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Court hearing Thursday on Credit Suisse loans
Court Watch |
2012/01/13 18:14
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Attorneys for Credit Suisse told a federal judge in Idaho that a multi-billion dollar lawsuit brought by homeowners at four resorts should be tossed out because there's not enough factual evidence to support the claims.
The lawsuit from property owners at Idaho's Tamarack Resort, the Yellowstone Club in Montana, Nevada's Lake Las Vegas resort and the Ginn Sur Mer Resort in the Bahamas is backed by Yellowstone Club founder Tim Blixseth. The plaintiffs allege Credit Suisse inflated the value of the resorts and issued loans so large to developers that they could never be repaid in hopes of foreclosing on the properties as part of a so-called "loan to own" scheme.
Credit Suisse contends the lawsuit is baseless and that Blixseth is just trying to escape blame for the financial problems at the ultra-exclusive Yellowstone Club.
Roughly two dozen attorneys representing the plaintiffs, Credit Suisse and real estate consultant Cushman & Wakefield gathered before U.S. District Judge Ronald Bush in Boise on Thursday to argue over several motions, including one to have the lawsuit dismissed and one to have Cushman & Wakefield reinstated as a defendant. The real estate consultancy was listed as a defendant when the case was originally filed in 2010, but last year U.S. District Judge Edward Lodge dismissed all the claims against the company.
One of Credit Suisse's attorneys, David Lender, told the court that the plaintiffs have never been able to show there was any misrepresentation made to the homeowners by the bank. |
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Court orders new psychiatric review of Breivik
Topics |
2012/01/12 18:14
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A Norwegian court on Friday ordered a new psychiatric evaluation of confessed mass killer Anders Behring Breivik, after an earlier report found him legally insane.
Judge Wenche Elizabeth Arntzen said in Oslo the new evaluation is necessary considering widespread criticism of the initial findings, which suggested Breivik should be sent to psychiatric care instead of prison.
The 32-year-old Norwegian has confessed to a bomb and shooting spree July 22 that killed 77 people and traumatized the peaceful Scandinavian country.
Breivik denies criminal guilt, saying he's a commander of a resistance movement aiming to overthrow European governments and replace them with "patriotic" regimes that would deport Muslim immigrants.
Investigators have found no sign of such a movement and say Breivik most likely plotted and carried out the attacks on his own.
Arntzen said two Norwegian psychiatrists — Agnar Aspaas and Terje Toerrisen — had been appointed for the new evaluation.
However, Breivik doesn't want to talk to them because he doesn't believe they will understand him any better than the experts who interviewed him for the first assessment, defense lawyer Geir Lippestad, told reporters after speaking to his client in prison.
Lippestad also said that the defense team is skeptical toward a new evaluation because the first assessment was leaked to Norwegian media. |
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The Law Office of James C. Kelly Announces Investigation
Press Release |
2012/01/11 17:56
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The Law Office of James C. Kelly announces that it is investigating potential claims against the board of directors of Inhibitex, 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 Bristol-Myers Squibb Company in a transaction with an approximate value of $2.5 billion.
Under the proposed agreement, Bristol-Myers will commence a tender offer to acquire all of the outstanding shares of Inhibitex's common stock at a price of $26.00 per share in cash. The investigation concerns whether Inhibitex's board of directors adequately shopped the Company to obtain the best price possible for the Company's shareholders before entering into the agreement with Bristol-Myers.
If you are a holder of Inhibitex common stock and want to discuss your legal rights, you may e-mail or call The Law Office of James C. Kelly who will, without obligation or cost to you, attempt to answer your questions. Please contact James C. Kelly, Esq., of The Law Office of James C. Kelly, 477 Madison Avenue, New York, New York 10022, by toll free telephone at (888) 643-7517
For more information about the firm, please visit its website at http://www.jckellylaw.com. |
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Bernstein Liebhard LLP Announces Class Action
Law Firm News |
2012/01/10 17:55
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Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Camelot Information Systems Inc. American Depositary Shares between July 21, 2010 and August 17, 2011, including those who acquired Camelot ADSs pursuant or traceable to the Company’s false and misleading Registration Statements and Prospectuses issued in connection with its July 21, 2010 initial public offering and December 10, 2010 Secondary Offering.
The complaint charges Camelot, certain of its officers and directors and the underwriters of the Offerings with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. Camelot is a holding company that conducts business through its operating subsidiaries in China. The Company is a provider of enterprise application services and financial industry information technology services in China.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s business practices and financial results. Specifically, defendants failed to disclose negative trends in Camelot’s business, including with Camelot’s most important customers. As a result of defendants’ false statements, Camelot ADSs traded at artificially inflated prices during the Class Period, reaching a high of $26.73 per share on January 11, 2011.
On July 21, 2010, Camelot announced the pricing of its IPO of 13.3 million ADSs at $11.00 per ADS. Subsequently, on December 9, 2010, Camelot announced the pricing of its Secondary Offering of 7,160,206 ADSs by selling shareholders at $19.50 per ADS. The complaint alleges that the Registration Statements issued in connection with the Offerings were inaccurate and misleading and omitted to state material facts required to be stated therein.
On August 15, 2011, Seeking Alpha published an article questioning several key components of Camelot’s business. This caused Camelot’s ADSs to drop to below $9 per share. Then on August 18, 2011, Camelot issued a press release announcing its second quarter 2011 unaudited financial results, including lower-than-expected guidance for fiscal 2011. On this news, Camelot’s ADSs dropped $2.24 per share to close at $6.32 per share on August 18, 2011, a one-day decline of 26%.
According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (a) the Company’s IT professionals were not a competitive advantage to the Company and many were dissatisfied with Camelot, which would adversely affect Camelot’s ability to retain its customers; (b) the Company was suffering from undisclosed attrition of employees, which was having a negative impact on the Company’s ability to attract new customers; (c) Camelot did not have the large numbers of highly trained professionals at its disposal that it had represented; and (d) Camelot’s contract with its most important customer, IBM, was not as solid as represented, and would not be renewed on the same terms.
www.bernlieb.com |
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