables (Nonaccrual Receivables) of which approximately $43 million were collateralized by illiquid securities and therefore unlikely to be collected; b) the Company's Nonaccrual Receivables were materially overstated and should have been written down at least by the end of 2010; c) as a result, the Company's reported income and EBITDA were materially overstated; and d) the Company's financial statements were not prepared in accordance with generally accepted accounting principles (GAAP).
If you are a member of the class and suffered a loss in Penson stock, you have until October 24, 2011 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. To obtain additional information about your rights, contact Joseph Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://www.zlk.com/penson-worldwide-pnsn.html.
Levi amp; Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi amp; Korsinsky, LLPJoseph Levi, Esq.Eduard Korsinsky, Esq.
30 Broad Street - 15th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
www.zlk.com |
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Retired players file lawsuit against NFLPA
Law News |
2011/09/21 23:54
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Twenty-eight former NFL players have filed a class-action federal lawsuit against the NFL Players Association, seeking at least $5 million in damages. They're alleging current players interfered with negotiations on the new collective bargaining agreement and kept money from the retirees.
Attorney Shawn Stuckey said Wednesday the group includes 25 Pro Football Hall of Famers and a player from every decade since the 1940s. Former Minnesota defensive end Carl Eller, an outspoken proponent of better retiree benefits, leads the list.
The suit filed in Minneapolis also names NFLPA DeMaurice Smith, New England quarterback Tom Brady and former linebacker Mike Vrabel. Brady and Vrabel were plaintiffs on the antitrust lawsuit filed by the current players against the NFL in March before the lockout. |
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Idaho inmates settle lawsuit over prison violence
Court Press News |
2011/09/20 23:54
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A potential class-action lawsuit against the nation's largest private prison company over allegations of violence at the Idaho Correctional Center has been settled in federal court.
The agreement between the inmates and Nashville, Tenn.-based Corrections Corporation of America was filed Tuesday in U.S. District Court in Boise.
In it, CCA doesn't acknowledge the allegations but agrees to increase staffing, investigate all assaults and make other sweeping changes at the lockup south of Boise. If the company fails to make the changes, the inmates can ask the courts to force CCA to comply.
The inmates, represented by the American Civil Liberties Union, sued last year on behalf of everyone incarcerated at the CCA-run state prison. They said the prison was so violent it was dubbed Gladiator School, and that guards used inmate-on-inmate violence as a management tool and then denied prisoners medical care as a way to cover up the assaults.
CCA has denied all the allegations as part of the settlement, but the agreement is governed under a section of the Prison Litigation Reform Act which only applies in cases in which prisoners' constitutional rights have been violated. |
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Kona coffee dispute prompts class-action lawsuit
Court Press News |
2011/09/20 23:54
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A spat involving Safeway and Hawaii coffee growers is still brewing, even after the supermarket giant agreed to change labeling on its Kona blend coffee.
A $5 million class-action lawsuit was filed in federal court in Northern California claiming Safeway profited off the reputation of Kona coffee while selling an inferior product with very little Hawaii-grown coffee.
The lawsuit was filed Aug. 30, a day before Safeway's letter informing the Kona Coffee Farmers Association the company would change its packaging to reflect the percentage of Kona it contains. The farmers had called for a boycott of Safeway's 1,700 stores nationwide after a farmer saw the Kona blend for sale in a California store.
In an effort to protect a world-famous Hawaii product, the state's Board of Agriculture Chairman Russell Kokubun sent a letter to Safeway officials asking them to comply with a law here requiring labels to specify the percentage of Hawaii-grown coffee included in the blend. The law requires those blends have at least 10 percent Hawaii-grown coffee. But because Safeway's Kona blend isn't sold in any of the 19 Hawaii locations, Kokubun could only ask for voluntary compliance. |
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Court sets aside class-action suit by Costco women
Law News |
2011/09/20 11:55
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Citing the U.S. Supreme Court's recent Walmart ruling, a federal appeals court set aside - but did not dismiss - a class-action suit by more than 700 women who accused discount retailer Costco of using an old-boys' network to bypass them for promotions.
A federal judge in San Francisco ruled in 2007 that the women had presented enough evidence of a common culture at Costco to proceed with a single nationwide suit against the company, rather than file individual claims.
The Ninth U.S. Circuit Court of Appeals overturned that decision Friday, relying in part on the Supreme Court's ruling in June dismissing a class action against Walmart by as many as 1.5 million female employees. The high court said the women had failed to show a company-wide policy that allegedly led to gender-based disparities in pay and promotions.
Likewise, the appeals court said, the Costco plaintiffs have not yet shown that they have enough in common to justify a class action.
The court said opposing expert witnesses disagreed about a central issue - whether the company promoted women less often than men in all regions or only a few - and said U.S. District Judge Marilyn Hall Patel should have resolved the dispute before letting the case proceed. |
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