Block & Leviton LLP :: Investigations

Block & Leviton LLP Investigates Misleading Advertisements and Breaches of Contract By Google and Verizon In Connection with Sales of Chromebook Pixel
Block & Leviton LLP has commenced an investigation into potential breaches of contract, fraudulent misrepresentations, and/or violations of state consumer protection laws committed by Google, Inc. (NASDAQ: GOOGL) and Verizon Communications, Inc. (NYSE: VZ). When Google began selling the Chromebook Pixel in April 2013, the product was advertised as coming with a free two-year mobile broadband plan from Verizon, providing up to 100 MB of free data per month. According to several reports on June 23, 2014, however, Verizon began disconnecting customers in April 2014 and informing them that their free data plans expired after one year. Read More

Block & Leviton LLP Investigates Possible Credit Card Breach at P.F. Chang's China Bistro
Block & Leviton LLP has commenced an investigation into a credit card data breach at P.F. Chang's China Bistro (P.F. Chang's). On June 10, 2014, agents of the United States Secret Service informed P.F. Chang’s that customers’ credit and debit card data had been stolen from some of its restaurants. In a brief statement on June 12, 2014, P.F. Chang’s confirmed that customer “data has been compromised.” Read More

Block & Leviton LLP Investigates Hertz Global Holdings, Inc. for Possible Violations of the Federal Securities Laws
On June 6, 2014, Hertz Global Holdings, Inc. filed a Form 8-K with the SEC, stating that it had uncovered material false statements in its previously reported financial results. As a result, its financial statements will be restated for at least 3 years. On this news, shares of Hertz immediately lost more than 10% of their value. Block & Leviton is investigating whether the Company and its officers and directors committed any violations of the federal securities laws which caused the more than $1.2 billion in losses to investors. Read More

Block & Leviton LLP Investigates Annie’s, Inc. for Possible Violations of the Federal Securities Laws
On June 4, 2014, Block & Leviton announced its investigation into Annie’s Inc. and certain of its officers and directors for potential violations of the federal securities laws. The investigation comes on the heels of the Company’s announcement that its internal controls over its financial reporting were deficient, and as a result, its independent auditor was resigning. Read More

Block & Leviton LLP Investigates Higher One Holdings, Inc. for Possible Violations of the Federal Securities Laws
On May 17, Block & Leviton LLP announced that it was investigating possible securities laws violations by Higher One Holdings Inc. and certain of its officers and directors. The Company’s stock price, upon its announcement that it may have violated provisions of the Federal Trade Commission Act, fell approximately 35% in just a few days, costing shareholders in the aggregate more than $100 million. Read More

Block & Leviton LLP Investigates Prospect Capital Corporation for Possible Violations of the Federal Securities Laws
On May 14, 2014, Block & Leviton announced that it was investigating Prospect Capital Corporation (“Prospect” or the “Company”) for possible violations of the federal securities laws. On May 6, 2014, in filing its Form 10-Q with the Securities and Exchange Commission, the Company announced that it may be forced to restate its prior reported financial results. On this news, Prospect shares dropped approximately 10%. Read More

Block & Leviton LLP Investigates Advanced Emissions Solutions, Inc. for Possible Violations of the Federal Securities Laws
Advanced Emissions Solutions, Inc. (“AES”) announced that on March 13 and April 24, 2013, that it had uncovered material weaknesses in its internal controls and that its financial results were incorrect. The resulting market correction cost shareholders over $150 million. Block & Leviton LLP is investigating the Company and certain of its officers for possible violations of the federal securities laws. Read More

Block & Leviton LLP Investigates Forest Oil Corporation for Possible Breaches of Fiduciary Duty in Connection with Its Potential Acquisition by Sabine Oil & Gas LLC
Block & Leviton is announcing the merger of Forest Oil Corporation ("Forest") and Sabine Oil & Gas LLC ("Sabine"). The firm is particularly concerned with the all stock merger consideration paid to shareholders of Forest, as it will tie them to a minority position in a newly formed company, the majority of which is to be composed of the assets of the non-publicly traded Sabine. Additionally, Block & Leviton are concerned with the lack of sureties regarding the timing of the proposed public listing of the combined company and the lack of assurance that a public listing will in fact occur at all. Read More

Block & Leviton LLP Investigates KBR, Inc. and Certain of Its Officers and Directors for Possible Violations of the Federal Securities Laws
On May, 5, 2014, Block & Leviton announced that it was investigating KBR, Inc. for potential violations of the federal securities laws. The investigation was launched after the Company announced that investors should no longer rely on its financial results for the year ended December 31, 2013. The market reaction to the need to restate its financial results was immediate, and KBR shareholders collectively lost approximately $200 million in value in just the first hours of trading following the announcement. Read More

Block & Leviton LLP Investigates Pepco Holdings, Inc. for Possible Breaches of Fiduciary Duty in Connection with Its Potential Acquisition
On May 1, 2014, Block & Leviton LLP announced that it was investigating the Board of Directors of Pepco Holdings, Inc. (“Pepco” or the “Company”) for potential breaches of fiduciary duty in connection to its proposed acquisition by Exelon Corporation. The investigation focuses on whether the consideration paid to shareholders will be sufficient to compensate them for the growth of the Company’s stock, which has already increased more than 23% since just September 2013. Pepco has also recently shown a 25% increase in earnings, 70% increase in net income, and 53% increase in earnings per share. The firm is also investigating the possibility of insider trading in connection to the proposed transaction, and potential concessions facing the Company in order to gain regulatory approval for the deal. Read More

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