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Microsoft Dodges Class Action For Now
Topics |
2009/02/20 17:32
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Microsoft got rid of the class-action status in the Vista Capable lawsuit, but the plaintiffs might retaliate and appeal the recent ruling. Although they had no immediate comments to make after the ruling, one of the partners in the law firm representing the plaintiffs confirmed that they will take action.
Computerworld quoted Jeffrey Tilden, partner in the Seattle law firm Gordon Tilden Thomas & Cordell LLP, as saying: We anticipate further motion practice in the trial court, followed by -- if unsuccessful –an appeal to the Ninth Circuit.
The plaintiffs argued in the court filling that Microsoft was unfair and deceptive in the Vista Capable matter, creating artificial demand, at artificially maintained prices, for PCs that were not Vista ready. Furthermore, consumers paid (more) for the Vista capability, but did not receive the real Vista capability.
A series of emails revealed in court showed how Microsoft representatives were doubtful about tagging some PCs as Vista Capable, as they would deceive consumers. The plaintiffs said consumers bought Vista Capable PCs only to discover that they were able to run just a basic version of the operating system, and were unable to run Vista’s core feature, the Aero interface.
But U.S. District Court Judge Marsha Pechman granted Microsoft the motion for the class decertification of the lawsuit, while also rejecting its demand for summary judgment. This doesn’t absolve Microsoft from coming back to court though, where 6 individual claims are still standing.
Microsoft will still have a hard time proving that consumers have not been deceived when purchasing Vista Capable PCs, but dealing with individual claims is likely to cost them less than it would have under a class-action lawsuit. |
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Barnhill & Vayernov Investigating Insight Enterprises, Inc.
Law Firm News |
2009/02/12 17:38
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Barnhill & Vaynerov LLP today announced that it is investigating potential claims against Insight Enterprises, Inc. ("Insight Enterprises" or the "Company") (Nasdaq:NSIT), on behalf of investors. The investigation pertains to possible securities violations related to public statements made by the Company between March 11, 2004 and February 6, 2009, in light of the Company's disclosure that it will have to restate its previously reported earnings.
On February 9, 2009, Insight Enterprises's stock declined nearly 50% after the Company shocked the market by revealing that it expects to restate financial statements included in the Company's most recently filed Annual Report on Form 10-K, for the year ended December 31, 2007, and in the Quarterly Reports on Form 10-Q for the first three quarters of fiscal year 2008. According to the Company, the restatement will also include a material reduction of retained earnings as of December 31, 2004, related to the accumulation of such errors in prior periods. Insight Enterprises has disclosed that the cumulative effect of the restatement is expected to be $50 million to $70 million. On this news, Insight Enterprises shares declined by $2.85 per share, more than 48%, to close on February 9, 2009 at $3.05 per share, on unusually heavy volume.
If you purchased or acquired Insight Enterprises common stock between March 11, 2004 and February 6, 2009, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Maxim Vaynerov, Esquire, of Barnhill & Vaynerov LLP, 8200 Wilshire Boulevard, Suite 400, Beverly Hills, California 90211, by telephone at (310) 943-8989, or by email to Vaynerov@aol.com. |
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Sidley Austin Receives Commitment to Justice Award
Legal Network |
2009/02/05 17:29
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Sidley Austin LLP is a proud recipient of a 2009 Commitment to Justice Award given by inMotion, Inc., a leading non-profit legal service provider that helps indigent and working poor women who need divorces, orders of protection and assistance with other family law matters, including spousal/child support, custody and visitation. The ceremony, on February 3, 2009, honored the lawyers of the Sidley Austin LLP Externship Program 2004-2009 with a special Legal Team Award.
"We are deeply honored to receive this award from inMotion," said Joseph Armbrust, co-managing partner of Sidley's New York office. "Sidley prides itself on its strong commitment to pro bono representation and involvement in the community and our partnership with inMotion has been extremely important to the firm."
Since 2004, the firm's New York office has sponsored an innovative full-time externship program with inMotion. The program is open to all Sidley associates who have an interest in family justice. Each Sidley extern works at inMotion's offices in New York City for a three- to four-month period on a rotating basis and receives extensive training from inMotion. The externs litigate family law and contested divorce cases for women throughout New York City in need of legal assistance, especially those with complicated and demanding cases.
Sidley has a long-standing relationship with inMotion and has taken many of its pro bono referrals, as well as serving as one of its corporate partners. In 2003, Sidley received a Commitment to Justice Award for the firm's commitment to the ideal of access to justice for all individuals.
Sidley has a long tradition of providing pro bono services to individuals and organizations in the U.S. and around the world. Sidley's Pro Bono Policy encourages all lawyers to devote time to pro bono legal matters, including assistance to the poor and to charitable, community and other organizations that serve people who are indigent and unable to afford legal representation. In 2007, over 1,000 Sidley lawyers devoted more than 110,000 hours to pro bono matters. In 2008, Sidley was named as one of four recipients of The National Law Journal's Pro Bono Awards, given in recognition of its Veterans Benefits Project. The firm was recognized by NLJ in 2007 for its firmwide Capital Litigation Project and political asylum program. Sidley was also one of five recipients of the American Bar Association's 2007 Pro Bono Publico Awards.
For more information regarding inMotion's Commitment to Justice Awards, please visit: http://www.inmotiononline.org/content/view/211/261/lang,en/
Sidley Austin LLP is one of the world's largest full-service law firms, with more than 1800 lawyers practicing in 16 U.S. and international cities, including Beijing, Brussels, Frankfurt, Geneva, Hong Kong, London, Shanghai, Singapore, Sydney and Tokyo. Every year since 2003, Sidley has been named to Legal Business' Global Elite, its designation for the 18 firms "that define the pinnacle of the legal profession." BTI, a Boston-based consulting and research firm, has named Sidley to their Client Service Hall of Fame as one of only two law firms to rank in the Client Service Top 10 for seven years in a row, and to the BTI Power Elite as one of only seven law firms demonstrating the best client relationships for the fourth consecutive year.
For purposes of the New York State Bar rules, this press release may be considered Attorney Advertising and the headquarters of the firm are Sidley Austin LLP 787 Seventh Avenue, New York, NY 10019, 212.839.5300 and Sidley Austin LLP One South Dearborn, Chicago, IL 60603, 312.853.7000. Prior results described herein do not guarantee a similar outcome. |
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Wolf Haldenstein Files Class Action Suit
Press Release |
2009/02/03 17:39
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Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court, Southern District of New York, against defendants Beacon Associates Management Corp. ("Beacon Associates"), Joel Danziger, Esq. ("Danziger"), Harris Markhoff, Esq. ("Markhoff"), Ivy Asset Management Corp. ("Ivy Asset Management"), the Bank of New York Mellon Corporation ("BONY"), Friedberg Smith & Co., P.C. ("Friedberg Smith") and John Does 1-100 (collectively, the "Defendants"), on behalf of all persons, other than Defendants, who invested in Beacon Associates LLC I (the "Fund") from August 9, 2004 until the present (the "Class Period"), and derivatively on behalf of the nominal defendant, Beacon Associates LLC I, to recover damages caused by Defendants' violations of the federal securities laws and common law claims, including breach of fiduciary duties.
The case name is styled Cacoulidis v. Beacon Associates Management Corp., et al., 09 civ. 00777. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wolf Haldenstein Adler Freeman & Herz LLP website at www.whafh.com.
The Complaint asserts that during the Class Period, unbeknownst to investors, Defendant Beacon Associates, the Managing Member of the Fund, concentrated more than half of the Fund's investment capital with entities managed by Bernard Madoff ("Madoff") or Madoff-related entities. Investors who entrusted their savings to Beacon Associates suffered millions in damages as a result of Madoff's fraudulent scheme.
This Complaint alleges that Defendants failed to perform the necessary due diligence that they were being compensated to perform as investment advisors, managers and fiduciaries, and proximately caused millions of dollars in losses. Defendants either knew or should have known that the Fund's assets were employed as part of a massive Ponzi scheme orchestrated by Madoff. Defendants ignored numerous red flags, including the abnormally high and stable positive investment results reportedly achieved by Madoff regardless of market conditions; inconsistencies between Bernard L. Madoff Investment Securities, LLC's ("BMIS") publicly available financial information concerning its assets and the purported amounts that Madoff managed for clients; and the fact that BMIS was audited by a small, obscure accounting firm.
Additionally, Defendants Beacon Associates, Danziger and Markhoff issued an Offering Memorandum that was false and misleading because it falsely stated that the Fund's assets would be invested in a number of investment vehicles, including a "Large Cap Strategy adopted by Beacon Associates itself, when in reality, unbeknownst to investors, the vast majority of the assets in the Fund were invested in Madoff-controlled entities. The Offering Memorandum also falsely stated that Beacon Associates would monitor the Fund's performance as well as the performance of each third party manager of the Fund's assets, to ensure that they adhered to their stated investment objectives. Plaintiffs allege that Defendants Beacon Associates, Danziger, Markhoff, and Ivy Asset Management, with no or inadequate due diligence or oversight, abdicated their responsibilities and entrusted the Fund's assets to Madoff-run investment vehicles. Plaintiffs further allege that Defendant Friedberg Smith failed to conduct a proper audit of the Fund's financial statements. Finally, Plaintiffs allege aiding and abetting claims against Ivy Asset Management and BONY.
Plaintiffs have alleged claims on behalf of the Class for violations of Sections 10(b) and 20(a) of the Exchange Act, Rule 10b-5, as well as common law fraud, negligent misrepresentation, breach of fiduciary duty, gross negligence and mismanagement, unjust enrichment, and aiding and abetting claims. Plaintiffs are also suing derivatively on behalf of the Fund for breach of fiduciary duty, gross negligence and mismanagement, unjust enrichment, and aiding and abetting.
If you invested in Beacon Associates LLC I during the Class Period, you may request that the Court appoint you as lead plaintiff by April 3, 2009.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiffs. Your ability to share in any recovery, however, is not affected by your decision on whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 70 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation. Please visit the Wolf Haldenstein website ( http://www.whafh.com) for more information about the firm. |
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