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Lieff, Cabraser, Heimann Bernstein, LLP Announces Class Action
Headline Legal News |
2011/06/20 04:21
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The law firm of Lieff, Cabraser, Heimann amp; Bernstein, LLP announces that class action lawsuits have been brought on behalf of all purchasers of the securities of Longtop Financial Technologies Limited (“Longtop” or the “Company”) (NYSE:LFT - News) on the New York Stock Exchange between October 25, 2007 and May 17, 2011, inclusive (the “Class Period”).
If you purchased Longtop securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than July 22, 2011. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the litigation.
Longtop shareholders who wish to learn more about the actions and how to seek appointment as lead plaintiff may visit Lieff Cabraser’s website at http://www.lieffcabraser.com/securities-investor-fraud/case/473/longtop-financial-technologies-limited-securities-class-litigation or contact Sharon Lee of Lieff Cabraser toll free at (800) 541-7358.
Background on the Longtop Securities Class Litigation
The actions are brought against Longtop and certain of its officers and directors for violations of the Securities Exchange Act of 1934. Longtop, headquartered in Beijing, China, designs, develops, and delivers software solutions and information technology services to the financial services industry in China.
The actions allege that during the Class Period, defendants misrepresented and omitted material information regarding Longtop’s financial condition and prospects. On April 26, 2011, Citron Research issued a report raising serious issues with Longtop’s reported financial results, accounting practices, and operations. In response to the report, the price of Longtop’s shares fell significantly, closing at $17.73 per share on April 27, 2011.
Following the publication of the Citron Research report, Longtop hosted a conference call with investors and analysts during which its senior management denied the allegations in the report. On May 9, 2011, Citron published a second report entitled “Longtop Financial (NYSE:LFT - News) Final Proof of Undisclosed Related Party Transactions.” In response to the report, the price of Longtop shares fell another $1.67 per share, or 8.3 percent, to close at $18.54 on May 9, 2011.
On May 17, 2011, NYSE Regulation, Inc. halted trading in Longtop shares pending an announcement by the Company. Two days later, on May 19, 2011, Longtop issued a press release stating that it would not announce its fourth quarter and fiscal year 2011 results on May 23, 2011 as previously scheduled.
On May 23, 2011, Longtop issued a press release announcing that its independent auditor, Deloitte Touch Tohmatsu CPA Ltd. (“DTT”), and its Chief Financial Officer, defendant Derek Palaschuk, had resigned. According to the release, Deloitte stated in its resignation letter that it was resigning “as the result of, among other things: (1) the recently identified falsity of the Company's financial records in relation to cash at bank and loan balances (and possibly in sales revenue); (2) the deliberate interference by certain members of Longtop management in DTT's audit process; and (3) the unlawful detention of DTT's audit files. DTT further stated that DTT was no longer able to rely on management's representations in relation to prior period financial reports, that continued reliance should no longer be placed on DTT's audit reports on the previous financial statements, and DTT declined to be associated with any of the Company's financial communications in 2010 and 2011.” In addition, Longtop revealed that the Securities and Exchange Commission had commenced an investigation regarding related matters.
About Lieff Cabraser
Lieff, Cabraser, Heimann amp; Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last eight consecutive years.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com. |
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High court to hear Montana dams lawsuit
Headline Legal News |
2011/06/19 08:23
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The Supreme Court is entering a $40 million dispute between an energy company and Montana that could turn on the experiences of the Lewis and Clark expedition.
The justices said Monday they will hear an appeal from PPL Montana of a state court decision ordering the company to pay $40 million in rent for placing its hydroelectric dams in riverbeds owned by the state.
The ownership of the waterways turns on whether they were navigable when Montana became a state in 1889. Both the company and the state base part of their argument on the journey of Meriwether Lewis and William Clark more than 200 years ago. |
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High court won't look at dispute over Sioux land
Headline Legal News |
2011/06/18 08:23
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The Supreme Court has refused to get involved in a long-running dispute on the continued existence of the Yankton Sioux Tribe and the extent of its lands in South Dakota.
The justices on Monday let stand several rulings involving the tribe, including an appeals court decision saying the reservation covers more than 30,000 acres, which is mostly land the federal government holds in trust for the tribe and individual tribal members.
The high court also rejected an appeal from the tribe to block the transfer of two federal recreation areas along the Missouri River to the state of South Dakota.
The cases are Daugaard v. Yankton Sioux Tribe, 10-929; Southern Missouri Recycling v. Yankton Sioux Tribe, 10-931; Hein v. Yankton Sioux Tribe, 10-932; and Yankton Sioux Tribe v. Daugaard, 10-1058. |
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Ford shares fall after $2B judgment in dealer suit
Headline Legal News |
2011/06/13 20:30
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Ford Motor Co. shares sank early Monday after an Ohio judge said the automaker had to pay nearly $2 billion in damages to thousands of dealerships who participated in a 2002 class-action lawsuit. But the shares pared their losses as several analysts downplayed the news and said Ford can absorb the damages even if loses a planned appeal.
Cuyahoga County Common Pleas Judge Peter Corrigan in Cleveland issued the ruling based on a Feb. 11 jury determination that the company overcharged dealers for commercial trucks over 11 years. The $2 billion award covers more than 3,000 dealerships and about 474,000 trucks. It includes a judgment of about $781 million and about $1.2 billion in interest.
Ford is appealing the decision. Ford chief counsel David Leitch said Monday that it will likely take several years for the case to wind its way through the Ohio appeals system.
Standard and Poor's reiterated its Buy rating on Ford Monday afternoon, saying that if Ford loses the appeal it would be costly but absorbable, with Ford taking a hit of around 47 cents per share. Barclays Capital analysts also reiterated a Overweight/Neutral rating and said they don't expect a significant impact to Ford's cash position in the near term because of the length of the appeals process. |
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Toyota class action suit to start with Utah case
Headline Legal News |
2011/06/10 23:52
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The first lawsuit to go to trial in a massive class action against Toyota Motor Corp. over acceleration problems that led the company to recall 14 million cars will involve a crash that killed two people in western Utah, a federal judge said Friday.
U.S. District Judge James Selna told attorneys the case of 38-year-old Charlene Jones Lloyd and 66-year-old Paul Van Alfen, whose Toyota Camry slammed into a wall in Utah in 2010, is scheduled to go to trial in February 2013.
The case — Van Alfen v. Toyota Motor Sales, U.S.A., Inc. — will be the first of several bellwether lawsuits, intended to determine how the rest of the litigation will proceed.
Selna wrote in a tentative order that he hoped the selection would markedly advance these proceedings.
The Court believes that selection of a personal injury/wrongful death case is most likely the type of case to meet that goal, Selna said.
Toyota said it welcomes the Utah case as the first suit to reach court.
We are pleased that the initial bellwether will address plaintiffs' central allegation of an unnamed, unproven defect in Toyota vehicles, as every claim in the multi-district litigation rests upon this pivotal technical issue, the company said in a statement.
Toyota has previously argued the plaintiffs have been unable to prove that a design defect in its electronic throttle control system is responsible for vehicles surging unexpectedly. It has instead blamed driver error, faulty floor mats and sticky accelerator pedals. |
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