Author Archives: Gilman Law

Zoll Medical Corporation Breach of Fiduciary Duty Investigation Concerning Acquisition by Asahi Kasei Corporation

Investigation into Breach of Fiduciary Duty Claims concerning the Acquisition of Zoll Medical Corporation by Asahi Kasei Corporation announced by Leading National Securities Law Firm Gilman Law LLP.

Investigation into Zoll Medical Acquisition by Asahi Kasei

Investigation into Zoll Medical Acquisition by Asahi Kasei

The National Securities Law Firm Gilman Law LLP has launched a breach of fiduciary duty investigation into possible breach of fiduciary duty claims concerning current shareholders of Zoll Medical Corporation (“Zoll”) (NASDAQ: ZOLL) and other violations of state law by the board of directors of Zoll relating to the proposed acquisition of Zoll by Asahi Kasei Corporation (“Asahi”). Gilman Law’s breach of fiduciary duty investigation seeks to determine whether the board breached its fiduciary duties by failing to maximize shareholder value in negotiating the agreement to sell the company to Asahi.

On March 12, 2012, Zoll and Asahi announced that they had entered into a definitive agreement providing for Asahi to acquire Zoll for approximately $2.1 billion. Under the terms of the Zoll acquisition merger agreement, Zoll shareholders will receive $93.00 for each share of Zoll common stock held. However, according to news media, at least one analyst has set a high price target of $100.00 per share. The transaction is expected to close in the second calendar quarter of 2012.

If you currently own shares of Zoll and would like to learn more about the breach of fiduciary duty investigation by the National Securities Law Firm Gilman Law LLP, you may contact our office for a free consultation by calling (239) 221-8301 or by filling out our free consultation form online.

About The Leading National Securities Law Firm Gilman Law LLP

The leading national securities law attorneys at Gilman Law have over 35 years of experience litigating securities and other class action cases. Our firm has been involved in all major aspects of securities litigation, including cases involving stock manipulation, securities fraud, investment fraud, and shareholder rights violations, as well as securities class action suits on behalf of both individual and institutional investors.

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Pacific Capital Bancorp Breach of Fiduciary Duty Investigation Concerning Acquisition By UnionBanCal Corp.

Investigation into Breach of Fidicuary Duty Claims concerning the Acquisition Pacific Capital Bancorp by UnionBanCal Corp. announced by National Securities Law Firm Gilman Law LLP

The National Securities Law Firm Gilman Law LLP is investigating potential breach of fiduciary duty claims by current shareholders of Pacific Capital Bancorp (“Pacific Capital”) (NASDAQ: PCBC) against the board of directors of Pacific Capital in connection with the proposed acquisition of the Company to UnionBanCal Corp.  UnionBanCal, part of Japan’s Mitsubishi UFJ Financial Group, Inc., is buying Pacific Capital, a bank holding company, in order to expand its presence in California.  The acquisition is expected to close in the fourth quarter, pending approval of bank regulators. 

On March 9, 2012, Pacific Capital and UnionBanCal entered into a definitive agreement for Pacific Capital to be acquired by UnionBanCal in an all cash transaction with a total equity value of approximately $1.5 billion.  According to the terms of the deal, Pacific shareholders will receive $46.00 for each share of common stock.  Gilman Law is investigating whether $46.00 per share is adequate compensation under the terms of the agreement, whether UnionBanCal is underpaying for Pacific Capital stock, and whether Pacific Capital’s board failed to obtain the highest share price for all shareholders during negotiations.

If you are a current shareholder of Pacific Capital and would like to learn more about the breach of fiduciary duty investigation by the National Securities Law Firm Gilman Law LLP, you may contact our office for a free consultation by calling (239) 221-8301 by completing our free consultation form. 

About the National Securities Law Firm Gilman Law LLP

The leading national securities law attorneys at Gilman Law have over 35 years of experience litigating securities and other class action cases. Our firm has been involved in all major aspects of securities litigation, including cases involving stock manipulation, securities fraud, investment fraud, and shareholder rights violations, as well as securities class action suits on behalf of both individual and institutional investors.

 

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GMX Resources IPO Class Action Securities Fraud Lawsuit

Gilman Law Announces Lead Plaintiff Deadline for GMX Resources Class Action Securities Fraud Lawsuit

The Naples Florida office of Gilman Law LLP, a leading national securities law firm, is actively investigating securities fraud allegations in a class action securities fraud lawsuit against GMX Resources (“GMX” or the “Company”) and certain of its officers and directors alleging violations of the Securities Exchange Act of 1934, for issuing materially false or misleading information to investors regarding the Company’s stock offerings on or about July 17, 2008, May 13, 2009, and October 22, 2009. GMX Resources, Inc. (NYSE:GMXR) is a “pure play” independent oil and natural gas exploration and production company, which is focused on the development of unconventional Haynesville/Bossier Shale and Cotton Valley Sands in the Sabine Uplift of the carthage, North Field of Harrison and Panola counties of East Texas. In this context, “pure play” refers to the Company allegedly devoting all of its business to drilling for and producing oil and natural gas in one core area.

The Court has not appointed a lead plaintiff yet and the class has yet been certified in this action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you in this matter, you must apply to be appointed lead plaintiff no later than February 3, 2012 and be selected by the Court. The lead plaintiff will have the ability to participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the Company’s failure to disclose in connection with the Company’s stock offerings on or about July 17, 2008, May 13, 2009 and/or October 22, 2009 that the Company had incorrectly accounted for certain impairment charges and deferred income taxes and that the Company lacked adequate internal and financial controls such that the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles and contained untrue statements and material omissions at all relevant times. According to the complaint, after, on March 11, 2010, the Company disclosed that its full year 2008 and quarterly 2009 financial statements should no longer be relied upon and would need to be restated, the value of GMX shares declined significantly.

How To Join The GMX Resources Class Action Securities Fraud Lawsuit

If you purchased or otherwise acquired GMX Resources stock (NYSE:GMXR) pursuant or traceable to the IPO, and either lost money on the transaction or still hold the shares, please contact the securities law firm of Gilman Law LLP by February 3, 2012, to discuss your rights to recovery of your losses or to obtain additional information. If you wish to join the GMX Resources class action lawsuit, please complete the Investor Certification or CALL TOLL FREE at (888) 252-0048.

About The Leading National Securities Law Firm Gilman Law LLP

The leading national securities law attorneys at Gilman Law have over 35 years of combined experience litigating securities and other class action cases, and have been involved in all major aspects of securities litigation. The leading national securities law firm of Gilman Law focus on cases involving stock manipulation, securities fraud, investment fraud, and shareholder rights violations. The securities lawyers at Gilman Law also have extensive experience representing both individual and institutional investors in securities class action suits.  The national securities law firm of Gilman Law has recovered over a billion dollars for its clients and can help you recover any losses that you have incurred as a result of GMX Resources’ fraudulent practices.

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INLAND AMERICAN REIT LAWSUIT INVESTIGATION

Gilman Law LLP, a leading shareholder rights and securities fraud law firm, is investigating alleged violations of federal securities laws on behalf of investors in Inland American Real Estate Trust, Inc. (Inland American REIT). Inland American focuses on acquiring and developing a diversified portfolio of commercial real estate including retail, multi-family, industrial, lodging, office and student housing properties, located in the United States and Canada.

Join the Inland American REIT Lawsuit | Contact a Securities Fraud Attorney

Inland American REIT Lawsuit

Inland American REIT Lawsuit

The Inland American REIT investigation focuses on the company’s recent announcement that it is being investigated by the Securities and Exchange Commission. The Inland American SEC Investigation involves potential violations of federal securities laws relating to Inland American’s fees and administration. Inland American REIT Investors and individuals with information related to this investigation are encouraged to contact Gilman Law LLP toll free at (888) 252-0048.

About Inland American REIT

Inland American is the largest non-traded REIT, with $11.2 billion in assets. Recently, Inland American disclosed in its quarterly report that the Securities & Exchange Commission (SEC) had initiated an investigation into the Inland American REIT. The investigation seeks “to determine whether there have been violations of certain provisions of the federal securities laws.” The potential violations at issue were described by the company as “regarding the business manager fees, property management fees, transactions with affiliates, timing and amount of distributions paid to investors, determination of property impairments, and any decision regarding whether the company might become a self-administered REIT.”

Problems with Non-Traded REITs

Inland American REIT, like many non-traded REITs, recently announced a reduction in its per share value, which has dropped down to $7.22 per share, a significantly reduction from the REIT’s initial offering price of $10 per share.

About Gilman Law LLP and Our Investment Fraud Attorneys

Gilman Law LLP is an investment fraud law firm with over 35 years of experience in securities litigation, complex securities matters, shareholder disputes, securities fraud, and other types of business and financial fraud. Our Investment Fraud Attorneys are offering Free Consultations to Inland American REIT Investors by calling toll free at (888) 252-0048.

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Chesapeake Energy Co-Founder Loses Chairmanship over Conflicts-of-Interest

The founder of Chesapeake Energy Corp. is under fire and has been forced out of his position as chairman of the company’s board of directors for what critics have characterized as serious personal conflicts-of-interests. Among other things, a Reuters’ investigation published in April reported that Aubrey McClendon had taken out as much as $1.1 billion in personal loans on ownership stakes in wells Chesapeake had given to him under a corporate perk called the Founders Well Participation Program. Adding to his conflicts, during part of his time as Chesapeake chairman and CEO, McClendon also ran a hedge fund that traded in the same commodities as the energy company.

According to Reuters, McClendon’s loans were never disclosed to shareholders. What’s more, EIG Global Energy Partners, McClendon’s biggest lender, was in negotiations with Chesapeake about purchasing some of the company’s assets.

About Chesapeake Energy

Chesapeake Energy is the second-largest natural gas producer in the U.S., and is a major developer of oil and gas reserves in Texas, Louisiana, West Virginia, and Pennsylvania. As a founder, McClendon was seen as a driving force behind Chesapeake’s emergence as the second-largest natural gas company in the country. But according to Reuters, shareholders have long complained about the freedom Chesapeake’s board had allowed McClendon to pursue his personal interests.

On May 2, the outcry over the loan disclosures finally forced Chesapeake’s board to act, and McClendon was stripped of his chairmanship. The board also voted to end the Founders Well Participation Program 18 months earlier than originally planned. McClendon, however, has been allowed to remain in his position as Chesapeake CEO.

The Chesapeake board’s decision, however, did end not of the controversy over McClendon’s personal financial dealings. That very same day, a new Reuters report revealed that he had also been operating a $200 million hedge fund that traded in the same commodities Chesapeake produces. The fund, Heritage Management Company LLC, was started by McClendon and Chesapeake co-founder Tom Ward. For at least four years, from 2004 to 2008, McClendon engaged in “near daily” communications and “exhaustive” calls to help direct the fund’s trading, according to Reuters. The fund also listed Chesapeake’s headquarters in Oklahoma City as its mailing address, and employed an accountant who was simultaneously employed by Chesapeake. McClendon and Ward both earned management fees and a cut of profits from the fund’s outside investors.

Chesapeake SEC Investigation

On May 9, yet another Reuters report revealed that in the weeks before he was stripped of his chairmanship, McClendon arranged an additional $450 million loan from EIG. The new loan, secured by Chesapeake wells that have yet to be drilled, as well as his own life insurance policy, brought McClendon’s financing from EIG since 2010 to $1.33 billion.

Chesapeake now faces U.S. Securities and Exchange Commission and IRS investigations, as well as several shareholder lawsuits, because of McClendon’s conduct. Senator Bill Nelson, D-Fla, has also asked his staff to formally request that the Justice Department’s Financial Fraud Enforcement Task Force investigate the Chesapeake Energy Corp. matter to determine whether there is evidence of fraud, price manipulation, conflicts-of-interest, or other illegal activities.

Legal Help for Chesapeake Investors or Employees

Current Chesapeake Shareholders, Chesapeake Employees, and Chesapeake Investors with investment losses are encouraged to contact our Securities Fraud Attorneys to discuss your rights to recovery. Our experienced Securities Fraud Attorneys offer Free Consultations to individuals or institutions with investment losses.

Contact an Experienced Securities Fraud Attorney

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TVIX LAWSUIT (VELOCITYSHARES 2X VIX SHORT)

Class Action Lawsuit Against Credit Suisse on Behalf of TVIX Investors in VelocityShares Daily 2x VIX Short ETN

About the TVIX Lawsuit

VelocityShares TVIX Lawsuit

VelocityShares TVIX Lawsuit

The Investment Fraud Attorneys of Gilman Law LLP announce that a class action lawsuit has been filed against Credit Suisse on Behalf of Investors in TVIX exchange traded notes (TVIX ETN) (NYSE:ARCA: TVIX). Investors who purchased or otherwise acquired shares in TVIX pursuant and/or traceable to a November 29, 2010 pricing supplement (together with a March 25, 2009 Registration Statement and Prospectus) and held TVIX ETNs through and including March 22, 2012 (Class Period), may have a claim to recover their losses in TVIX. TVIX ETNs were sold to investors during the Class Period by Credit Suisse AG and its affiliate Credit Suisse Securities (USA) LLC.

Legal Help for Investors with Losses in TVIX

TVIX Lawsuit Details

Specifically, the complaint alleges that on February 21, 2012, Credit Suisse announced that it temporarily suspended further issuances of the TVIX ETNs due to “internal limits” reached on the size of the ETNs. As a result of the suspension, shares of TVIX subsequently traded at prices uncorrelated to the S&P VIX Short-term Futures index (the index that the ETN was purportedly designed to track through the use of VIX futures). This “disconnect” lasted for approximately one month.

On March 22, 2012, shares of TVIX declined in price by over 29% as rumors leaked into the market that Credit Suisse was considering whether to recommence issuance of the ETNs. On March 23, 2012, after Credit Suisse announced that it would reopen issuance of TVIX shares on a limited basis, shares of TVIX declined further by almost 30%.

The complaint alleges that these losses are a result of risks that were materially understated or omitted in the TVIX Offering Documents. Credit Suisse also misleadingly omitted to disclose necessary information and material risks of certain scenarios transpiring that might lead to large losses from investments in TVIX ETNs.

About our Investment Fraud Attorneys

The Securities Fraud Attorneys at Gilman Law LLP have over 35 years of experience in securities litigation. Our Investment Fraud Attorneys focus on cases involving securities litigation, securities fraud, mergers and acquisitions, breaches of fiduciary duty, and other shareholder disputes.

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JPMORGAN CHASE (JPM) BREACH OF FIDUCIARY DUTY

JPMorgan Chase Loses $2 Billion

JPMorgan Chase Breach of Fiduciary Duty

JPMorgan Chase Breach of Fiduciary Duty

On May 10, 2012, JPMorgan Chase (JPM) disclosed a loss of approximately $2 billion related to the bank’s “synthetic credit portfolio.” This synthetic credit portfolio was a JPM managed portfolio that allegedly invested in the same type of complex derivatives that played a destructive role in the financial crisis. The CEO of JPMorgan Chase (JMP) has cautioned that this loss could “easily get worse,” but is not enough to topple the bank at this point.

The Company also acknowledged that its Corporate unit could post an $800 million loss in the second quarter. In reaction to this news, JPMorgan stock plunged over 6% in after hours trading.

Legal Help for JPM Investors

The Investment Losses and Shareholder Rights Law Firm of Gilman Law LLP has launched an investigation into alleged Breach of Fiduciary Duty claims by the Officers and Directors of JPMorgan Chase (JPM) concerning the massive trading losses announced by JPMorgan Chase’s CEO. Current shareholders of JPM common stock are encouraged to contact our securities attorneys to discuss your potential rights to recovery for this $2 billion loss in JPM common stock for free with no cost or obligation. JPM Investors may contact our experienced securities lawyers by calling (888) 252-0048 TOLL FREE or by completing our Free Consultation Form Online.

About Our Experienced Securities Attorneys

Our experienced securities attorneys have over 35 years of experience in securities law and have been involved in all major aspects of securities litigation. Our securities lawyers focus on cases involving stock manipulation, securities fraud, investments fraud, shareholder rights violations, and securities arbitration. For a free evaluation of your case or to obtain additional information, please contact our securities fraud attorneys for a free consultation by calling (888) 252-0048 Toll Free.

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Standard Microsystems Breach of Fiduciary Duty Lawsuit Over Microchip Technology Acquisition

Microchip Technology Acquisition of Standard Microsystems Prompts Breach of Fiduciary Investigation. Standard Microsystems Investors Call (888) 252-0048 For A Free Review.

About the Standard Microsystems Breach of Fiduciary Duty Investigation

Standard Microsystems Acquisition Lawsuit for Breach of Fiduciary Duty

Standard Microsystems Acquisition Lawsuit for Breach of Fiduciary Duty

The Investment Losses and Securities Fraud Law Firm of Gilman Law LLP is investigating potential breach of fiduciary duty claims by current shareholders of Standard Microsystems Corporation (“Standard Microsystems”) (NASDAQ: SMSC) against the board of directors of the Company in connection with their efforts to sell the Standard Microsystems Corp. to Microchip Technology Incorporated (NASDAQ: MCHP), in an all-cash deal valued at about $939 million.

Standard Microsystems Corporation and Microchip Technology Incorporated are allegedly discussing terms under a proposed transaction that will offer Standard Microsystems’ stockholders $37.00 in cash for each share of Standard Microsystems’ common stock. Our Breach of Fiduciary Duty Investigation concerns whether Standard Microsystems’ Board of Directors breached fiduciary duties by failing to conduct an adequate and fair sales process prior to entering into to this proposed transaction. The Standard Microsystems Lawsuit Investigation further investigates whether the proposed transaction undervalues Standard Microsystems’ shares and by how much this proposed transaction undervalues the Company to the detriment of Standard Microsystems’ shareholders.

Legal Help for Standard Microsystems Shareholders

If you are a current shareholder of Standard Microsystems and would like to learn more about the Standard Microsystems Breach of Fiduciary Duty Investigation, you may complete our Free Consultation and Case Review for Online or call our investment fraud attorneys TOLL FREE at (888) 252-0048. Our securities fraud lawyers have over 35 years of experience litigating securities and other types of class action cases and have been involved in all major aspects of securities litigation. The investment fraud attorneys at Gilman Law LLP focus on cases involving stock manipulation, securities fraud, investments fraud, shareholder rights violations, and securities arbitration.

 

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First Solar Securities Fraud Lawsuit (NASDAQ: FSLR)

National securities law firm Gilman Law LLP announces that a First Solar Securities Fraud Lawsuit was commenced in the US District Court, District of Arizona on behalf of purchasers of First Solar securities (NASDAQ: FSLR).  The lawsuit alleges that First Solar and certain of its officers and directors issued materially false and misleading statements to investors, thereby violating the Securities Exchange Act of 1934.

Those who purchased or otherwise acquired shares of First Solar securities between April 30, 2008 and February 28, 2012 (the “class period”), and incurred losses in excess of $50,000 should contact the Securities Law Firm Gilman Law LLP before the May 14, 2012 Deadline.  Investors may contact Kenneth Gilman, the managing partner of Gilman Law LLP, at (888) 252-0048 or by completing the online form below for a Free Evaluation of your case.

 

First Solar Securities Fraud Lawsuit Details

Based in Tempe, Arizona, First Solar designs and manufacturers solar modules.  The Company uses a thin film semiconductor technology to manufacture electricity-producing solar modules.  The First Solar securities fraud lawsuit alleges that throughout the Class Period, First Solar failed to disclose certain manufacturing flaws which impacted the Company’s earnings.  The suit further alleges that the Company improperly recognized revenue concerning certain products in its systems business and lacked adequate internal and financial controls.  As a result, First Solar lacked a reasonable basis for their positive statements about the Company, its operations and earnings during the Class Period.  Once First Solar began to disclose the truth on February 29, 2012, the price of First Solar securities declined $4.10 per share or 11%, to close at $32.30 per share. 

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ViroPharma, Inc. Class Action Securities Lawsuit Prompted By Unfair Competition

Investors with substantial losses from investments in ViroPharma, Inc. (VPHM) as a result of ViroPharma’s unfair methods of competition are encouraged to contact the Leading Investment Losses Law Firm of Gilman Law LLP to discuss your rights.

The Leading Investment Losses and Stock Fraud Law Firm of Gilman Law LLP is investigating potential claims on behalf of purchasers of ViroPharma Inc. (“ViroPharma” or the “Company”) (NASDAQ:VPHM) common stock concerning possible violations of federal securities laws.

Information about the ViroPharma Class Action Securities Lawsuit

ViroPharma Class Action Securities Lawsuit

ViroPharma Class Action Securities Lawsuit

The Federal Trade Commission is currently investigating whether ViroPharma engaged in unfair methods of competition in relation to its antibiotic Vancocin. Furthermore, the Food and Drug Administration recently denied ViroPharma’s petition to maintain market exclusivity. By April 11, 2012, four companies began selling authorized generic versions of Vancocin. Since announcing the investigation by the Federal Trade Commission, shares of ViroPharma have fallen over 21 percent.

If you own or otherwise acquired ViroPharma stock and wish to obtain additional information about the investigation and your legal rights, please contact our experienced securities attorneys via email at consultations@gilmanlawllp.com, by telephone toll free at (888) 252-0048, or by completing the free online legal consultation form to the left of this page.

About Gilman Law LLP

The experienced Investment Losses and Securities Law Attorneys at Gilman Law LLP have over 35 years of experience in complex securities litigation involving securities fraud, derivative claims, and other shareholder lawsuits. The securities attorneys at Gilman Law LLP have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered hundreds of millions of dollars on behalf of investors.

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Awards & Recognition

The Securities and Investment Fraud Attorneys at Gilman Law LLP have been recognized by numerous leading legal publications:

Investment Losses Law Firm