Pomerantz Law Firm Investigates Claims On Behalf of Investors of Chicago Bridge & Iron Company N.V. – CBI

NEW YORK, NY / ACCESSWIRE / April 28, 2017 / Pomerantz LLP is investigating claims on behalf of investors of Chicago Bridge & Iron Company N.V. (“CB&I” or the “Company”) (NYSE: CBI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.

The investigation concerns whether CB&I 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 June 17, 2014, Prescience Point published a report alleging that CB&I had erroneously accounted for its goodwill during 2013 to conceal losses related to issues with certain of the Company’s nuclear power projects.

On this news, CB&I’s share price fell $5.32, or 7.23%, to close at $68.26 on June 17, 2014. Additionally, between June 2014 and December 2014, CB&I’s share price continued to fall in response to further disclosures concerning the nuclear projects.

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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SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action against Citizens, Inc. and Certain Officers – CIA

NEW YORK, Apr 28, 2017 (GLOBE NEWSWIRE via COMTEX) —

Pomerantz LLP announces that a class action lawsuit has been filed against Citizens, Inc. (“Citizens” or the “Company”)

CIA, -0.70%

and certain of its officers.  The class action, filed in United States District Court, Western District of Texas, is on behalf of a class consisting of investors who purchased or otherwise acquired Citizens securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Citizens securities between March 11, 2015 and March 8, 2017, both dates inclusive, you have until May 15, 2017 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

Citizens, Inc. operates primarily as an insurance holding company. The Company, through its subsidiaries, offers a wide range of insurance products and services, including life and health and property and casualty insurance.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) the Company’s brokers and pitchbooks falsely claim that most of the funds from its insurance policies are directly invested in U.S. Treasury Bond; (ii) funds from the Company’s insurance policies are funneled into continuous open market purchases that have inflated the Company’s stock price; and (iii) as a result of the foregoing, Citizens’ public statements were materially false and misleading at all relevant times.   

On March 8, 2017, Seeking Alpha published a report alleging that despite Citizen’s promises of “outsized ‘guaranteed’ returns backed by U.S. Treasury bonds,” the Company’s funds are “not invested in U.S. Treasuries and [Citizen’s] policies appear designed to prop up Citizen’s stock price.”  The Seeking Alpha report further stated that “[b]ecause most of the [Company’s] returns to existing policyholders are driven by funds contributed by new policyholders, Citizens displays some characteristics that appear analogous to a Ponzi scheme.” 

On this news, Citizens’ share price fell $0.45, or over 5% over the next two trading days, to close at $8.00 on March 9, 2017.

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

 CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com 

Copyright (C) 2017 GlobeNewswire, Inc. All rights reserved.

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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Chicago Bridge & Iron Company N.V. – CBI

Apr 28, 2017 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / April 28, 2017 / Pomerantz LLP is investigating claims on behalf of investors of Chicago Bridge & Iron Company N.V. (“CB&I” or the “Company”)

CBI, -2.02%

Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether CB&I 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 June 17, 2014, Prescience Point published a report alleging that CB&I had erroneously accounted for its goodwill during 2013 to conceal losses related to issues with certain of the Company’s nuclear power projects.

On this news, CB&I’s share price fell $5.32, or 7.23%, to close at $68.26 on June 17, 2014. Additionally, between June 2014 and December 2014, CB&I’s share price continued to fall in response to further disclosures concerning the nuclear projects.

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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Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in BofI Holding, Inc. of Class Action Lawsuit and Upcoming Deadline – BOFI

NEW YORK, NY / ACCESSWIRE / April 28, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against BofI Holding, Inc. (“BofI” or the “Company”) (NASDAQ: BOFI) and certain of its officers. The class action, filed in United States District Court, Southern District of California, and docketed under 17-cv-00667, is on behalf of a class consisting of investors who purchased or otherwise acquired BofI securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased BofI securities between April 28, 2016 and March 30, 2017, both dates inclusive, you have until June 2, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at
[email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

[Click here to join this class action]

BofI Holding, Inc. operates as the holding company for Bank of Internet USA. The Bank provides consumer and business banking products in the United States.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) BofI was engaged in unlawful conduct; (ii) the foregoing conduct, when it became known, would subject the Company to heightened regulatory scrutiny and potential criminal sanctions; and (iii) as a result, BofI’s public statements were materially false and misleading at all relevant times.

On March 31, 2017, pre-market, the New York Post published an article entitled, “Feds probe Bank of Internet for possible money laundering,” disclosing that the Company was the subject of a probe led by the Justice Department and involving the Securities and Exchange Commission and the Treasury Department.

On this news, BofI’s share price fell $1.45, or 5.26%, to close at $26.13 on March 31, 2017.

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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SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Lion Biotechnologies, Inc. of Class Action Lawsuit and Upcoming Deadline – LBIO

NEW YORK, April 28, 2017 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Lion Biotechnologies, Inc. (“Lion” or the “Company”)

LBIO, -2.84%

and certain of its officers.   The class action, filed in United States District Court, Northern District of California, and docketed under 17-cv-02188 is on behalf of a class consisting of investors who purchased or otherwise acquired Lion securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Lion securities between November 14, 2013 and April 10, 2017, both dates inclusive, you have until June 13, 2017 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at www.pomerantzlaw.com.   To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

Lion Biotechnologies, Inc., a clinical-stage biotechnology company, focuses on developing and commercializing cancer immunotherapy products to harness the power of a patient’s immune system to eradicate cancer cells.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:  (i) Lion, through the Company’s former Chief Executive Officer (“CEO”), Defendant Manish Singh (“Singh”), engaged in a scheme to mislead investors by commissioning over 10 internet publications and 20 widely distributed emails promoting Lion to potential investors that purported to be independent from the Company when, in fact, they were paid promotions; (ii) Defendant Singh engaged a notorious stock promotion firm to pay writers to publish articles about Lion on investment websites as well as to coordinate the distribution of articles to thousands of electronic mailboxes; (iii) Defendant Singh actively participated in Lidingo’s promotional work for Lion and understood that Lidingo was using writers who would not disclose that Lion was indirectly compensating them for their publications; and (iv) as a result of the foregoing, Lion’s public statements were materially false and misleading at all relevant times.   

On April 10, 2017, the SEC found that between September 2013 and March 2014, the Company’s former CEO Manish Singh misled investors by commissioning over 10 internet publications and 20 widely distributed emails that purported to be independent from the Company and promoted Lion to potential investors, which were in fact paid promotions.  On the next day, the Company filed a Current Report on Form 8-K with the SEC, addressing the SEC’s findings.

On news of the SEC’s findings, Lion’s share price fell $0.50, or 7.63% over the following trading days, to close at $6.05 on April 13, 2017.

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

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert–pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-lion-biotechnologies-inc-of-class-action-lawsuit-and-upcoming-deadline–lbio-300448230.html

SOURCE Pomerantz LLP

Copyright (C) 2017 PR Newswire. All rights reserved

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St. John Parish, state sue oil, gas firms for wetland damages

St. John the Baptist Parish has filed a lawsuit blaming 13 oil and gas companies for decades of  damage to its wetlands, District Attorney Bridget Dinvaut announced Wednesday (April 26). The suit, which lists Dinvaut and the state of Louisiana as plaintiffs, seeks to recover “damages, restoration costs and actual restoration.”

“While we all recognize the tremendous impact oil and gas activities have had on our local economy, every person who has ever fished, hunted and enjoyed the natural beauty of St. John the Baptist Parish is also aware of the environmental issues caused by oil and gas activities,” Dinvaut said. “My message is simple: Clean up the mess that you have made and restore our coast to its original condition.”

The suit, filed in the 40th Judicial District Court in Edgard, accuses the defendants of causing “substantial damages to land and water bodies, geological formations and cultural and economic opportunities in violation of Louisiana state law, rules and regulations.”

This makes St. John the sixth Louisiana parish to file one or more lawsuits against oil and gas interests in an attempt to get them to restore damage caused to wetlands by their exploration and production operations or to be compensated for the damages. The other parishes are Plaquemines, Jefferson, St. Bernard, Cameron and Vermilion. Lafourche Parish has hired a law firm to represent it in potential coastal lawsuits but has so far opposed efforts to file its own suit.

All of the suits have been filed on behalf of the individual parishes by the Baton Rouge law firm of Talbot, Carmouche & Marcello on a contingency basis. That means the Talbot firm would likely be paid its expenses and a portion of any settlement, if successful.

In April 2016, Gov. John Bel Edwards announced that he had intervened on behalf of the state in all of the oil and gas suits that had been filed at that time to “ensure that the interests of the state of Louisiana are fully protected.” In an interview last week, Edwards said: “I believe that there were activities related to exploration and production undertaken by the oil and gas companies that did cause coastal land loss, particularly through pipeline construction and canals that allowed too much saltwater to come in and undermine the vegetation, for example. Those canals were not filled in and the pipelines were not constructed appropriately according to what the law and the regulation and the permit requirements.”

In May 2016, Edwards also warned other parishes that they should file similar lawsuits or he would file them on behalf of the state. That came after representatives of the oil and gas industry refused a request from his office to negotiate settlements of the existing and potential additional suits.

Louisiana Attorney General Jeff Landry asked to be allowed to prosecute the suits in state court. But he also tried to block efforts by Edwards to hire private law firms to represent the state in the suits. Landry has been opposed to fee arrangements that provide the private attorneys with a share of any settlement money.

Don Briggs, president of the Louisiana Oil and Gas Association, which represents many of the small energy firms that operate in coastal Louisiana, reiterated the group’s opposition to this and other parish damage suits.

This is just more of the same from the same small group of trial lawyers,” Brigg said in response to a request for comment. “We know the biggest challenges facing this state now is loss of employment, particularly in the oil and gas industry. Now is the time to call on our state leaders to push back against theses frivolous and fallacious lawsuits and restore confidence in those companies wanting to invest in Louisiana.”

On Thursday, attorney John Carmouche of the Talbot firm said the Cameron and Vermilion cases were removed to federal court by the oil and gas defendants in an attempt to have them heard there, instead of in parish courts. A decision on a request by the parishes to return them to state courts is pending.

The St. Bernard Parish lawsuit also was removed to federal court and a decision on returning it to state court is pending. Various federal judges in New Orleans had earlier agreed to return all 21 suits filed by Plaquemines and 7 by Jefferson to state courts.

Oil and gas firms have refused to turn over documents requested by the Talbot firm in one of the 21 Plaquemines Parish cases, despite an order by the state judge to do so, Carmouche said. He said hearing on that production order is expected next Thursday.

Carmouche said that at least one of the individual lawsuits is likely to be ready for trial within a year to a year and a half.

“Before then, the defendants are going to have to make a decision on whether to try to sit down with the governor and the attorney general and try to resolve these cases,” he said.

In her news release explaining why the St. John suit was filed, Dinvaut said St. John continues to struggle with flooding. She implied that it might have been exacerbated by the oil and gas industry’s actions.

“The cleanup and restoration of these damages will create new and enormous economic and employment opportunities for the people of St. John the Baptist Parish. Restoring our coast and environment is an important impetus for our citizens,” she said. “Moreover, as district attorney, it is my fiduciary responsibility to see to it this law is enforced uniformly and the law is made to work with no show of favoritism.”

The suit argues that the defendants did not comply with either state law or state rules and orders, which resulted in damages. And it says they either failed to comply with permit requirements or did not obtain proper permits.

  • Named as defendants are:
  • Cambridge Energy Corporation
  • Craig J. Sceroler Inc.
  • Freeport-McMoRan Oil & Gas LLC
  • Green Wilson Hicks III
  • King W. Lanaux
  • LLOG Exploration & Production Co. LLC
  • Louisiana Exploration & Drilling Co.
  • Marquee Corp.
  • Mineral Ventures Inc.
  • Palace Exploration Co.
  • Shell Oil Co.
  • Smith Production Co. of Mississippi
  • Todd Oil Corp. of Louisiana Inc.

This story was updated at 11 a.m. with additional information about parish lawsuits filed against oil and gas firms. Updated at 2 p.m. with a comment from the Louisiana Oil and Gas Association..

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New law will help transparency, accountability

Lost in the headlines of the recently completed 2017 Regular Session of the Kentucky General Assembly is a new law that is designed to increase transparency of the 15 Area Development Districts across Kentucky by shining greater light on their activities.

My office is keenly familiar with past issues uncovered by our auditors during a 2014 examination of the Bluegrass Area Development District. The prior auditor, in releasing the findings of the Bluegrass ADD, said the examination “…depicted an agency with rogue management that conducted activity far outside its scope and without proper oversight, used federal money for questionable purposes and failed to report potential criminal activity to law enforcement.”

Most recently, questions were raised with the Barren River Area Development District after it was discovered more than $82,000 in funds designated for aging and independent living services were instead used to pay bonuses to BRADD employees between 2009 and 2014. A report issued at the end of 2016 by the Kentucky Office and Employment and Training questioned expenditures made to workforce clients by BRADD, and led to the state asking the ADD to repay more than $91,000.

While BRADD’s situation did not result in a special examination by my office, it illustrated to many people that legislative changes were needed in the oversight of ADDs. Shortly after the release of the Bluegrass ADD examination, Rep. Susan Westrom of Lexington began pushing for more accountability and transparency for area development districts.

This past session, Rep. Westrom and Rep. Jim DeCesare of Bowling Green worked with our office, the Kentucky Council of Area Development Districts, the Kentucky Chamber of Commerce, Commerce Lexington, and others to craft House Bill 189 which passed unanimously in both the House and Senate and was signed by Governor Matt Bevin last month. A special thanks goes to my Chief of Staff, Sara Beth Gregory, who headed the team from our office.

House Bill 189 will require Area Development Districts to comply with transparency and accountability laws already in place for similar agencies like the Kentucky Association of Counties. The new law, among a number of requirements, specifically prohibits the awarding of bonuses and one-time salary adjustments for ADD employees, and requires ADDs to submit financial reports to the legislature that detail how funds are allocated and spent, and the number of people served by ADD programs.

As for my office, House Bill 189 gives us a right of first refusal to conduct each of the ADDs annual financial statement audits, which is the same process we use for county fiscal court audits. We also will have the ability to review audits of the ADDs conducted by outside accounting firms, both before and after the audit reports are released, to ensure all 15 districts are being audited consistently and appropriately. This review process will also give my office an effective way to determine if there are any red flags or areas of concerns that would necessitate further examination of particular ADDs in the future.

Kentucky’s Area Development Districts have and continue to serve a valuable role in the Commonwealth. House Bill 189 will help guarantee the districts are doing so in a much more transparent manner.

Mike Harmon was elected as the 47th Auditor of Public Accounts for the Commonwealth of Kentucky in November 2015. Prior to that, he served 13 years in the Kentucky House of Representatives as the representative for the 54th District.


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