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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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Robbins Geller Rudman Dowd LLP Files Class Action
Press Release |
2011/09/26 09:46
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Robbins Geller Rudman amp; Dowd LLP announced that a class action has been commenced in the United States District Court for the District of Colorado on behalf of a proposed class of Allos Therapeutics, Inc. shareholders who held Allos common stock during the period beginning July 20, 2011 through and including the closing of the proposed acquisition of Allos by AMAG Pharmaceuticals, Inc.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs’ counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/allostherapeutics. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Allos and its Board of Directors (the “Board”) with breaches of fiduciary duty and aiding and abetting breaches of fiduciary duty under state law and the Board and AMAG with violations of the Securities Exchange Act of 1934 (“1934 Act”). Allos is a biopharmaceutical company that engages in the development and commercialization of anti-cancer therapeutics.
The action arises from Allos and AMAG’s July 20, 2011 announcement that Allos had entered into a definitive merger agreement (the “Merger Agreement”) under which Allos would be acquired by AMAG in a transaction valued at approximately $260 million (the “Proposed Acquisition”). Under the terms of the Merger Agreement, Allos stockholders will receive a fixed ratio of 0.1282 shares of AMAG common stock for each share of Allos common stock held. The deal values Allos stock at $2.44 a share using AMAG’s prior closing price of $19.07. The complaint alleges that the Proposed Acquisition significantly undervalues Allos, as Allos shares traded as high as $4.21 as recently as January 12, 2011, and after the announcement of the Proposed Acquisition the price of AMAG common stock has fallen to $13.58 per share, giving the deal a real value of just $1.74 per Allos share.
The complaint further alleges that in an attempt to secure shareholder support for the Proposed Acquisition, on August 22, 2011, defendants issued a materially false and misleading Preliminary Joint Proxy/Prospectus on Form S-4 (the “Proxy”). The Proxy, which recommends that Allos shareholders vote in favor of the Proposed Acquisition, omits and/or misrepresents material information about the unfair sales process for the Company, conflicts of interest that corrupted the sales process, the unfair consideration offered in the Proposed Acquisition, and the actual intrinsic value of the Company on a stand-alone basis and as a merger partner for AMAG, in contravention of §§14(a) and 20(a) of the 1934 Act and/or defendants’ fiduciary duty of disclosure under state law.
Plaintiffs seek injunctive relief on behalf of all shareholders of Allos who held Allos common stock during the period beginning July 20, 2011 through and including the closing of the proposed acquisition of Allos by AMAG (the “Class”). The plaintiffs are represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site (http://www.rgrdlaw.com) has more information about the firm. |
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2 Attorneys From Girard Gibbs Selected to Best Lawyers in America 2012
Press Release |
2011/09/24 09:46
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Girard Gibbs LLP (www.GirardGibbs.com) announced today that two attorneys in the firm’s San Francisco office were recently selected by their peers for inclusion in The Best Lawyers in America® 2012 (Copyright 2011 by Woodward/White, Inc., of Aiken, S.C.). Girard Gibbs’ Daniel Girard was honored for his work in class action and securities litigation, and Eric Gibbs was recognized for his work in class action litigation.
Daniel Girard has served as lead counsel in a wide range of cases, including class actions arising under the securities, financial services, civil rights and telecommunications laws. He serves as outside counsel to the California State Teachers Retirement System and the Kansas Public Employees Retirement System. His current work includes serving as lead counsel for investors in litigation against several major banks, including multi-district proceedings against UBS AG in connection with the Lehman Brothers collapse. He also represents individual and corporate clients in international arbitration proceedings.
Mr. Girard was appointed by Chief Justice William Rehnquist to the United States Judicial Conference Committee on Civil Rules in 2004. He was reappointed to a second three-year term by Chief Justice John Roberts in 2007. He is a member of the American Law Institute, and serves on the Advisory Board of the Institute for the Advancement of the American Legal System, a national, non-partisan organization dedicated to improving the process and culture of the civil justice system.
Mr. Girard was selected for inclusion in Northern California Super Lawyers from 2007 through 2011, and has earned an AV-Preeminent rating from Martindale-Hubbell, recognizing him in the highest class of attorneys for professional ethics and legal skills. 2011 is the first year he is listed in The Best Lawyers in America.
Eric Gibbs is a founding partner at Girard Gibbs and specializes in the prosecution of consumer and employment class actions. Mr. Gibbs serves as court-appointed lead counsel, class counsel and liaison counsel in various class and collective actions in federal court and in arbitration throughout the United States. His experience in complex litigation extends to matters involving defective products, false advertising, unfair competition, privacy rights, employment misclassification and wage and hour issues.
Mr. Gibbs is the immediate past co-chair of American Association for Justice’s Class Action Litigation Group and past editor of the group’s Quarterly Newsletter; he also serves on the Board of Governors of the Consumer Attorneys of California and is a member of Public Justice’s Class Action Preservation Project Committee.
Mr. Gibbs was selected for inclusion in Northern California Super Lawyers in 2010 and 2011, and has earned an AV-Preeminent rating from Martindale-Hubbell, recognizing him in the highest class for professional ethics and legal skills. Mr. Gibbs frequently speaks on current issues concerning class action litigation. 2011 is the first year he is listed in The Best Lawyers in America. |
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Lieff, Cabraser, Heimann Bernstein, LLP Announces Class Action Lawsuits
Press Release |
2011/08/25 10:16
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The law firm of Lieff, Cabraser, Heimann amp; Bernstein, LLP is investigating potential securities law violations as alleged in class action lawsuits brought on behalf of all purchasers of American Depository Shares (“ADS”) of SinoTech Energy Limited (“SinoTech” or the “Company”) between November 3, 2010 and August 16, 2011 (the “Class Period”), including purchasers of SinoTech ADSs in the Company’s initial public offering (the “IPO”) on November 3, 2010.
If you purchased or acquired SinoTech ADSs during the Class Period and/or in the IPO, you may move the Court for appointment as lead plaintiff by no later than October 18, 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 action 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 action.
SinoTech shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll free at (800) 541-7358. |
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