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Ryan & Maniskas, LLP Announces Class Action Lawsuit
Headline Legal News |
2012/03/06 17:39
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Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the District of Colorado on behalf of purchasers of Molycorp, Inc. common stock during the period between March 9, 2011 and November 10, 2011.
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/mcp.
The complaint alleges that defendants’ false and misleading statements about the capability of the Company’s “Mountain Pass” mining operation and the Company’s earnings caused Molycorp common stock to trade at artificially inflated prices throughout the Class Period. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts during the Class Period: (a) Molycorp’s development and expansion of the Mountain Pass mine was not progressing on schedule and would not allow the Company to reach rare earth oxide production rates at the end of calendar 2012 and 2013; and (b) end users had been reducing demand for the Company’s products as prices for rare earth elements increased.
On November 10, 2011, the Company reported disappointing third quarter 2011 revenues and earnings results below analysts’ estimates and announced a reduction in Mountain Pass production guidance for the fourth quarter of 2011 due to expected equipment downtime relating to Mountain Pass engineering and expansion issues. The Company’s stock price fell, dropping from $38.70 per share on November 10, 2011 to $33.45 per share on November 11, 2011, or 13.6%, on heavy trading volume.
If you are a member of the class, you may, no later than April 3, 2012, request that the Court appoint you as lead plaintiff of the class. 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 plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
www.rmclasslaw.com. |
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NY court decision bolsters anti-fracking movement
Headline Legal News |
2012/02/23 17:44
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A New York court decision has bolstered a movement among towns determined to prevent the controversial practice of hydraulic fracturing for natural gas within their borders.
A state Supreme Court justice on Tuesday upheld the town of Dryden's August 2011 zoning amendment banning gas drilling. Denver-based Anschutz Exploration Corporation, which has spent $5.1 million leasing and developing 22,000 acres in Dryden, about 40 miles southwest of Syracuse, had argued state law trumped the ban.
More than 50 New York communities have enacted gas-drilling bans. Binghamton attorney Helen Slottje, who helps draft such laws, says the ruling should embolden towns considering local bans.
"We think it's a terrific vindication of the town's right to home rule and to decide their future," Slottje said Wednesday. "It really should give the green light to communities that want to proceed down this route."
Albany attorney Tom West, who represented Anschutz, said the trial-level state court decision is likely to be appealed to the mid-level Appellate Division and, if necessary, to the state Court of Appeals.
"We remain confident in our position that municipalities cannot ban natural gas drilling in New York state," West said.
Another challenge of a municipal gas-drilling ban is pending in Otsego County, where Cooperstown Holstein Corp. sued the town of Middlefield over a ban similar to Dryden's. The lawsuit says the landowner has leased nearly 400 acres to a gas-drilling company and the ban would block the economic benefits of the arrangement. |
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Court says police cannot be sued over warrant
Headline Legal News |
2012/02/22 17:45
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The Supreme Court said Wednesday that California police officers cannot be sued because they used a warrant that may have been defective to search a woman's house.
The high court threw out the lawsuit against Los Angeles County Sheriff's Detective Curt Messerschmidt and other police officials, who were being sued personally by Augusta Millender for the search on her house and confiscation of her shotgun.
Police were looking for her foster son, Jerry Ray Bowen, who had recently shot at his ex-girlfriend with a black sawed-off shotgun. She told police that he may be at his foster mother's house, so Messerschmidt got a warrant to look for any weapons on the property and gang-related material, since Bowen was supposed to be a member of the Mona Park Crips and the Dodge Park Crips. The detective had his supervisors approve the warrant before submitting to the district attorney and a judge, who also approved the warrant. |
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Cisco challenges Microsoft takeover of Skype in EU
Headline Legal News |
2012/02/15 21:01
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Networking company Cisco said Wednesday that it is challenging Microsoft's $8.5 billion takeover of Skype at the European Union's top court to ensure Microsoft won't block other video conferencing services.
Microsoft completed the deal in October shortly after the European Commission, the EU's competition regulator, cleared the takeover. Microsoft Corp. hopes that owning Skype will allow it to better compete with other tech giants including Apple Inc. or Google Inc.
But for Cisco Systems Inc., the world's largest maker of computer networking equipment, the Skype deal creates a serious challenger to its video conferencing systems.
"Cisco does not oppose the merger, but believes the European Commission should have placed conditions that would ensure greater standards-based interoperability," Marthin De Beer, the head of Cisco's video conferencing division, wrote in a blog post.
Video conferencing equipment is a relatively small part of Cisco's overall sales, but it's growing rapidly. Cisco's latest major acquisition was of Tandberg, a Norwegian maker of video conferencing equipment. Cisco spent $3.4 billion for the company in 2010. |
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Federal court rules for Ohio festival free speech
Headline Legal News |
2012/02/13 18:08
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A federal appeals court has ruled in favor of two Christians who say their free speech rights were violated at a southwest Ohio corn festival.
A 6th U.S. Circuit Court of Appeals three-judge panel ruled unanimously Monday that a policy against solicitation at the annual Sweet Corn Festival was too broad, and unconstitutional. The panel reversed a federal judge's ruling.
The case stemmed from the summer 2009 festival in the Dayton suburb of Fairborn, Ohio. Plaintiffs Tracy Bays and Kerrigan Skelly planned to convey their religious beliefs among festival-goers, and Bays began walking through the park with a sandwich board sign with Christian messages. After encountering opposition from a festival worker and officials, they left.
They sued in 2010. The Christian legal aid group Alliance Defense Fund argued their appeal. |
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Miss high court hears challenge to Barbour pardons
Headline Legal News |
2012/02/10 17:25
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Feuding attorneys asked the Mississippi Supreme Court on Thursday to determine the validity of pardons that Haley Barbour gave to convicted killers and other convicts during his final days as governor.
Chief Justice Bill Waller Jr. said the court would not rule Thursday, but he didn't say when a decision would come.
"We want them to take enough time to do it right," said Randy Walker, who objects to the pardons. Walker was shot in the head in 1993 by one of the men Barbour set free last month. That former inmate, David Gatlin, also fatally shot his own estranged wife as she held the couple's baby.
At the heart of the dispute is Section 124 of the Mississippi Constitution, which says "no pardon shall be granted" by the governor until the convicted felon applying for the pardon publishes notice of that application for 30 days in a newspaper in or near the county where the crime was committed.
Justices could uphold the pardons, as requested by a private attorney representing Republican Barbour. Or they could declare the pardons invalid, as requested by Democratic Attorney General Jim Hood. If they agree with Hood that the 30-day publication is a must, they could send the pardons back to a lower court, where a circuit judge could hold a trial to determine whether the pardons met those requirements. |
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Utah high court to hear posthumous benefits case
Headline Legal News |
2012/02/07 18:02
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Utah's Supreme Court is deciding whether a sperm donor contract is proof that a man wanted to be a father, even after his death.
The question stems from a dispute between Gayle Burns and the Social Security Administration, which denied survivor benefits to the son Burns conceived after her husband died from cancer.
Oral arguments are set Tuesday in Salt Lake City.
Michael Burns had contracted with medical providers to preserve his sperm before he died of cancer in 2001. Gayle Burns became pregnant in 2003.
Social Security denied a 2005 benefits petition, saying federal law doesn't allow for payments to posthumously-conceived children.
Gayle Burns challenged the ruling in Utah's federal court.
A federal judge asked Utah's Supreme Court to address the issue first. |
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