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Class Action Filed Against Former, Current A&P Execs
Legal Business |
2011/09/16 22:10
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A class action has been filed in the U.S. District Court for the District of New Jersey on behalf of purchasers of the securities of the Great Atlantic & Pacific Tea Co. Inc. (A&P) for the period between July 23, 2009, and Dec. 10, 2010. The complaint, filed Sept. 9 by Robbins Geller Rudman & Dowd LLP, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, Philadelphia and Atlanta, claims that some former and current A&P executives violated the Securities Exchange Act of 1934. A&P itself wasn’t named as a defendant in the action because it filed for bankruptcy protection in December 2010.
Those named in the action are former Executive Chairman and CEO Christian Haub, former CEO and President Eric Claus, former CFO and Treasurer Brenda Galgano, Vice Chairman and Chief Strategy Officer Andreas Guldin, former CEO and President Ron Marshall, and current CEO and President Sam Martin.
The complaint alleges that during the period mentioned above, the defendants failed to disclose material adverse facts about the company’s true financial condition, business and prospects. Specifically, the class action alleges that the executives failed to reveal that A&P was facing increased low-cost competition from retailers such as Walmart and Target, which negatively affected its business and financial condition; that the Pathmark acquisition was a “complete disaster” for the company, as Pathmark’s operations were in far worse condition than had been represented to investors; that A&P wasn’t operating according to internal expectations and couldn’t achieve the guidance endorsed by the defendants; and that, as a result of these factors, the defendants lacked a reasonable basis for their positive statements about the company, its operations and prospects.
The class action seeks to recover damages on behalf of all purchasers of A&P securities during the period noted above. Those who are member of this class can view a copy of the complaint or join the class action online at www.rgrdlaw.com/cases/aandp |
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Court tosses Sivak's death sentence
Legal Business |
2011/09/08 09:20
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The 9th U.S. Circuit Court of Appeals has reversed the death sentence of an Idaho man convicted of brutally slaying a former coworker because the state allowed a jailhouse informant to lie on the witness stand.
Lacey Mark Sivak was sentenced to death for the 1981 murder of Dixie Wilson at the Baird Oil gas station in Garden City. In a ruling handed down Wednesday, the appellate court said that while Sivak's murder conviction was appropriate, the outcome of his sentencing hearing might have been different if prosecutors hadn't knowingly presented the testimony of an inmate who lied on the stand.
Still, the appellate court said state attorneys may decide to hold a new sentencing hearing if they still want to seek the death penalty for Sivak's crimes. |
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Lawyers wrap up Int'l Court's first trial
Legal Business |
2011/08/25 08:57
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Prosecutors began wrapping up the International Criminal Court's landmark first trial on Thursday by urging judges to convict a Congolese warlord of recruiting hundreds of child soldiers and sending them to fight and kill in his country's brutal conflict. Deputy Prosecutor Fatou Bensouda told judges that evidence in the trial that began in January 2009 gave voice to children that militia leader Thomas Lubanga had "transformed into killers; those girls that Mr. Lubanga offered to his commanders as sexual slaves." Bensouda said the armed wing of Lubanga's Union of Congolese Patriots political party trained hundreds of children in 20 camps scattered across the Ituri region of eastern Congo in 2002-2003. "They were used to fight in conflicts. They were used to kill, rape and pillage," she added. Actress Angelina Jolie, who is a goodwill ambassador for the U.N. High Commissioner for Refugees, was among dozens of people who watched proceedings from the court's public gallery. She made no comment to reporters. |
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Federal court rejects Houston cop killer's appeal
Legal Business |
2011/08/21 10:18
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A federal appeals court has rejected an appeal from the convicted killer of an off-duty Houston police officer arguing that two jurors at his capital murder trial in 1999 were improperly rejected by prosecutors because they were black.
The 5th U.S. Circuit Court of Appeals decision upholds a ruling from the Texas Court of Criminal Appeals in the case of 32-year-old Anthony Haynes, who is black. He was condemned to death for the 1998 shooting death of Houston Police Sgt. Kent Kincaid, who was white.
Acting on an appeal from the Texas attorney general's office, the U.S. Supreme Court had ordered the 5th Circuit to reconsider its 2009 decision that Haynes get a new trial or be released from death row. The Supreme Court had in 1986 found it unconstitutional to dismiss a juror solely because of race, but the justices said the 5th Circuit panel misinterpreted its rulings when it decided Haynes deserved a new trial. |
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Drug company lawyer taped trying to foil lawsuit
Legal Business |
2011/08/19 08:58
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International business can be an ethical jungle, but it's rare to get details of bare-knuckle tactics on tape.
A lawyer in Mexico for a leading U.S. drug manufacturer offered to pay an opposing expert in a lawsuit if he would leave the country on a key court date to undermine the case.
The company, Baxter International Inc., promotes itself as a champion of global anticorruption efforts. Baxter said the lawyer was not authorized to make any offers, and it has severed all ties with him.
The recording and its disclosure offer an unusual glimpse of fishy maneuvers in the global marketplace and come as the Justice Department and the Securities and Exchange Commission crack down on misconduct by U.S. companies abroad, part of a multinational effort to clean up commerce.
Based near Chicago, Baxter is a major manufacturer of intravenous drugs and medical devices. Its medications are used to treat people with hemophilia, kidney disease, immune system problems, infectious diseases, serious burns and other conditions.
The lawyer was talking to accountant Rafael Aspuru Alvarez, an expert witness for Translog, a trucking company embroiled in a $25 million legal dispute with Baxter's subsidiary in Mexico. |
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