Amedisys Inc. (NASDAQ: AMED), LHC Group Inc. (NASDAQ: LHCG), and Gentiva Health Services Inc. (NASDAQ: GTIV) encouraged employees to make enough home-therapy visits to trigger bonus thresholds even if there was no medical purpose for the visit, a Senate Finance Committee report, released on October 3, concluded.
Back on November 2, 2010, shares of American Superconductor jumped 12.48% after the company raised its full year revenue guidance from a range of $420 million to $430 million to a range of $430 million to $440 million. During the earnings conference call that followed the announcement, American Superconductor discussed its rapid growth, which had been mostly attributed to its “close relationship” with Sinovel.
A securities class action complaint has been filed against China Electric Motor, Inc. (NASDAQ: CELM) in the United States District Court for the Central District of California. The lawsuit, filed on behalf of all purchasers of China Electric Motor common stock from the period of January 27, 2010 to March 30, 2011, alleges that the company’s officers, directors, and underwriters issued materially false and misleading information in public offering documents and in filings with the Securities and Exchange Commission.
A securities class action complaint has been filed against Urban Outfitters Inc. (NASDAQ: URBN) in the United States District Court for the Eastern District of Pennsylvania. The lawsuit, filed on behalf of all purchasers of Urban Outfitters common stock from the period of November 15, 2010 to March 7, 2011, alleges that the Philadelphia-based retail company misrepresented to investors its inventory management and control systems along with its growth prospects.
A securities class action complaint has been filed against Wilshire Bancorp Inc. (NASDAQ: WIBC) in the United States District Court for the Central District of California. The lawsuit, filed on behalf of all purchasers of Wilshire Bancorp common stock from the period of March 15, 2010 to March 16, 2011, alleges that the Los Angeles-based holding company of Wilshire State Bank made false and misleading statements to shareholders that resulted in an artificially inflated stock price.
Law firms announce the commencement of an investigation into Advanced Battery Technologies, Inc. ("Advanced Battery" or the "Company") (Nasdaq: ABAT), following the Company’s stunning + 40% one-day share price decline. Shares of Advanced Battery plummeted after Variant View Research (“Variant View”) published a report alleging that the Company may have issued materially false statements to investors.
A securities class action complaint has been filed against Virginia-based Rosetta Stone, Inc. (NYSE: RST) in the United States District Court for the Eastern District of Virginia. The lawsuit, filed on behalf of all purchasers of Rosetta Stone common stock from the period of February 25, 2010 to March 1, 2011, alleges that the language education company failed to disclose adverse facts about the company’s true financial condition, business, and prospects. Specifically, the company did not disclose that it faces intense competition for its products and that the favorable sales booking numbers Rosetta Stone reported were due to key retail partners maintaining inventory of the company’s products well above historic levels.
A securities class action complaint has been filed against New Jersey-based Kid Brands, Inc. (NYSE: KID) in the United States District Court for the District of New Jersey. The lawsuit was filed on behalf of purchasers of the common stock of Kid Brands between March 26, 2010 and March 15, 2011.
Shareholder Sues ShengdaTech, Inc. Over Alleged Financial Records Discrepancies
A securities class action complaint has been filed against China-based ShengdaTech, Inc. (NASDAQ: SDTH) in the United States District Court for the Southern District of New York. The lawsuit, filed on behalf of all purchasers of ShengdaTech common stock from the period of March 15, 2010 to March 15, 2011, alleges that the calcium carbonate manufacturer issued materially false and misleading statements regarding the company’s business and prospects. The lawsuit alleges that ShengdaTech’s management team did not disclose to shareholders that it was operating with material deficiencies in the system of internal control over its financial reporting and that ShengdaTech’s financial statements, during at least 2010, were not recorded in conformity with recognized accounting system such as GAAP.
A securities class action complaint has been filed against Geneva-based Weatherford International LTD. (NYSE: WFT) in the United States District Court for the Central District of California. The lawsuit, filed on behalf of all purchasers of Weatherford common stock from the period of April 25, 2007 to March 1, 2011, alleges that the oil and natural gas drilling equipment manufacturer violated federal securities laws by issuing false and misleading statements to its shareholders.
Equinix merged with Switch and Data Facilities, CEO says integration is ahead of schedule. He and President sell shares. Then announces lower than expected guidance because of integration issues.
A class action lawsuit has been filed in the United States District Court for the Northern District of California alleging Sprint Nextel Corporation (NYSE: S) double-charged customers with HTC EVO and EPIC Samsung Smartphones by charging a $10 monthly “Premium Data Add-On” fee in addition to the cost of an “unlimited” data plan.
A class action lawsuit seeking $100 million in damages has been filed against Philadelphia-based Cigna Corporation (NYSE: CI) alleging the insurance provider systematically discriminates against women, Reuters reported. The lawsuit claims that Cigna treated female employees less favorably than their male counterparts by denying women justified promotions and salary increases while promoting a hostile work environment.