|
|
|
Toyota class action suit to start with Utah case
Headline Topics |
2011/06/24 22:31
|
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. |
|
|
|
|
|
|
Va suit settled over coalbed methane rights
Headline Topics |
2011/06/23 22:31
|
Southwest Virginia landowners have reached a $3.4 million tentative settlement in a class-action lawsuit over coalbed methane rights.
The Bristol Herald Courier reports Wednesday's settlement would be split among 1,850 landowners.
The federal lawsuit alleged that Chesapeake Energy Corp. subsidiary Chesapeake Appalachia underpaid royalties to landowners for decades.
The settlement will be made final at a hearing Oct. 4.
Other similar class-action lawsuits are pending in federal court in southwest Virginia involving CNX Gas Co. and EQT Production Co. |
|
|
|
|
|
|
Chandler steps down as head of Del. Chancery Court
Headline Topics |
2011/06/20 04:22
|
William Chandler III never realized his young man's dream of becoming a university professor, yet he has managed to pass on plenty of lessons to students of American law and business.
Chandler, 60, is retiring this week as head of Delaware's Court of Chancery, which rules over corporate law in a state that is the legal home to more than half of all publicly traded U.S. companies, including about two-thirds of the Fortune 500.
Chandler's decision to join a Silicon Valley-based law firm, where he will focus on advising corporate clients and working behind the scenes on litigation strategy, comes after 26 years on the bench, including eight years as a vice chancellor on the five-member court and 14 as chancellor.
But Chandler, who also served as a Superior Court judge before being appointed a vice chancellor, never envisioned himself wearing a black robe.
After obtaining his law degree from the University of South Carolina and clerking for a federal judge in Wilmington, Chandler went to Yale University law school with his eye on a master's degree and a dream of becoming a professor. |
|
|
|
|
|
|
Lieff, Cabraser, Heimann Bernstein, LLP Announces Class Action
Headline Topics |
2011/06/20 04:21
|
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. |
|
|
|
|
|
Legal News RSS Feed
