SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of The Advisory Board Company – ABCO

NEW YORK, NY / ACCESSWIRE / August 11, 2017 / Pomerantz LLP is investigating claims on behalf of investors of The Advisory Board Company (”Advisory Board” or the ”Company”) (NASDAQ: ABCO). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Advisory Board and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here to join a class action]

On December 10, 2014, Advisory Board announced that it had signed a definitive agreement to acquire Royall & Company (”Royall”). The Company completed the acquisition of Royall on January 9, 2015. On February 23, 2016, Advisory Board announced a net loss of $101.8 million for the quarter ended December 31, 2015, compared to a net loss of $5.4 million for the quarter ended December 31, 2014. According to the Company, the increase in net loss was primarily attributable to an impairment charge of $95.7 million (subsequently increased to $99.1 million) to Royall’s goodwill, due to Royall’s ”first year performance being below the expectations we had set as of the acquisition date.” Royall produced only $118 million in revenue in 2015, compared to the Company’s guidance of $125 million to $130 million.

Following this news, the Company’s share price fell $9.79, or 26.98%, to close at $26.50 on February 24, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

SOURCE: Pomerantz LLP

ReleaseID: 472429

NEW YORK, NY / ACCESSWIRE / August 11, 2017 / Pomerantz LLP is investigating claims on behalf of investors of The Advisory Board Company (”Advisory Board” or the ”Company”) (NASDAQ: ABCO). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Advisory Board and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here to join a class action]

On December 10, 2014, Advisory Board announced that it had signed a definitive agreement to acquire Royall & Company (”Royall”). The Company completed the acquisition of Royall on January 9, 2015. On February 23, 2016, Advisory Board announced a net loss of $101.8 million for the quarter ended December 31, 2015, compared to a net loss of $5.4 million for the quarter ended December 31, 2014. According to the Company, the increase in net loss was primarily attributable to an impairment charge of $95.7 million (subsequently increased to $99.1 million) to Royall’s goodwill, due to Royall’s ”first year performance being below the expectations we had set as of the acquisition date.” Royall produced only $118 million in revenue in 2015, compared to the Company’s guidance of $125 million to $130 million.

Following this news, the Company’s share price fell $9.79, or 26.98%, to close at $26.50 on February 24, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

SOURCE: Pomerantz LLP

ReleaseID: 472429

Source URL: http://marketersmedia.com/shareholder-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-the-advisory-board-company-abco/228489

Source: AccessWire

Release ID: 228489

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Arun Jaitley stresses balance between ease of business and preventing misuse of firms

Written by Liz Mathew
| New Delhi |
Published:August 12, 2017 3:53 am


Arun jaitley, Finanace minister, SEBI, SAT, Lok Sabha, benami transactions, Szebi order, Companies act, Replying to MPs, Jaitley mentioned SEBI’s action against suspected shell companies on stock exchanges, saying, “Caazaar mein thoda uthal puthal hua (there was some turmoil in the markets).” (File photo)

Four days after the Securities Appellate Tribunal (SAT) has stayed a SEBI order putting restrictions on some suspected shell companies, Finance Minister Arun Jaitley said in Lok Sabha that there has to be a balance between the ease of doing business and ensuring that the firms are not misused.

Jaitley, who also holds charge of Corporate Affairs, said speedy steps are being taken against shell companies. Pointing out that there is no definition for shell companies under the Companies Act, he said such firms are being used for benami transactions. The real owners behind such entities need to be identified and expeditious steps are being taken under the benami and income tax laws, the minister said during question hour.

Replying to MPs, Jaitley mentioned SEBI’s action against suspected shell companies on stock exchanges, saying, “Caazaar mein thoda uthal puthal hua (there was some turmoil in the markets).”

On August 7, SEBI had asked stock exchanges to take action against 331 suspected shell companies that had been referred by the Ministry of Corporate Affairs. The SAT later granted relief to companies that approached it, ordering SEBI to lift trading restrictions on their shares on the ground SEBI had not investigated if the firms were shell companies.

Noting that a company can be registered in two days, Jaitley stressed the need for a balance in terms of ease of doing business and ensuring that the companies being set up are not misused. With technology, it is not difficult, he said.

Responding to a supplementary question by Congress member Shashi Tharoor, the minister said there is a distinction between dormant and shell companies. The laws were clear that if there is another beneficial owner on whose behalf the ostensible owner or the apparent owner is holding the shares, he has to file a declaration under section 187 of the old Companies Act and the corresponding provision in the new Act.

“I think where the member needs to have clarity is that there is a distinction between a dormant company and a shell company,” Jaitley said. “A dormant company is a company which is legitimately registered, which does not file its returns and does not comply with the provisions of the Companies Act.” He said some of these dormant companies can potentially be misused as shell companies.

“So, the concept of dormant companies exists in the Companies Act and therefore these companies are deregistered and it is these companies which we have just now deregistered. If they are misused, they will have to change the beneficial owner,” the finance minister said. If business is being done under a fake name, then the benami law would be applicable, he added.

BJD’s Baijayant Panda wanted to know whether the government would look at using biometric to weed out people behind shell companies. In response, Jaitley said the suggestion would be taken into consideration.

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Legal Workspace Enables Comprehensive Law Firm IT Support with Its New Managed IT Services

DALLASAug. 10, 2017PRLog — Legal Workspace, a leading provider of cloud-based work environments designed exclusively for law firms, today expanded its offerings to include managed IT service packages. The announcement comes ahead of the company’s first exhibition at ILTACON 2017.

The new services, which join the firm’s cloud-based work environments and legal business process consulting, support larger firms in their journey to migrate to the cloud. Legal Workspace moves apps and data to the cloud and, in turn, can oversee remaining legal IT at an accessible, per-user price point. By covering areas such as 24/7 network monitoring, local workstation patching, antivirus protection and large file and data synchronization between the cloud and local resources, the company enables IT to focus on larger initiatives to benefit law firms, rather than day-to-day, time-consuming tasks.

According to CEO Joe Kelly: “As large law firms move to the cloud but retain some local IT, it creates a complementary need to monitor items such as internet connections, local networks and desktops on a 24/7 basis. When firms migrate to the cloud, not much is left on-site, and because of that, Legal Workspace can proactively monitor and maintain local IT resources at an affordable price.”

Legal Workspace, an industry pioneer, has focused on creating cloud-based work environments and greater process efficiencies with technology for law firms since 2008. Its emphasis on superior support includes engineers certified in leading legal applications and technology including LexisNexis, Thomson Reuters, Microsoft, Worldox, Timeslips, QuickBooks, Needles, LawBase, Practice Master, Juris, Tabs3, HotDocs and Amicus. Law firms can trust their IT infrastructure to Legal Workspace professionals who understand complex legal environments and the technology that supports them. The company can also execute business associate agreements for HIPAA compliance and offer HIPAA-compliant work environments.

The managed IT services join Legal Workspace’s most recent service expansion – technology and legal business process consultation. Experts at the company can work hand in hand with law firms to streamline legal business processes like client onboarding and billing and customize software to fit a firm’s needs. The company also offers legal technology and business process training, the customization of legal apps to fulfill a law firm’s unique needs and the integration of technology to ensure profitable, efficient and secure operations.

ILTACON 2017

Legal Workspace is exhibiting at ILTACON 2017 in Las Vegas, August 13-17. Visit booth number 636 to learn more about these services and cloud-based work environments for law firms.

About Legal Workspace

Founded in 2008, Legal Workspace offers law firms a legal-specific, cloud-based environment that hosts all the software applications needed to run a practice. The highly secure workspace eliminates the complexities of IT management for attorneys while giving them anytime, anywhere access from any device. In addition to providing Microsoft Office, Outlook and anti-virus and anti-spam protections, Legal Workspace hosts legal software applications from industry-leading providers of practice management, document management and time and billing software as well as legal document generation automation. To learn more or to request a demo, visit www.legal-workspace.com.

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RAISE Act may result in cost rise for IT firms

As the US President Donald Trump has backed the Reforming American Immigration for Strong Employment Act (RAISE) Act, a reform for green card application; IT services firms likely to see the rise in a cost as they may be pushed to hire high-skilled professionals locally.

If implemented, RAISE Act can also potentially increase the cost of employing an Indian software engineer in the US for both Indian and their global counterparts such as Accenture, IBM and others.

This Act, which aims to change the existing lottery system for issuance of green card (citizenship) into a point-based one, has proposed that priorities would be given to English speaking ability, highly-paid job, or a doctorate from any US university and other categories.

For example, as reported by BBC News, an individual can get 13 points (out of the total 30) if that person has a US doctorate; while a US or foreign high-school diploma degree will only get one point.

“It (RAISE Act), if implemented, will further force IT services firms to invest in onshore US workforces and higher skilled onshore employees (which they need to do anyway). I actually think it may help them shift the model towards higher value services and away from the lower-end work which is commoditized and very challenging to deliver profitability,” said Phil Fersht, chief executive officer, HfS Research.

Fersht said this would “drive up” the costs of employing immigrant technology professionals to work on projects and that would be “a uniform impact” across all Indian and global IT services companies.

Ray Wang, principal analyst and founder of Silicon Valley-based Constellation Research, seconded Fersht that cost of hiring senior techies is likely to go up for IT firms across the board.

Both claim a higher probability of this Act being implemented.

During the past two quarters, Indian firms such as Infosys, Wipro officially announced plans to hire more locals both from universities and seniors in the US and increase mix of American workers owing to a shift towards digital technology coupled with protectionism.

In future, this Act may push for costly hires at senior levels in the US.

Wang said it could favour the Indian and global IT firms too as it focuses on higher skills. “This act benefits scare skills. Applicants earn points based on education, English-language ability, high-paying job offers, age, record of extraordinary achievement, and entrepreneurial initiative. This is in the favor of the IT services firms but expect wages to rise.”

The RAISE Act is making a strong case for highly-skilled workers to be eligible to become US citizens and filter the low-end workers.

“The new law, dubbed the ‘Raise Act’,” focuses on the legal side of the immigration equation. Right now, our system for handing out green cards makes no sense…Britain, Canada and Australia have all moved to a point-based system and had success. No reason that can’t be the case here, too…While economists largely agree that immigration is overall a net benefit, low-skilled immigration has a devastating impact on the US minority communities, pushing down wages and job opportunities for unskilled and untrained American workers,” wrote a White House note justifying the reason behind Trump backing the Act.

While major Indian IT services firms, including Infosys, Wipro, Tech Mahindra, declined to comment on this story, IT services industry lobby Nasscom said the at an industry level it focuses on “skilled labour mobility” and greencard applications are usually filed on an individual basis.

“Our focus is on skilled labour mobility for works. Immigration is every country’s priority,” said Sangeeta Gupta, senior vice-president, Nasscom.

Peter Bendor-Samuel, chief executive officer of Everest Group, a global technology researcher, however, believes it is too early to be cautious and this Act has a “low probability” of getting passed anytime soon.

“This is playing to the Trump base which feels that low-skilled worker immigration has been a major contributor to low wage growth for the low skilled labour. It would appear that there is some movement in opinion in this direction in the country but it is still very early.”

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PQ leader calls for new Quebec language law in reaction to 2016 census data

MONTREAL – Only people who can speak French should be allowed to immigrate to the province, Parti Quebecois Leader Jean-Francois Lisee said Thursday in reaction to 2016 census data.

Lisee said if his party wins the 2018 election, it will introduce a new, stricter language law to stem what called a worrying trend in the use of French in Quebec.

“We say if we are in power, in the first 101 days we will table legislation to make sure all new immigrants will have to show knowledge of French before they can come to Quebec,” he told reporters.

Refugees are an exception, said Lisee, who explained people who claim asylum can learn French once they arrive.

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MONTREAL – Only people who can speak French should be allowed to immigrate to the province, Parti Quebecois Leader Jean-Francois Lisee said Thursday in reaction to 2016 census data.

Lisee said if his party wins the 2018 election, it will introduce a new, stricter language law to stem what called a worrying trend in the use of French in Quebec.

Parti Quebecois Leader Jean-Francois Lisee rises during question period Tuesday, May 30, 2017 at the legislature in Quebec City.The Parti Quebecois is calling for a new language law in reaction to the 2016 census. Lisee said today if he's elected premier in 2018 he'll introduce Bill 202, a reference to the legislation passed in the 1970s that is known informally as Bill 101. THE CANADIAN PRESS/Jacques Boissinot

Parti Quebecois Leader Jean-Francois Lisee rises during question period Tuesday, May 30, 2017 at the legislature in Quebec City.The Parti Quebecois is calling for a new language law in reaction to the 2016 census. Lisee said today if he’s elected premier in 2018 he’ll introduce Bill 202, a reference to the legislation passed in the 1970s that is known informally as Bill 101. THE CANADIAN PRESS/Jacques Boissinot

“We say if we are in power, in the first 101 days we will table legislation to make sure all new immigrants will have to show knowledge of French before they can come to Quebec,” he told reporters.

Refugees are an exception, said Lisee, who explained people who claim asylum can learn French once they arrive.

The 2016 census data on language released last week indicated the percentage of people in Quebec who listed French as a mother tongue decreased to 78.4 per cent in 2016 from 79.7 per cent in 2011.

Census data also suggested the percentage of Quebec anglophones increased significantly across the province.

“If we keep going in this direction, it will bring us to a tipping point,” the PQ leader said. “We never want to see that tipping point.”

Lisee said his legislation would be called Bill 202, a reference to the legislation passed in the 1970s that is known informally as Bill 101.

“We saw this before,” Lisee said. “In 1976, the indicators were very negative. We brought in Bill 101 and the trend turned over. And we feel it’s time again to take measures to make the trend turn over.”

Lisee added a future Bill 202 would force all companies in Quebec with 25 employees or more to conduct all business in French, which is currently the case for firms with 50 people or more.

Quebecers who attend English universities and junior colleges would also need a degree in French proficiency before being allowed to graduate, even if they intended on moving outside the province.

“They can move any time they wish,” Lisee said. “But if you want to have a degree of higher education in Quebec, it’s just basic decency to give you the tools for your success. And one of these tools is for you to be proficient in French.”

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