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Robbins Geller Rudman Dowd LLP Files Class Action Suit
Law Firm Press |
2012/01/26 12:43
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Robbins Geller Rudman amp; Dowd LLP today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the District of Kansas on behalf of purchasers of Collective Brands, Inc. common stock during the period between December 1, 2010 and May 24, 2011.
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 plaintiff’s 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/collectivebrands/. 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 Collective Brands and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Collective Brands is the holding company for three lines of business: Payless ShoeSource (“Payless”), Collective Brands Performance + Lifestyle Group (“PLG”), and Collective Licensing. The Company was formerly known as Payless ShoeSource, Inc. and changed its name to Collective Brands in August 2007.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business and financial results. As a result of defendants’ false statements, Collective Brands stock traded at artificially inflated prices during the Class Period, reaching a high of $23.44 per share on February 18, 2011.
On May 24, 2011, after the market closed, the Company announced its financial results for its first fiscal quarter ended April 30, 2011. The Company reported earnings of $26.4 million or $0.42 diluted earnings per share for the first quarter, which was nearly 50% less than the $0.82 diluted earnings per share expected by analysts. The Company further 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, offset by sales growth of 22.5% in PLG. On this news, Collective Brands stock collapsed $3.06 per share to close at $15.31 per share on May 25, 2011, a one-day decline of nearly 17%.
According to the complaint, the true facts, which were known by defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company’s inventory level for Payless remained at excessively high levels and aging inventory for its Payless segment was a concern; (b) sales at the Company’s flagship Payless stores were significantly worse than expected due to deteriorating customer demand; and (c) the Company was forced to mark down Payless’s bloated inventory at significant discounts, which adversely affected the Company’s margins and financial results for its first quarter.
Plaintiff seeks to recover damages on behalf of all purchasers of Collective Brands common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
http://www.rgrdlaw.com |
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More charges filed in Los Angeles arsons case
Legal Line News |
2012/01/25 09:47
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A German man pleaded not guilty Tuesday to additional charges accusing him of setting nearly 50 fires, mostly to parked cars, which terrorized parts of Los Angeles over the New Year's weekend.
Deputy Public Defender Gustavo Sztraicher entered the plea in Superior Court on behalf of Harry Burkhart, who spoke only to identify himself and acknowledge that he understood the legal process.
Bail was set at $7.5 million, and Burkhart was scheduled to return to court March 1.
Outside court, Sztraicher had no comment.
Earlier in the day, the criminal complaint against Burkhart was amended to include a total of 100 arson-related counts involving 49 fires in Hollywood, West Hollywood and the San Fernando Valley. If convicted, the 24-year-old faces more than 80 years in state prison.
The rash of fires left residents on edge between Dec. 30 and Jan. 2 as parked cars were torched during the night. Some of the fires spread to carports and nearby buildings, including a former home of Doors singer Jim Morrison, and rousted people from their beds. Another one of the blazes was at the Hollywood and Highland entertainment complex, a popular tourist destination bordered by the Walk of Fame. |
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NJ gov picks gay black man, Asian for top court
Court News |
2012/01/24 09:22
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Gov. Chris Christie moved to diversify the state's all-white Supreme Court on Monday with two firsts: the nominations of an openly gay black man and a Korean-born prosecutor to fill two vacancies.
If confirmed, Bruce A. Harris would become New Jersey's first openly gay justice, and Phillip H. Kwon would become its first Asian representative and the first justice born outside the United States.
Christie, a Republican, said he had extreme confidence in the records and intellects of his nominees, neither of whom has been a judge.
I felt strongly about making sure the court have diversity but first and foremost that the court have quality justices who make sure they take the court in a direction that is a responsible one for the future of our state and its people, Christie said at a news conference attended by the nominees and their families.
Harris, 61, is the Republican mayor of Chatham Borough in Morris County, a post Christie said he would give up if confirmed. He would be the third African-American to be seated on the court. |
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Heitman Law Firm, PL. - Florida Construction Law Attorney
Legal News Feed |
2012/01/23 10:55
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a href=http://www.palmbeachconstructionlaw.orgspan style=font-weight: boldPalm Beach Construction Law Attorney/span/a
By quality, we mean degree of excellence. Heitman Law Firm practices construction law. Mr. Heitman is an expert in construction law, board certified by the Florida Bar. He is a member of an elite group of board certified construction attorneys. In addition, Mr. Heitman is a Florida Licensed Professional Engineer, with years of experience building real world construction projects. As such, the Firm is extremely well qualified to render its clients high quality legal representation.
Client Service
Heitman Law Firm serves its clients by first comprehending the specific issues our clients face and then tailoring our representation to those specific needs. Construction law cases often involve legal, technical, engineering, design, constructability and scheduling issues. We speak the language of construction. We understand your business. We know how to read a set of plans. Our client service is based on the idea that the client should not be required to pay to bring us up to speed on the construction issues. Instead, we make it our business to be ahead of the learning curve.
Heitman Law Firm, PL
12765 West Forest Hill Boulevard
Suite 1315
Wellington, FL 33414
Contact:
Office: (561) 249-2879
Fax: (561) 249-2906 |
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