Category: Blog

Oct 07, 2017 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / October 7, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Ubiquiti Networks, Inc. (“Ubiquiti” or the “Company”)

UBNT, +0.16%

and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 17-cv-07524, is on behalf of a class consisting of investors who purchased or otherwise acquired Ubiquiti securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Ubiquiti securities between September 28, 2012, and September 18, 2017, both dates inclusive, you have until November 27, 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 the number of shares purchased.

[Click here to join this class action]

Ubiquiti develops technology platforms for high-capacity distributed Internet access, unified information technology, and next-generation consumer electronics for home and personal use. The Company does not employ a traditional sales force. Instead, it purports to “drive[] brand awareness largely through the company’s user community where customers can interface directly with R&D, marketing, and support.” The Company calls this user community the “Ubiquiti Community.”

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 number of the Company’s purported user community was drastically overstated; (ii) Ubiquiti had exaggerated its publicly reported accounts receivable; and (iii) as a result of the foregoing, Ubiquiti’s publicly disseminated financial statements were materially false and misleading.

On September 18, 2017, Citron Research (“Citron”) issued a report entitled “Citron Exposes Ubiquiti Networks,” (the “Citron Report”) in which Citron detailed a series of “alarming red flags,” indicating that the Company has been deceiving investors and is engaged in “corporate fraud,” including, among other things, that the Company has misrepresented the size of its purported “Ubiquiti Community”, as well as its levels of accounts receivable, among other things.

On this news, Ubiquiti’s share price fell nearly 8% to close at $50.62 on September 18, 2017.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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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Copyright 2017 ACCESSWIRE

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Oct 07, 2017 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / October 7, 2017 / Pomerantz LLP announces that a class action lawsuit has been filed against Frontier Communications Corporation (“Frontier” or the “Company”)

FTR, +0.33%

and certain of its officers. The class action, filed in United States District Court, District of Connecticut, and docketed under 17-cv-01672, is on behalf of a class consisting of investors who purchased or otherwise acquired Frontier securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.

If you are a shareholder who purchased Frontier securities between April 1, 2016, and May 2, 2017, both dates inclusive, you have until November 27, 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 the number of shares purchased.

[Click here to join this class action]

Frontier provides communications services in the United States, including broadband, video, and voice services. According to the Company, it acquired the wireline operations of Verizon Communications, Inc. (the “Verizon Acquisition”) in California, Texas and Florida on April 1, 2016, for a purchase price of $10.5 billion in cash and assumed debt. Throughout the Class Period defendants allegedly failed to disclose the underperformance of the Verizon Acquisition.

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 acquired a substantial number of non-paying accounts as part of its acquisition of the wireline operations of Verizon Communications, Inc.; (ii) as a result, the Company would be required to increase its reserves, and write-off amounts from accounts receivable associated with the non-paying accounts; and (iii) as a result of the foregoing, Frontier’s public statements were materially false and misleading at all relevant times.

On February 27, 2017, the Company disclosed a net loss of $80 million for the fourth quarter of 2016, and stated that its results were impacted by the “resolution of nonpaying acquired CTF accounts.” Chief Executive Officer (“CEO”) Daniel J. McCarthy (“McCarthy”) elaborated, stating: “Results for the fourth quarter were impacted by our intensified efforts to resolve acquired accounts in California, Texas and Florida that we have determined to be non-paying.”

On that same day, February 27, 2017, the Company held a conference call to discuss its financial results. On the call, Defendant McCarthy stated that the Company had been working through the account cleanup process since July 20, 2016, that the Company began disconnecting non-paying accounts at the end of August 2016, and that the disconnects continued through the first quarter of 2017. McCarthy further stated that the Company began to reserve aging accounts in accordance with in normal policies in Q2 2016 and then increased its reserves. Finally. McCarthy stated that the Company began permanent disconnects and receivable write-offs in the third quarter of 2016, and continued them in the fourth quarter of 2016.

On this news, the Company’s stock price fell $0.36 per share, almost 11%, to close at $2.93 per share on February 28, 2017, on unusually heavy trading volume.

On May 2, 2017, the Company reported a first quarter 2017 net loss of $75 million and a year-over-year first quarter revenue decline of $53 million. On the same day, the Company held a conference call to discuss its first quarter financial results. On the call, Chief Financial Officer Ralph Perley McBride (“McBride”) stated that approximately $16 million of the sequential revenue decline was a result of cleanup of CTF non-paying accounts and the automation of legacy non-pay disconnects. Specifically, he stated that “[Ole CTF account cleanup reduced Q1 revenue by $11 million, and the one-time impact related to automating the non-pay disconnect process for the legacy properties, reduced Q1 revenue by $5 million.]”

On this news, the Company’s stock price fell $0.32 per share, or more than 16%, to close at $1.61 per share on May 3, 2017, on unusually heavy trading volume.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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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Copyright 2017 ACCESSWIRE

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By LUIS FRANCESCHI
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Carson City, United States – October 6, 2017 /PressCable/ —

A new Carson City, Nevada based digital marketing and SEO service has been announced. Called Press Brains, it is designed to help local attorneys and law firms boost their online presence through a range of marketing strategies, so that they can get more clients.

More information is available at: http://pressbrains.com.

In today’s marketing climate, it’s more important than ever for businesses to stand out online in order to get traction. There are two reasons for this: firstly, there is so much competition that it’s harder than ever to stand out. Secondly, research highlights the importance of being seen prominently on Google.

Most people research a business online before they sign up to their services or buy their products. But when web browsers search for a keyword string online, they rarely get past the first page. This shows just how important it is for a Nevada law firm to climb into the first page of Google’s rankings.

Any Nevada attorney or law specialist looking for more clients needs to look at their online marketing strategy first and foremost. By creating a multi-faceted, tailored approach to their niche, they can boost their Google rankings, and become more visible to clients in their local area.

The new service from Press Brains is not Search Engine Optimization (SEO), but it helps with every aspect of this by boosting online presence, enhancing brand awareness and building reputation. By working with Press Brains, law firms in Nevada looking for more local clients can establish themselves as experts in their field and attract more business.

In addition to this, they can reach out to major news and media organizations around the country, gaining traction through the power of positive stories. This offers a two-pronged approach to boosting visibility, because the law firm gets stories out in the press, gaining authority for their company.

Nevada lawyers hire PressBrains to boost their online authority and they utilize the PressBrains secret sauce to get their phone ringing and their mailbox filling with enquiries.

In this way, lawyers establish a stronger online presence, and ultimately get more clients. Full details can be found at the URL above, where interested parties can get in touch using the contact details provided.

Contact Info:
Name: Alan Gray
Organization: PressBrains.com
Address: 102 North Curry Street, Carson City, Nevada 89703, United States
Phone: +1-775-562-1444

For more information, please visit http://pressbrains.com

Source: PressCable

Release ID: 246672

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MUMBAI: The National Company Law Tribunal (NCLT) on Friday dismissed a plea by Cyrus Mistry’s family firms for transfer of the case against Tata Sons Ltd to the Delhi bench from Mumbai, and penalized them Rs. 10 lakh for filing the petition.

“The plea is dismissed with penalty of Rs. 10 lakh to be borne equally by both the companies,” said Justice M.M. Kumar, while pronouncing the order. As a result, the case will continue to be heard by the Mumbai bench of the NCLT.

Tata Sons’ former chairman Mistry’s family firms – Cyrus Investments and Sterling Investments – had held that the Mumbai bench could have a cause of bias. Abhishek Manu Singhvi, counsel for Tata Sons, had opposed the transfer and saying that the plea amounts to forum shopping and bench hunting, and deserves to be dismissed.

“Tata Sons is pleased with the court order and respects the decision of the judiciary,” Tata spokesperson said. Mistry’s office was not immediately available for a comment.

Mistry, who was removed as Tata Sons chairman last year, had a small victory in September as Appellate Tribunal granted a legal waiver to his family firms to file a case against Tata Sons. The National Company Law Tribunal had earlier rejected their petition citing, as their shareholding was less than what was needed under law to move against the company.

“This is an extreme case of forum shopping by a large business house. Indeed, a worrisome development since it casts doubt on the integrity of a quasi-judicial authority like NCLT,” said a lawyer representing Tata Sons. “After patiently hearing the parties, the Principal Bench, Delhi has out rightly dismissed the request for transfer and imposed unprecedented costs of Rs. 10 lakhs on Mistry’s companies for filing such a frivolous motion.”

Mistry’s family firms, which own 18.4 percent equity shareholding in Tata Sons, are trying to press allegations of mismanagement and oppression of minority shareholder interests at Tata Sons. The legal battle followed an ugly public spat between Mistry and the Tata Group after he was sacked in October last year.

The 344-page petition was served on 23 people that include industrialists Ajay Piramal and Venu Srinivasan, Harvard Business School dean Nitin Nohria, country head of private equity fund Bain Capital Amit Chandra, retired bureaucrat Vijay Singh and former Tata veteran NA Soonawala.

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New Delhi: Bankrupt businesses exploring turnaround options under pressure from lenders can no longer ignore the interests of their employees, vendors and customers, which in the case of real estate firms would include homebuyers, according to the latest rule changes announced on Friday.

The Insolvency and Bankruptcy Board of India, which oversees the revival and liquidation of distressed firms, amended two of its regulations to require that every turnaround scheme should also specify how the interests of these stakeholders will be taken care of.

“A resolution plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of the corporate debtor,” said a statement by the ministry of corporate affairs .

The amendment incorporates the spirit of the Supreme Court’s order last month asking the insolvency professional managing real estate firm Jaypee Infratech Ltd to prepare and submit an interim revival plan that takes into account the interests of homebuyers within 45 days.

The amendment is significant as a turnaround scheme could include significant steps such as management change, lenders converting their loans to equity or sale of assets, which could impact interests of stakeholders other than lenders.

“It is an excellent move and plugs a gaping hole in the corporate insolvency resolution process,” said Sumant Batra, managing partner of law firm Kesar Dass B. & Associates.

Experts said the amendments will also cover public shareholders in the case of a listed company. If lenders convert their loans to equity, the public shareholding in such companies will be diluted.

The requirement to make a disclosure regarding how these stakeholders’ interests are dealt with is likely to put pressure on lenders, promoters and the resolution professional to ensure that the steps proposed are justified.

“By default, resolution plans would take care of financial and operating creditors but by making this amendment, the regulator wants that the turnaround scheme should also provide how it has treated other stakeholders such as customers, as in case of homebuyers or the investors of a listed company. This amendment is desirable as the interest of other stakeholders including the corporate debtor itself, is also important and should not be ignored outrightly,” said Manoj Kumar, partner at law firm Corporate Professionals.

The amended rules are Insolvency Resolution Process for Corporate Persons Regulations, 2016, and Fast Track Insolvency Resolution Process for Corporate Persons Regulations, 2017, said the statement. The amended regulations are yet to be published.

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NEW YORK, Oct 06, 2017 (GLOBE NEWSWIRE via COMTEX) —

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.nasd-law.com, has commenced an investigation in light of recent regulatory action concerning Austin Richard Dutton Jr. (“Dutton”) and Newbridge Securities Corporation (“Newbridge”). The Pennsylvania Department of Banking and Securities recently levied fines against Newbridge for $499,000 and against Dutton personally for $200,000, for misconduct between 2012 and 2016. Dutton is currently registered with Sandlapper Securities, LLC, which is currently embroiled in a Financial Industry Regulatory Authority regulatory action regarding the fraudulent markup of saltwater disposal wells.

According to securities attorney Lawrence L. Klayman, Esq., “Newbridge Securities is responsible for adequately supervising its registered representatives. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for any resulting investment losses sustained by customers.” The fine levied against Newbridge of $499,000, according to its Consent Agreement, is based on the failure to reasonably supervise one agent, Dutton, in-connection with sales of structured products. Dutton was also fined $200,000 in a separate action for dishonest and unethical practices in the securities business related to those same sales.

The sole purpose of this release is to investigate the sales practices of Dutton and Newbridge in-connection with the sale of structured products to their customers. Current and former customers of Dutton who held accounts with Dutton and have information relating to the manner in which Dutton represented these products, are encouraged to contact the attorneys of Klayman & Toskes at (888) 997-9956, or visit our website at www.nasd-law.com.

About Klayman & Toskes, P.A.
K&T is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. K&T has office locations in California, Florida, New York and Puerto Rico.

Destination: http://nasd-law.com/notice-to-clients-of-austin-richard-dutton-jr-and-newbridge-securities-the-securities-arbitration-law-firm-of-klayman-toskes-p-a-has-commenced-an-investigation-in-light-of-regulatory-fines-of-n/

Contact:
Klayman & Toskes, PA
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@nasd-law.com
www.nasd-law.com

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

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NEW YORK, Oct. 06, 2017 (GLOBE NEWSWIRE) — The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.nasd-law.com, has commenced an investigation in light of recent regulatory action concerning Austin Richard Dutton Jr. (“Dutton”) and Newbridge Securities Corporation (“Newbridge”). The Pennsylvania Department of Banking and Securities recently levied fines against Newbridge for $499,000 and against Dutton personally for $200,000, for misconduct between 2012 and 2016. Dutton is currently registered with Sandlapper Securities, LLC, which is currently embroiled in a Financial Industry Regulatory Authority regulatory action regarding the fraudulent markup of saltwater disposal wells.

According to securities attorney Lawrence L. Klayman, Esq., “Newbridge Securities is responsible for adequately supervising its registered representatives.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for any resulting investment losses sustained by customers.” The fine levied against Newbridge of $499,000, according to its Consent Agreement, is based on the failure to reasonably supervise one agent, Dutton, in-connection with sales of structured products. Dutton was also fined $200,000 in a separate action for dishonest and unethical practices in the securities business related to those same sales.

The sole purpose of this release is to investigate the sales practices of Dutton and Newbridge in-connection with the sale of structured products to their customers.  Current and former customers of Dutton who held accounts with Dutton and have information relating to the manner in which Dutton represented these products, are encouraged to contact the attorneys of Klayman & Toskes at (888) 997-9956, or visit our website at www.nasd-law.com.

/EIN News/ — About Klayman & Toskes, P.A.
K&T is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. K&T has office locations in California, Florida, New York and Puerto Rico.

Destination:  http://nasd-law.com/notice-to-clients-of-austin-richard-dutton-jr-and-newbridge-securities-the-securities-arbitration-law-firm-of-klayman-toskes-p-a-has-commenced-an-investigation-in-light-of-regulatory-fines-of-n/

Contact:
Klayman & Toskes, PA
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@nasd-law.com
www.nasd-law.com

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