Agreement reached in Mo. suit against LegalZoom

Legal Business 2011/08/22 10:27   Bookmark and Share
A proposed settlement has been reached in a federal class-action lawsuit against LegalZoom Inc., the online vendor of legal forms and documents.

The lawsuit had been scheduled go to trial Monday in U.S. District Court in Jefferson City.

But California-based LegalZoom has announced an agreement in principle to settle the lawsuit that claimed the company wasn't licensed to provide legal services in Missouri. LegalZoom says it contains no admission of wrongdoing and lets the company continue offering services to Missouri residents with certain changes.

The original plaintiffs were a Missouri resident who used LegalZoom to prepare a will, and two others who used it to organize a remodeling business.

An attorney for the plaintiffs says only that the settlement involves compensation for Missouri customers and changes to how LegalZoom operates.

top

Berman DeValerio Announces Securities Class Action

Press Release 2011/08/22 10:26   Bookmark and Share
The law firm of Berman DeValerio filed a securities class action lawsuit today against Miller Energy Resources, Inc.

The lawsuit alleges violations of United States securities laws on behalf of purchasers of common stock from December 16, 2009 through and including August 1, 2011 (the “Class Period”).

Berman DeValerio (www.bermandevalerio.com) brought the complaint against the Company and certain of its directors and officers (the “Defendants”) in the United States District Court for the Eastern District of Tennessee. The case is filed as 3:11-cv-00397.

Pursuant to the Private Securities Litigation Reform Act of 1995, investors wishing to serve as the lead plaintiff are required to file a motion for appointment with the court no later than October 11, 2011.

The claims arise under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), (the “Exchange Act”), and Rule 10b-5 promulgated thereunder by the United States Securities and Exchange Commission (the “SEC”) for class period purchasers.

The complaint alleges that throughout the Class Period, Miller, an oil and gas exploration, production and drilling firm, and the other Defendants made material false statements about Miller’s financial results and about the valuation of certain oil-and-gas-producing assets it acquired in Alaska. Specifically, the complaint alleges that Defendants: (1) issued false and misleading consolidated balance sheets, statements of operations and cash flows; (2) failed to properly classify royalty expenses; (3) failed to properly record sufficient compensation expense on equity awards; (4) did not properly calculate the liability for derivative instruments; (5) did not properly consolidate entities under its control; and (6) improperly reported the value of certain oil and gas assets that it acquired in Alaska. As a result of these problems, the Company was required to restate its financial results. Over a series of almost daily disclosures occurring on July 28, 2011, July 29, 2011 and August 1, 2011, Miller’s stock price dropped from $7.04 per share on July 27, 2011 to a close of $3.37 per share on August 2, 2011, a total drop of $3.67 or 52%.

To receive a copy of the complaint, please call Berman DeValerio at (800) 516-9926.

If you are a member of the class, you may, no later than October 11, 2011, request that the court appoint you as lead plaintiff for the class. In addition, you may contact the attorneys at Berman DeValerio to discuss your rights and interests in the case. Please note: you may also retain counsel of your choice and need not take any action at this time to be a class member.

Berman DeValerio is a national law firm representing plaintiffs in lawsuits against corporate wrongdoers, chiefly for violations of securities and antitrust laws. The firm has 49 lawyers in Boston, San Francisco and South Florida.

top

Court throws out Vince Fumo sentence

Court News 2011/08/22 10:26   Bookmark and Share
A U.S. appeals court on Tuesday threw out the 4 1/2-year corruption sentence of a long-powerful former Pennsylvania state senator.

The court agreed with prosecutors that U.S. District Judge Ronald Buckwalter did not explain why he sentenced Vincent Fumo far below federal sentencing guidelines.

The court also upheld 68-year-old Fumo's conviction and ordered a new sentencing of an aide convicted at trial with him.

A jury in 2009 convicted Fumo of defrauding the state Senate, a museum and a South Philadelphia nonprofit of millions. The Philadelphia Democrat had been a wealthy power broker during his 30-year state Senate career. He remains incarcerated at a federal prison in Kentucky.

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