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Pomerantz Law Firm Investigates Claims On Behalf of Investors of Impax Laboratories Inc. – IPXL

NEW YORK, NY / ACCESSWIRE / November 9, 2016 / Pomerantz LLP is investigating claims on behalf of investors of Impax Laboratories Inc. (“Impax” or the “Company”) (NASDAQ: IPXL) (ISIN: US9841211033). Investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Impax and certain of its officers and/or directors have violated the federal securities laws.

[Click here to join a class action]

On November 3, 2016, media outlets reported that United States prosecutors may file criminal charges by the end of 2016 against Impax and several other pharmaceutical companies for unlawfully colluding to fix generic drug prices.

On this news, Impax’s share price fell $4.00, or 19.51%, to close at $16.50 on November 3, 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


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Obamacare stocks are getting slammed as the future of the law is in question

doctor patient concern worryGerald Herbert/AP Images

Health services providers that have benefitted from the Affordable Care Act (ACA) are getting rocked in pre-market trading after the presumed election of Donald Trump as the next president of the the US.

The ACA has benefitted health care services and hospital companies as more than 20 million American have gained health insurance.

The thinking is that higher use of health care facilities and fewer losses from uninsured patients would be beneficial to these firms.

Now, with Trump elected and a Republican Congress, recent calls for the repeal of the ACA, better known as Obamacare, are more likely and could lead to the loss of these financial benefits.

Here’s a quick rundown of the hardest hit stocks:

  • Hospital Corporation of America, which manages 168 hospitals and 116 surgery centers, is down -15%.
  • Universal Health Services, manages hospitals and clinics, is down -11.5%.
  • Lifepoint Health, a rural-focused healthcare services provider, is down -13%.
  • Tenet Healthcare, owner of 470 outpatient facilites and other healthcare service proviers, is down -27.5%
  • Community Health Systems, owner of 160 hospitals, is down -22.75%.

Large health insurers such as Aetna, UnitedHealthcare, and Humana that have recently rolled back a significant amount of their Obamacare business are relatively unchanged in pre-market trading.

China’s Cyber Security Law Could Hamper Foreign Business: P/C Industry Reps

China’s new wide-ranging cyber security law is drawing some serious apprehension from the U.S. property/casualty insurance industry. Trade associations and experts alike caution that it will create business obstacles in the world’s second-largest economy.

“Most insurers already find China a difficult market in which to get a toehold,” said Michael Barry, vice president of media relations with the Insurance Information Institute, in an emailed statement. “This action will not make things easier.”

As reported by Bloomberg and others, the new law was recently passed by China’s main legislative body, the Standing Committee of the National People’s Congress. It takes effect in June and will implement a number of new requirements, such as mandatory testing and certification of computer equipment. Companies are also required to give government investigators complete access to their data if there is suspected wrong-doing, and Internet operators must cooperate in any national security or crime-related investigation.

In August, 46 global business groups covering finance, information technology, insurance and manufacturing submitted a letter to Chinese Premier Li Keqiang urging that the cyber rules be redrafted, arguing they would hamper trade, Reuters reported. Insurance industry worries remain.

The American Insurance Association “is very concerned about the development on China’s cyber security law,” Steve Simchak, AIA director of Internal Affairs, said in an emailed statement. “We and business associations around the world have communicated our shared concerns, and we hope that there can be a dialogue with the Chinese Government on implementation.”

Dave Snyder, vice president of international policy for the Property Casualty Insurers Association of America, said that his association wants to see further progress with the recently passed regulations.

He noted that the insurance industry, individuals and government all have interests regarding data and that a balance between all three can be achieved.

“We will continue to work with our Chinese counterparts to find an effective balance,” Snyder said. “This should be of interest to the Chinese not only internally but externally. As these [Chinese] companies wish to do business abroad, they too would want to have the right balance of policies applied to them by other countries.”

The I.I.I.’s Barry noted that China appears to want to “gain greater control over its domestic internet activity” in a way that would prompt other nations’ companies “to interact more broadly with Chinese-based firms when storing information and conducting business in China.”

But Barry said that the policies as reported appear to suggest that “China is making it more difficult for non-Chinese firms to do business in China either directly or through partnerships.”

Barry added that while it is too early to say how the new Chinese cyber security law will affect P/C insurance companies, early indications aren’t good.

“P/C insurers will likely see the cost of complying with this new action as a disincentive to conduct business in China,” Barry said.

This article first appeared in Insurance Journal’s sister publication, Carrier Management.

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Private equity firms hold on to hope of post-Brexit growth


UK PRIVATE equity businesses are holding out hope for growth in their sector in the post-Brexit world, according to new research from Mourant Ozannes.

Darren BaconCROP

The law firm surveyed more than 260 firms worldwide in its research, which discovered that fund launches in the EU have been delayed following the Brexit vote and that professionals expect an increase in UK-based institutional investment, compared to the EU, once the UK has left the European Union, in part due to relaxation in having to follow the demands of the Alternative Investment Fund Managers Directive.

‘It seems that there are hopes for some relief from AIFMD regulation post-Brexit when the UK is outside the EU. Almost 100% of respondents told us AIFMD has made raising funds from EU-based investors more challenging,’ said Darren Bacon, Guernsey-based funds partner at Mourant Ozannes.

‘Couple this with survey results revealing that limited and general partners expect Brexit to result in greater investment from UK-based investors and declining investment from Europe and it’s clear that UK private equity fund-raising will become easier in the post-Brexit environment, while European fund raising will remain challenging.

‘The impact of Brexit has, understandably, been most dramatically felt in the UK and Europe. There was a notable slow-down in fund-raising and transactional work as we approached the day of the referendum and any momentum that still remained was quickly lost once the vote became clear.’

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China passes new film law to punish box office fraud, promote 'socialist core values'

monster_hunt1.jpeg

In a week filled with passing new laws, China’s top legislature also made time on Monday to adopt a new set of regulations concerning the film industry which will impose penalties on box office fabricators and help to insure that movies better serve the state and socialist values.

The new film industry law was approved by the National People’s Congress (NPC) Standing Committee at the end of their latest busy session in Beijing. It states that film agencies and theaters caught inflating box office numbers will have their illegitimate earnings confiscated and be fined up to 500,000 yuan. If the film managed to take in more than 500,000 yuan in ill-gotten gains, that penalty could then become as much as five times their illegal earnings. Depending on the severity of the situation, the guilty firms could also have their operations suspended.

This kind of fraud is rampant in China where hyping big box office numbers has become one of the most effective strategies for promoting a film. Last year, broadcasters gave out over 40 million free tickets to help make the domestic animated blockbuster “Monster Hunt” China’s top grossing movie of all-time (it has since been passed by Stephen Chow’s “The Mermaid”). Earlier this year, the distributor of “Ip Man 3” was suspended after it was found that they had inflated the film’s box office numbers by 88 million yuan through some creative accounting and simply buying up tickets.

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In addition to cracking down on box office fraud, the new law also promises to take an even closer look at the content of films before they are released to the public. Currently, only 34 foreign movies are allowed to be shown on Chinese screens each year (though somehow a few extra slipped in this year). The competition to be one those lucky films is intense. In order to please Chinese audiences and censors, Hollywood has been known to go to great lengths, cutting out scenes of aliens blowing holes in the Great Wall of China and adding in unnecessary ones featuring Fan Bingbing.

To help out Hollywood, the new law includes a long list of things that will get a film banned on the mainland, including content that “jeopardizes national unity, sovereignty and territorial integrity, releases national secrets, endangers state security, damages national dignity, honor and interests, or advocates terrorism and extremism,” according to a report from China’s official Xinhua News Agency.

At the same time, the regulation hopes to promote domestic films that “champion excellent Chinese culture and socialist core values.”

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In order to get around the film quotas, Hollywood companies have begun to partner with domestic groups to make movies that won’t technically count as foreign films. The new law warns Chinese film companies against cooperating with overseas organizations and individuals that engage in “activities damaging China’s national dignity, honor and interests, or harming social stability or hurting national feelings.” Looking at you, Brad Pitt.

Finally, the law specifies that actors and directors ought to be “excellent in integrity and film art” while maintaining self-discipline and building a positive public image. Looking at you, Jaycee Chan.

The whole thing will go into effect on March 1st, 2017.

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Whistleblower law reform 'needed in Australia'

Sarah Danckert

Laws in Australia that prevent whistleblowers speaking out or leave whistleblowers open to retaliation from the companies accused of wrongdoing need to be changed, according to the lawyer running the class action on behalf of Christmas Island detainees.

Maurice Blackburn principal Andrew Watson said he supported bringing in a US-style system that protects whistleblowers from the backlash of their employer and provides anonymity to those speaking out about wrongdoing.

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The call for better whistleblower protection

Whistleblowers who call out corporate corruption in America receive government payouts, but those in Australia face unemployment and an uncertain future.

The US system also allows the corporate watchdog the Securities Exchange Commission to pay bounties to whistleblowers if their tip leads to a fine of more than $1 million being issued.

“In the context of a class action on behalf of Christmas Island detainees, Maurice Blackburn has had to obtain orders from the court in order to speak to whistleblowers without the threat of criminal sanctions,” Mr Watson told the Maurice Blackburn Fairfax Media Class Action Symposium in Sydney.

A boat load of asylum seekers arrive on Christmas Island in 2013. Maurice Blackburn is running a class on behalf of ...
A boat load of asylum seekers arrive on Christmas Island in 2013. Maurice Blackburn is running a class on behalf of detainees. 

“In a properly functioning system this should not be a matter requiring a crafted and specific court order but something dealt with by way of general policy,” Mr Watson said.

Whistleblowers should also be able to go to class action firms so victims of illegal behaviour could have some recourse, he said.

It’s a view not shared by a senior lawyer who has represented several corporate defendants in class actions.

Jenny Campbell said she disagreed with Mr Watson’s call to extend whistleblower disclosure to class action firms, as opposed to a corporate regulator.

Andrew Watson is among the most experienced class actions lawyers in Australia.
Andrew Watson is among the most experienced class actions lawyers in Australia.  

 “The fact is the law has over many many years enshrined the principle that an employee who receives confidential information in the course of their employment is under an obligation to maintain that confidentiality,” Ms Campbell said.

“I struggle with the concept of being able to disclose one private entity’s information to another private entity. And that is what a disclosure to a class action firm would be,” she said.

Former Securities Exchange Commission lawyer and whistleblower expert Jordan Thomas.
Former Securities Exchange Commission lawyer and whistleblower expert Jordan Thomas. Photo: Kate Geraghty

Maurice Blackburn principal Josh Bornstein, who has represented whistleblowers in Fair Work cases,  said whistleblowers often came to Maurice Blackburn because the Australian Securities and Investments Commission was so under resourced.

“Organisations should not be able to contract out of accountability for unlawful conduct and invoke their contracts with staff to silence them to stop that illegal conduct being ventilated,” Mr Bornstein said.  

Mr Watson’s and Mr Bornstein’s calls for greater whistleblower protections in Australia was supported by Labaton Sucharow partner Jordan Thomas, who is also a former SEC prosecutor.

Mr Thomas said Australia’s current whistleblowing laws mean that “good guys” who call out wrongdoing by corporate entities are afforded fewer protections than those who have broken the law to participate in a cartel, the conference has heard.

“It strikes me as a little inconsistent,” Mr Thomas said.

“If it’s OK to incentivise them to dob when they’re bad guys, how about doing it for people who are good guys?”  

Under Australian law, there are no real protections for whistleblowers of corporate wrongdoing, unless that whistleblower has participated in a cartel.

In those instances, a cartel participant can seek immunity if they reveal their illegal activities to the Australian Competition and Consumer Commission 

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Whistleblower law reform needed in Australia: Christmas Island class action lawyer says

Sarah Danckert

Laws in Australia that prevent whistleblowers speaking out or leave whistleblowers open to retaliation from the companies accused of wrongdoing need to be changed, according to the lawyer running the class action on behalf of Christmas Island detainees.

Maurice Blackburn principal Andrew Watson said he supported bringing in a US-style system that protects whistleblowers from the backlash of their employer and provides anonymity to those speaking out about wrongdoing.

More News Videos

The call for better whistleblower protection

Whistleblowers who call out corporate corruption in America receive government payouts, but those in Australia face unemployment and an uncertain future.

The US system also allows the corporate watchdog the Securities Exchange Commission to pay bounties to whistleblowers if their tip leads to a fine of more than $1 million being issued.

“In the context of a class action on behalf of Christmas Island detainees, Maurice Blackburn has had to obtain orders from the court in order to speak to whistleblowers without the threat of criminal sanctions,” Mr Watson told the Maurice Blackburn Fairfax Media Class Action Symposium in Sydney.

A boat load of asylum seekers arrive on Christmas Island in 2013. Maurice Blackburn is running a class on behalf of ...
A boat load of asylum seekers arrive on Christmas Island in 2013. Maurice Blackburn is running a class on behalf of detainees. 

“In a properly functioning system this should not be a matter requiring a crafted and specific court order but something dealt with by way of general policy,” Mr Watson said.

Whistleblowers should also be able to go to class action firms so victims of illegal behaviour could have some recourse, he said.

It’s a view not shared by a senior lawyer who has represented several corporate defendants in class actions.

Jenny Campbell said she disagreed with Mr Watson’s call to extend whistleblower disclosure to class action firms, as opposed to a corporate regulator.

Andrew Watson is among the most experienced class actions lawyers in Australia.
Andrew Watson is among the most experienced class actions lawyers in Australia.  

 “The fact is the law has over many many years enshrined the principle that an employee who receives confidential information in the course of their employment is under an obligation to maintain that confidentiality,” Ms Campbell said.

“I struggle with the concept of being able to disclose one private entity’s information to another private entity. And that is what a disclosure to a class action firm would be,” she said.

Former Securities Exchange Commission lawyer and whistleblower expert Jordan Thomas.
Former Securities Exchange Commission lawyer and whistleblower expert Jordan Thomas. Photo: Kate Geraghty

Maurice Blackburn principal Josh Bornstein, who has represented whistleblowers in Fair Work cases,  said whistleblowers often came to Maurice Blackburn because the Australian Securities and Investments Commission was so under resourced.

“Organisations should not be able to contract out of accountability for unlawful conduct and invoke their contracts with staff to silence them to stop that illegal conduct being ventilated,” Mr Bornstein said.  

Mr Watson’s and Mr Bornstein’s calls for greater whistleblower protections in Australia was supported by Labaton Sucharow partner Jordan Thomas, who is also a former SEC prosecutor.

Mr Thomas said Australia’s current whistleblowing laws mean that “good guys” who call out wrongdoing by corporate entities are afforded fewer protections than those who have broken the law to participate in a cartel, the conference has heard.

“It strikes me as a little inconsistent,” Mr Thomas said.

“If it’s OK to incentivise them to dob when they’re bad guys, how about doing it for people who are good guys?”  

Under Australian law, there are no real protections for whistleblowers of corporate wrongdoing, unless that whistleblower has participated in a cartel.

In those instances, a cartel participant can seek immunity if they reveal their illegal activities to the Australian Competition and Consumer Commission 

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Japan looks to get tough on firms that violate overtime limits

The government will impose tougher penalties on companies that make employees work beyond the overtime limit agreed on with the labor side, sources said Tuesday.

In view of the labor ministry’s search the same day of Dentsu Inc. over the high-profile work-related suicide by a freshman female worker of the major advertising agency, the government concluded that it must take more effective measures to prevent excessive overtime work, the sources said.

As part of its work style reform initiative, the government aims to draw up specific action plans by March and introduce relevant legislation during the ordinary session of the Diet next year, they said.

The Labor Standards Act stipulates eight work hours a day and 40 hours a week. But companies may let employees work up to 45 hours of overtime a month and 360 hours a year if they conclude pacts with labor unions under Article 36 of the law.

Experts point out that the overtime regulations are virtually meaningless because the extra work hours may be extended further if management gains consent from the labor side.

Dentsu set its overtime limit at 70 hours a month under its “36” pact with the union. But the ministry suspects the company forced some employees to work more than 100 hours of overtime a month, but made them report overtime slightly shy of the 70-hour limit.

To prevent these illicit acts, the government is considering raising fines set by the law from the current ¥300,000 at most, the sources said.

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ForLawFirmsOnly Partners With Red Payments for Law Firm Payment Processing

ForLawFirmsOnly today announced that they have partnered with Red Payments to deliver a fully integrated client bill-pay solution for law firms.


Allentown, PA – November 8, 2016 – (Newswire.com)

BusinessCreator, Inc., an established leader in local search marketing, attorney lead generation, mobile marketing, social marketing and video marketing, today announced the partnership with Red Payments to bring low cost credit card payment solutions to law firms.

“Client billing is the lifeblood of any law firm,” said Ed Kundahl, President of ForLawFirmsOnly. “Integrating Red Payment processing services gives law firms greater efficiency and productivity while providing peace of mind that their transactions are secure.”

“Law firms can accept debit and credit cards or electronic funds transfers instantly. There is no longer a need to wait days for traditional merchant account underwriting, you are approved in 24 hours.”

“Teaming with Red Payments extends functionality and provides law firms with an innovative and easy-to-use way for clients to pay their invoices while reducing the burden of operational tasks,” said Kundahl.

“Accepting payments through Red Payments is simple. Law firms use an easy application, accounts are approved almost instantly after submission. The solution provides transparency in processing fees, real-time merchant account setup and all funds are deposited into your trust account required by the ABA. Payment for processing is taken out of your operating account to avoid any commingling of funds – all within a platform that is fully compliant with Payment Card Industry Data Security Standards (PCI DSS).”

“If your law firm requires equipment, we will provide EMV equipment without any cost to the law firm. We understand most law firms process online and we provide several gateways solutions for your convenience. Better yet, we are so confident we can beat your current rates that we offer a $500.00 VISA gift card if we can’t! Red Payments has an A+ rating with the Better Business Bureau,” concluded Kundahl.

For more information on how we can save your law firm money on your merchant account call Linda today at (855) 943-8736 Ext 6 or email Linda@ForLawFirmsOnly.com

More About BusinessCreator, Inc.

Founded in 1994, BusinessCreator, Inc. has helped many businesses with local search marketing, lead generation, mobile marketing, social marketing and video marketing. The company’s mission statement is “We make local businesses grow. Ask us how.”.

To learn more about BusinessCreator, Inc., you should call 610-437-8822 or visit them online at https://www.forlawfirmsonly.com.

CONTACT INFORMATION

BusinessCreator, Inc.
Attention: Edward Kundahl
47 North Jefferson Street
Allentown, PA 18102
Phone: 610-437-8822
Fax: 484-709-1851
Website: https://www.forlawfirmsonly.com
Email: marketing@forlawfirmsonly.com

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