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Join the Securities Litigation and Enforcement Group on LinkedInSecurities Docket News Wire for Dec. 10, 2008
Australia: Litigation funder IMF plans to fund litigation against Oz Minerals re: disclosure of refinancing obligations. http://is.gd/b6j0 # Shareholders sue mining co. Crystallex after Venezuelan govt. rejects environmental permit, prompting huge sell-off. http://is.gd/b3B9 # S. Korea: Prosecutors question Park Yeon-cha, chairman of Taekwang Industrial, re: possible insider trading, bribery. http://is.gd/b2zK # SEC filing: Sworn declaration […]
Class Actions Challenging JPMorgan Buyout of Bear Stearns Dismissed
Last week, New York State Supreme Court Justice Herman Cahn dismissed the shareholder class actions challenging Bear Stearns’ buyout by JPMorgan Chase & Co. The court found that Bear Stearns pursued the deal to prevent a “potentially cataclysmic” bankruptcy. The lawsuits claimed that JPMorgan’s offer to purchase Bear Stearns was “unfair and inadequate,” and that […]
New Zealand: Shareholder Association Chairman Loses it With “Dumb Wit” and “Idiot” Hanover Finance Investors
Apparently diplomacy is not a key part of the job description for Chairman of the New Zealand Shareholders Association. Upset that investors in NZ’s Hanover Finance approved a company moratorium that will return just 55 per cent of the net present value of their investment (by giving up on $200 million in interest payments and […]
Caribbean Hotelier Accepts Stock as Payment — at July 1, 2008 Stock Values
A new form of “backdating”? Rather than paper your walls with the stock of plummeting companies such as Ford, Merrill Lynch, and others, a Caribbean hotelier is offering investors a much better offer: a chance to swap their sinking stocks for beach vacations, with the shares’ value rolled back to July 1, 2008 pre-meltdown levels. […]
Minkow-Peterson Battle Over Academic Credentials Escalates
As discussed here, Barry Minkow’s Fraud Discovery Institute has made a business out of attempting to identify what he believes will be market-moving information about public company executives’ academic credentials and integrity, selling short on that information pre-publication, and then publishing that information expecting or at least hoping that it will push the price of […]
Wachovia Bank Files Lawsuit Against Dreier LLP and Others
Wachovia Bank filed a lawsuit against Dreier LLP and others in the SDNY on Monday. The lawsuit alleges that Dreier LLP defaulted on a $9 million revolving credit note made in connection with a $14.5 million credit agreement and a term note in the amount of $5.5 million. In addition to seeking judgment on the […]