Ryan & Maniskas, LLP Announces Investigation

Press Release 2010/07/29 09:13   Bookmark and Share

Ryan & Maniskas, LLP is investigating potential claims against the board of directors of Health Grades, Inc.concerning possible breaches of fiduciary duty and other violations of law related to the Company's entry into an agreement to be acquired by Vestar Capital Partners V, L.P. in a transaction valued at approximately $294 million.

Our investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the transaction by Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Health Grades. For more information regarding our investigation, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/hgrd.

Under the proposed agreement, Health Grades shareholders will receive $8.20 in cash for each Health Grades share of common stock they own.

If you own shares of Health Grades and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/hgrd. You may also email Mr. Maniskas at rmaniskas@rmclasslaw.com. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.

top

Robbins Umeda LLP Announces Investigation of XenoPort, Inc.

Press Release 2010/07/29 09:12   Bookmark and Share

Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at XenoPort, Inc. XenoPort is a biopharmaceutical company that focuses on developing internally discovered product candidates that utilize the body's natural nutrient transport mechanisms to enhance the therapeutic benefits of drugs. The Company was founded in 1999 and is based in Santa Clara, California.

Robbins Umeda LLP's investigation concerns whether the Company's directors and officers caused the Company to make materially false and misleading representations regarding XenoPort's Phase 3 clinical program for an extended-release tablet and development stage drug called Horizant, also known as XP13512 ("512"). Specifically, Robbins Umeda LLP is investigating whether the Company's fiduciaries caused XenoPort to mislead investors about 512, a potential treatment for moderate-to-severe primary Restless Legs Syndrome, including misleading the public about 512's safety.

On February 17, 2010, the Company publicly disclosed that the U.S. Food and Drug Administration had declined to approve 512, with concerns about laboratory results showing pancreatic cell tumors in rats as a result of the use of the drug. Upon this news, XenoPort's stock fell $12.93 per share to close at $6.67 per share on February 18, 2010 -- a one-day decline of 66%.

If you are a shareholder of XenoPort, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at info@robbinsumeda.com.

top

2 re-sentencings ordered in $1.9B Ohio fraud case

Legal Business 2010/07/29 09:10   Bookmark and Share
A federal appeals court on Wednesday ordered new sentences for two former National Century executives convicted in a $1.9 billion corporate fraud case once likened to the Enron scandal, saying the government had proved some but not all of its case.

A three-judge panel of the 6th U.S. Circuit Court of Appeals in Cincinnati overturned Donald Ayers' conviction of conspiracy to commit money laundering, and Roger Faulkenberry's conviction of money laundering and conspiracy to commit money laundering, saying the government didn't provide enough proof.

Remaining in place are Ayers' convictions of conspiracy to defraud the U.S. and securities fraud, and Faulkenberry's convictions of conspiracy to defraud the U.S., securities fraud and wire fraud.

Ayers, 74, is serving 15 years in Coleman federal prison in Florida after his 2008 conviction with Faulkenberry and four other top executives from National Century Financial Enterprises, a Columbus health care financing company. Federal prosecutors compared the case to Enron.

Faulkenberry, 49, is serving 10 years in Gilmer federal prison in West Virginia after his 2008 conviction.

The court said the government didn't prove that advances Faulkenberry and Ayers made to medical companies were designed to conceal the money's source.

top









Disclaimer: Nothing posted on this blog is intended, nor should be construed, as legal advice. Blog postings and hosted comments are available for general educational purposes only and should not be used to assess a specific legal situation. Nothing submitted as a comment is confidential. Nor does any comment on a blog post create an attorney-client relationship. The presence of hyperlinks to other third-party websites does not imply that the firm endorses those websites.

Affordable Law Firm Website Design