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Rigrodsky Long, P.A. Announces A Securities Fraud Class Action
Law Firm Press |
2012/02/15 09:58
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Rigrodsky amp; Long, P.A. announces that a class action lawsuit has been filed in the United States District Court for the District of Kansas on behalf of purchasers the common stock of Collective Brands, Inc. between December 1, 2010 and May 24, 2011, inclusive, alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and/or directors.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky amp; Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 at (888) 969-4242, by e-mail to info@rigrodskylong.com, or at: http://www.rigrodskylong.com/investigations/collective-brands-inc-pss.
Collective Brands was formed in 2007 when Payless ShoeSource acquired the Collective Brands Performance + Lifestyle Group (formerly the Stride Rite Corporation) and Collective Licensing International. The Complaint alleges that during the Class Period, Collective Brands and certain of the Company’s directors and/or officers made materially false and misleading statements concerning its business and financial results. Specifically, it is alleged that defendants concealed from the investing public problems concerning the Company’s inventory level for Payless; significantly lower sales at the Company’s flagship Payless stores than expected due to deteriorating customer demand; and that the Company was forced to mark down Payless’s inventory at significant discounts, which negatively affected the Company’s margins and financial results for its first quarter.
On May 24, 2011, the Company disclosed its financial results for its first fiscal quarter ended April 30, 2011. As alleged in the Complaint, the Company reported earnings of $26.4 million or $0.42 diluted earnings per share (“EPS”) for the first quarter, which was nearly 50% less than the $0.82 diluted EPS expected by analysts. The Company also reported that net sales declined 1.1% to $869.0 million, due in substantial part to the Company’s 7.4% comparable store sales decline in its Payless Domestic segment. As a result, the price of Collective Brands common stock dropped $3.06 per share to close at $15.31 per share on May 25, 2011, a decline of approximately 17% on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than March 26, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
http://www.rigrodskylong.com |
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Federal court rules for Ohio festival free speech
Legal News |
2012/02/13 10:21
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A federal appeals court has ruled in favor of two Christians who say their free speech rights were violated at a southwest Ohio corn festival.
A 6th U.S. Circuit Court of Appeals three-judge panel ruled unanimously Monday that a policy against solicitation at the annual Sweet Corn Festival was too broad, and unconstitutional. The panel reversed a federal judge's ruling.
The case stemmed from the summer 2009 festival in the Dayton suburb of Fairborn, Ohio. Plaintiffs Tracy Bays and Kerrigan Skelly planned to convey their religious beliefs among festival-goers, and Bays began walking through the park with a sandwich board sign with Christian messages. After encountering opposition from a festival worker and officials, they left.
They sued in 2010. The Christian legal aid group Alliance Defense Fund argued their appeal. |
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Italian court convicts 2 in asbestos-linked deaths
Legal Line News |
2012/02/13 10:21
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An Italian court Monday convicted two men of negligence in some 2,000 asbestos-related deaths blamed on contamination from a construction company, sentencing each of them to 16 years in prison and ordering them to pay millions in what officials called a historic case.
Italian Health Minister Renato Balduzzi hailed the verdict by the three-judge Turin court as without exaggeration, truly historic, noting that it came after a long battle for justice.
It's a great day, but that doesn't mean the battle against asbestos is over, he told Sky TG24 TV, stressing that it is a worldwide problem.
Prosecutors said Jean-Louise de Cartier of Belgium and Stephan Schmidheiny of Switzerland, both key shareholders in the Swiss construction firm Eternit, failed to stop asbestos fibers left over from production of roof coverings and pipes at its northern Italian factories from spreading across the region.
During the trial, which has stretched on since December 2009, some 2,100 deaths or illnesses were blamed on the asbestos fibers, which can cause grave lung problems, including cancer. Prosecutors said the contamination stretched over decades.
The defendants had denied wrongdoing.
Hundreds of people, many of them who had lost parents or spouses to asbestos-linked diseases, crowded the courtroom and two nearby halls to gather for the verdict. When the convictions were announced, some of the spectators wept.
Two hours after announcing the convictions, Judge Giuseppe Casalbore was still reading the court's complete verdict, which included awards of monetary damages from civil lawsuits from some 6,300 victims or their relatives who alleged that loved ones either died or were left ill from asbestos. |
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Student bra search case goes to NC Supreme Court
Legal News |
2012/02/13 10:21
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The North Carolina Supreme Court is hearing arguments over whether school officials should be allowed to search students' bras for drugs.
A student at an alternative school sued after students had to untuck their shirts and pull out their bras with their thumbs in front of two men in 2008. The searches were done after the principal at Brunswick County Academy received a tip that pills were being brought into the school.
An appeals court ruled last year the searches were degrading, demeaning and highly intrusive.
The attorney general's office is representing the school. The office says no skin was shown during the search, and students who are assigned to an alternative school because of disciplinary problems have a lesser expectation of privacy than other students. |
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