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Faruqi & Faruqi, LLP Announces Class Action Lawsuit
Areas of Focus |
2012/01/04 17:06
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The action alleges that the Company and its executives violated federal securities laws by failing to disclose that: (1) China Med’s acquisition of Bio-Ekon Biotechnology Co. Ltd. was from a third-party seller connected to the Company’s own chairman; (2) China Med overpaid by an estimated $20 million in the acquisition of BBE; (3) China Med’s transaction to acquire BBE involved the Company’s use of fraudulent shell companies, including Finnea International Limited which never owned BBE; (4) according to SAIC filings, BBE actually suffered operating losses prior to China Med’s acquisition; and (5) the Company has spent twice as much on “investing activities” as it has purportedly generated from operations.
On December 6, 2011, Glaucus Research Group released a report focusing on the Company’s fraudulent acquisition of BBE and initiating a strong sell for China Med. On this shocking news, China Med shares plunged roughly 23% at the end of trading on December 6, 2011.
If you purchased China Med securities and would like to discuss your legal rights, visit www.faruqilaw.com/CMED. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding China Medical’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others. |
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Ecuador court upholds ruling against Chevron
Legal Topics |
2012/01/04 17:06
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An appeals court in Ecuador upheld an $18 billion ruling against Chevron Corp. on Tuesday for oil pollution in the Amazon rain forest more than two decades ago.
The ruling confirmed a February judgment in the case. The Ecuadorean plaintiffs said in a statement that the decision is based on scientific evidence presented at trial proving that waste had poisoned the water supply.
"The appellate court relied on a record that proved that Chevron has violated the rights of the communities where it operates," the plaintiffs said in the emailed statement.
The lawsuit deals with pollution of the rain forest by energy company Texaco, which Chevron bought in 2001.
Chevron denounced the appeals court's decision and said it will continue to seek recourse in other courts outside Ecuador.
"Today's decision is another glaring example of the politicization and corruption of Ecuador's judiciary that has plagued this fraudulent case from the start," Chevron said in a statement.
The San Ramon, California-based company has previously alleged fraud in the lawsuit. The plaintiffs have also accused Chevron of defrauding the Ecuadorean court to hide the scale of the oil contamination. |
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Court delays border-crossing pollution rule
Areas of Focus |
2012/01/03 17:07
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A federal court Friday put on hold a controversial Obama administration regulation aimed at reducing power plant pollution in 27 states that contributes to unhealthy air downwind.
More than a dozen electric power companies, municipal power plant operators and states had sought to delay the rules until the litigation plays out. A federal appeals court in Washington approved their request Friday.
The EPA, in a statement, said it was confident that the rule would ultimately be upheld on its merits. But the agency said it was "disappointing" the regulation's health benefits would be delayed, even if temporarily.
Republicans in Congress have attempted to block the rule using legislation, saying it would shutter some older, coal-fired power plants and kill jobs. While those efforts succeeded in the Republican-controlled House, the Senate — with the help of six Republicans — in November rejected an attempt to stay the regulation. And the White House had threatened to veto it. |
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Chief justice defends court's impartiality
Areas of Focus |
2012/01/02 18:54
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Chief Justice John Roberts said Saturday that he has "complete confidence" in his colleagues' ability to step away from cases where their personal interests are at stake, and noted that judges should not be swayed by "partisan demands."
The comment, included in Roberts' year-end report, comes after lawmakers demanded that two Justices recuse themselves from the high court's review of President Barack Obama's health care law aimed at extending coverage to more than 30 million people. Republicans want Justice Elena Kagan off the case because of her work in the Obama administration as solicitor general, whereas Democrats say Justice Clarence Thomas should back away because of his wife's work with groups that opposed changes to the law.
While not mentioning the upcoming health care ruling, or any case in particular, Roberts' year-end report dismissed suggestions that Supreme Court Justices are subject to more lax ethical standards than lower federal courts and said each Justice is "deeply committed" to preserving the Court's role as "an impartial tribunal" governed by law.
"I have complete confidence in the capability of my colleagues to determine when recusal is warranted," wrote Roberts. "They are jurists of exceptional integrity and experience whose character and fitness have been examined through a rigorous appointment and confirmation process. I know that they each give careful consideration to any recusal questions that arise in the course of their judicial duties." |
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MT court restores corporate campaign spending ban
Legal Topics |
2012/01/02 18:54
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The Montana Supreme Court restored the state's century-old ban on direct spending by corporations on political candidates or committees in a ruling Friday that interest groups say bucks a high profile U.S. Supreme Court decision granting political speech rights to corporations.
The decision grants a big win to Attorney General Steve Bullock, who personally represented the state in defending its ban that came under fire after the "Citizens United" decision last year from the U.S. Supreme court.
"The Citizen's United decision dealt with federal laws and elections — like those contests for president and congress," said Bullock, who is now running for governor. "But the vast majority of elections are held at the state or local level and this is the first case I am aware of that examines state laws and elections."
The corporation that brought the case, and is also fighting accusations that it illegally gathers anonymous donations to fuel political attacks, said the state Supreme Court got it wrong. The group argues that the 1912 Corrupt Practices Act, passed as a citizen's ballot initiative, unconstitutionally blocks political speech by corporations. |
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Court delays border-crossing pollution rule
Areas of Focus |
2012/01/01 18:54
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A federal court Friday put on hold a controversial Obama administration regulation aimed at reducing power plant pollution in 27 states that contributes to unhealthy air downwind.
More than a dozen electric power companies, municipal power plant operators and states had sought to delay the rules until the litigation plays out. A federal appeals court in Washington approved their request Friday.
The EPA, in a statement, said it was confident that the rule would ultimately be upheld on its merits. But the agency said it was "disappointing" the regulation's health benefits would be delayed, even if temporarily.
Republicans in Congress have attempted to block the rule using legislation, saying it would shutter some older, coal-fired power plants and kill jobs. While those efforts succeeded in the Republican-controlled House, the Senate — with the help of six Republicans — in November rejected an attempt to stay the regulation. And the White House had threatened to veto it.
The rule, finalized by the Environmental Protection Agency in July, replaces a 2005 Bush administration proposal that was rejected by a federal court. |
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Court OKs immunity for telecoms in wiretap case
Areas of Focus |
2011/12/31 21:10
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A federal appeals court has ruled as constitutional a law giving telecommunications companies legal immunity for helping the government with its email and telephone eavesdropping program.
Thursday's unanimous ruling by a three-judge panel of the 9th U.S. Circuit Court of Appeals affirmed a lower court decision regarding the 2008 law.
The appeal concerned a case that consolidated 33 different lawsuits filed against various telecom companies, including AT&T, Sprint Nextel, Verizon Communications Inc. and BellSouth Corp. on behalf of these companies' customers.
The court noted comments made by the Senate Select Committee on Intelligence regarding the legal immunity's role in helping the government gather intelligence.
The case stemmed from new surveillance rules passed by Congress in 2008 that included protection from legal liability for telecommunications companies that allegedly helped the U.S. spy on Americans without warrants. |
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