Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the District Court of the Virgin Islands on behalf of all persons or entities who purchased or otherwise acquired the common stock of Tibet Pharmaceuticals, Inc. pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s Initial Public Offering, including all those who purchased Tibet stock after December 28, 2010.

Tibet focuses on the research, development, manufacturing, marketing and selling of modernized traditional Tibetan medicines in China. The Complaint asserts violations of the federal securities laws against Tibet, its officers and directors, and underwriters of the IPO for issuing allegedly inaccurate statements of material fact about the Company’s financial and business condition, which ultimately caused trading of Tibet’s stock to be halted and delisted by the NASDAQ, causing investors to lose nearly their entire investment. The Complaint alleges that defendants misrepresented and failed to disclose the Company’s material internal control deficiencies, which rendered the Registration Statement and Prospectus materially false and misleading.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Tibet common stock pursuant or traceable to the Company’s IPO and/or after December 28, 2010, you have certain rights, and have until July 25, 2012 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.

http://www.howardsmithlaw.com.

Mitt Romney on Wednesday said requiring all Americans to buy health insurance amounts to a tax, contradicting a senior campaign adviser who days ago said the Republican presidential candidate viewed President Barack Obama's mandate as anything but a tax.

"The majority of the court said it's a tax and therefore it is a tax. They have spoken. There's no way around that," Romney told CBS News. "You can try and say you wish they had decided a different way but they didn't. They concluded it was a tax."

Romney's comments amounted to a shift in position. Earlier in the week, senior adviser Eric Fehrnstrom said Romney viewed the mandate as a penalty, a fee or a fine - not a tax.

The Supreme Court last week ruled that the federal requirement to buy health insurance or pay a penalty is constitutional because it can be considered a tax. The requirement is part of the broad health care overhaul that Obama signed into law in March 2010.

Prosecutors will review a psychological evaluation that concludes a man accused in a shooting outside the Tulsa County Courthouse doesn't have the capacity to rationally aid in his defense.

Andrew Joseph Dennehy "is exhibiting psychotic symptoms that are marked by delusions of persecution, paranoid ideation and auditory hallucinations," according to Curtis Grundy, a psychologist retained by the defense to evaluate Dennehy.

Grundy's report, filed in court Monday, recommends that Dennehy "be adjudicated as incompetent to stand trial and referred for inpatient psychiatric treatment" for competency restoration at the Oklahoma Forensic Center in Vinita, the Tulsa World  reported.

Dennehy has explained that "the Freemasons and illuminati were conspiring to harm or kill himself and his parents" and that, in response, "he attempted to have himself killed by the police so that the illuminati and Freemasons would leave his parents alone," according to Grundy's report.

The Supreme Court on Thursday struck down a federal law making it a crime to lie about receiving the Medal of Honor and other prized military awards, with justices branding the false claim "contemptible" but nonetheless protected by the First Amendment.

The court voted 6-3 in favor of Xavier Alvarez, a former local elected official in California who falsely said he was a decorated war veteran and had pleaded guilty to violating the 2006 law, known as the Stolen Valor Act. The law, enacted when the U.S. was at war in Afghanistan and Iraq, was aimed at people making phony claims of heroism in battle.

The ruling, written by Justice Anthony Kennedy, ordered that the conviction be thrown out.

"Though few might find respondent's statements anything but contemptible, his right to make those statements is protected by the Constitution's guarantee of freedom of speech and expression. The Stolen Valor Act infringes upon speech protected by the First Amendment," Kennedy said.

The high court has in recent years rejected limits on speech. The justices struck down a federal ban on videos showing graphic violence against animals and rejected a state law intended to keep violent video games away from children. The court also turned aside the attempt by the father of a dead Marine to sue fundamentalist church members who staged a mocking protest at his son's funeral. In 1989, the court said the Constitution protects the burning of the American flag.

The Supreme Court has turned down media companies' plea to lift a prohibition on owning both a newspaper and a television station in the same market.

The justices on Friday denied the companies' appeal without comment. The media outlets say the restrictions no longer make sense in the Internet era.

The appeal also sought to get rid of other ownership limits including how many local television stations one company can control.

The companies say the rules make it harder for broadcasters and newspapers to do business and respond to competitors on the Internet, satellite and cable — entities which don't face the same restrictions.

Critics of media consolidation have warned of the dangers of too many media outlets falling under the ownership of a handful of large corporations.

The Supreme Court ruled Thursday that unions must give nonmembers an immediate chance to object to unexpected fee increases or special assessments that all workers are required to pay in closed-shop situations.

The court ruled for Dianne Knox and other nonmembers of the Service Employees International Union's Local 1000, who wanted to object and opt out of a $12 million special assessment the union required from its California public sector members for political campaigning. Knox and others said the union did not give them a legally required notice that the increase was coming.

The union, and the 9th U.S. Circuit Court of Appeals, said the annual notice that the union gives was sufficient. The high court disagreed in a 7-2 judgment written by Justice Samuel Alito.

"When a public-sector union imposes a special assessment or dues increase, the union must provide a fresh ... notice and may not exact any funds from nonmembers without their affirmative consent," Alito said.

Justices Sonia Sotomayor and Ruth Bader Ginsburg agreed with the judgment but wrote their own opinion. "When a public-sector union imposes a special assessment intended to fund solely political lobbying efforts, the First Amendment requires that the union provide non-members an opportunity to opt out of the contribution of funds," Sotomayor wrote.