Rigrodsky & Long, P.A. announces that a class action lawsuit has
been filed in the United States District Court for the District of
Kansas on behalf of purchasers the common stock of Collective Brands,
Inc. between December 1, 2010 and May 24, 2011, inclusive, alleging
violations of the Securities Exchange Act of 1934 against the Company
and certain of its officers and/or directors.
If you wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact Timothy J. MacFall,
Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825
East Gate Boulevard, Suite 300, Garden City, New York 11530 at (888)
969-4242, by e-mail to info@rigrodskylong.com, or at:
http://www.rigrodskylong.com/investigations/collective-brands-inc-pss.
Collective Brands was formed in 2007 when Payless ShoeSource acquired
the Collective Brands Performance + Lifestyle Group (formerly the Stride
Rite Corporation) and Collective Licensing International. The Complaint
alleges that during the Class Period, Collective Brands and certain of
the Company’s directors and/or officers made materially false and
misleading statements concerning its business and financial results.
Specifically, it is alleged that defendants concealed from the investing
public problems concerning the Company’s inventory level for Payless;
significantly lower sales at the Company’s flagship Payless stores than
expected due to deteriorating customer demand; and that the Company was
forced to mark down Payless’s inventory at significant discounts, which
negatively affected the Company’s margins and financial results for its
first quarter.
On May 24, 2011, the Company disclosed its financial results for its
first fiscal quarter ended April 30, 2011. As alleged in the Complaint,
the Company reported earnings of $26.4 million or $0.42 diluted earnings
per share (“EPS”) for the first quarter, which was nearly 50% less than
the $0.82 diluted EPS expected by analysts. The Company also reported
that net sales declined 1.1% to $869.0 million, due in substantial part
to the Company’s 7.4% comparable store sales decline in its Payless
Domestic segment. As a result, the price of Collective Brands common
stock dropped $3.06 per share to close at $15.31 per share on May 25,
2011, a decline of approximately 17% on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later
than March 26, 2012. A lead plaintiff is a representative party acting
on behalf of other class members in directing the litigation. In order
to be appointed lead plaintiff, the Court must determine that the class
member’s claim is typical of the claims of other class members, and that
the class member will adequately represent the class. Your ability to
share in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. Any member of the proposed class
may move the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class member.
http://www.rigrodskylong.com
Tuesday, March 13, 2012
Teen pleads not guilty in Ohio Craigslist killings
An Ohio teen has pleaded not guilty to killing one man and attempting to
kill a second in a deadly Craigslist robbery scheme that targeted older
and single out-of-work men.
Brogan Rafferty, his ankles and wrists cuffed, made a brief appearance Friday in adult felony court in Akron on charges originally filed in Noble County, where the case unfolded.
Rafferty, dressed in a white T-shirt and orange jail pants, also has been charged with three counts of aggravated murder in juvenile court in Summit County. Prosecutors eventually hope to merge the cases in adult court in Akron.
A magistrate continued Rafferty's $1 million bond. His attorney says Rafferty cannot afford it.
A onetime mentor of Rafferty, 52-year-old Richard Beasley of Akron, has pleaded not guilty in the killings.
Brogan Rafferty, his ankles and wrists cuffed, made a brief appearance Friday in adult felony court in Akron on charges originally filed in Noble County, where the case unfolded.
Rafferty, dressed in a white T-shirt and orange jail pants, also has been charged with three counts of aggravated murder in juvenile court in Summit County. Prosecutors eventually hope to merge the cases in adult court in Akron.
A magistrate continued Rafferty's $1 million bond. His attorney says Rafferty cannot afford it.
A onetime mentor of Rafferty, 52-year-old Richard Beasley of Akron, has pleaded not guilty in the killings.
Thursday, March 1, 2012
Court seems split on double jeopardy question
The Supreme Court seemed divided Wednesday on whether to allow an
Arkansas man to be retried on murder charges even though a jury
forewoman said in open court that they were unanimously against finding
him guilty.
Alex Blueford of Jacksonville, Ark., was charged in July 2008 in the death of 20-month-old Matthew McFadden Jr. Blueford testified at trial that he elbowed the boy in the head by accident. Authorities say the child was beaten to death.
Blueford's murder trial ended in a hung jury. The jury forewoman told the judge before he declared a mistrial that the jury voted unanimously against capital murder and first-degree murder. The jury deadlocked on a lesser charge, manslaughter, which caused the mistrial.
The Arkansas Supreme Court ruled last year that Blueford should be retried on the original charges. But Blueford's lawyers want justices to bar a second trial on capital and first-degree murder charges, saying that would violate Fifth Amendment protections preventing someone from being tried twice for the same crime.
Alex Blueford of Jacksonville, Ark., was charged in July 2008 in the death of 20-month-old Matthew McFadden Jr. Blueford testified at trial that he elbowed the boy in the head by accident. Authorities say the child was beaten to death.
Blueford's murder trial ended in a hung jury. The jury forewoman told the judge before he declared a mistrial that the jury voted unanimously against capital murder and first-degree murder. The jury deadlocked on a lesser charge, manslaughter, which caused the mistrial.
The Arkansas Supreme Court ruled last year that Blueford should be retried on the original charges. But Blueford's lawyers want justices to bar a second trial on capital and first-degree murder charges, saying that would violate Fifth Amendment protections preventing someone from being tried twice for the same crime.
NY court decision bolsters anti-fracking movement
A New York court decision has bolstered a movement among towns
determined to prevent the controversial practice of hydraulic fracturing
for natural gas within their borders.
A state Supreme Court justice on Tuesday upheld the town of Dryden's August 2011 zoning amendment banning gas drilling. Denver-based Anschutz Exploration Corporation, which has spent $5.1 million leasing and developing 22,000 acres in Dryden, about 40 miles southwest of Syracuse, had argued state law trumped the ban.
More than 50 New York communities have enacted gas-drilling bans. Binghamton attorney Helen Slottje, who helps draft such laws, says the ruling should embolden towns considering local bans.
"We think it's a terrific vindication of the town's right to home rule and to decide their future," Slottje said Wednesday. "It really should give the green light to communities that want to proceed down this route."
Albany attorney Tom West, who represented Anschutz, said the trial-level state court decision is likely to be appealed to the mid-level Appellate Division and, if necessary, to the state Court of Appeals.
"We remain confident in our position that municipalities cannot ban natural gas drilling in New York state," West said.
Another challenge of a municipal gas-drilling ban is pending in Otsego County, where Cooperstown Holstein Corp. sued the town of Middlefield over a ban similar to Dryden's. The lawsuit says the landowner has leased nearly 400 acres to a gas-drilling company and the ban would block the economic benefits of the arrangement.
A state Supreme Court justice on Tuesday upheld the town of Dryden's August 2011 zoning amendment banning gas drilling. Denver-based Anschutz Exploration Corporation, which has spent $5.1 million leasing and developing 22,000 acres in Dryden, about 40 miles southwest of Syracuse, had argued state law trumped the ban.
More than 50 New York communities have enacted gas-drilling bans. Binghamton attorney Helen Slottje, who helps draft such laws, says the ruling should embolden towns considering local bans.
"We think it's a terrific vindication of the town's right to home rule and to decide their future," Slottje said Wednesday. "It really should give the green light to communities that want to proceed down this route."
Albany attorney Tom West, who represented Anschutz, said the trial-level state court decision is likely to be appealed to the mid-level Appellate Division and, if necessary, to the state Court of Appeals.
"We remain confident in our position that municipalities cannot ban natural gas drilling in New York state," West said.
Another challenge of a municipal gas-drilling ban is pending in Otsego County, where Cooperstown Holstein Corp. sued the town of Middlefield over a ban similar to Dryden's. The lawsuit says the landowner has leased nearly 400 acres to a gas-drilling company and the ban would block the economic benefits of the arrangement.
Court extends NYC church access to public schools
A federal appeals court on Wednesday rejected an attempt by New York
City to keep churches out of its public schools while a judge decides
whether a city law banning them from its school buildings can be
enforced.
But the 2nd U.S. Circuit Court of Appeals encouraged a lower court judge to act quickly after she ruled earlier this month that a small Bronx church can continue to meet in a public school for Sunday services, despite the city's threat to begin enforcing its ban on worship services in city schools. She later extended the order to include all of the roughly 40 churches meeting in public schools.
In a two-page order, the appeals court declined the city's request to block U.S. District Judge Loretta A. Preska from preventing enforcement while she hears the merits of a lawsuit brought by the Bronx Household of Faith.
She said the church was likely to win its First Amendment challenge and had demonstrated it would suffer irreparable harm if it could not continue to use Public School 15 for Sunday morning worship services.
But the 2nd U.S. Circuit Court of Appeals encouraged a lower court judge to act quickly after she ruled earlier this month that a small Bronx church can continue to meet in a public school for Sunday services, despite the city's threat to begin enforcing its ban on worship services in city schools. She later extended the order to include all of the roughly 40 churches meeting in public schools.
In a two-page order, the appeals court declined the city's request to block U.S. District Judge Loretta A. Preska from preventing enforcement while she hears the merits of a lawsuit brought by the Bronx Household of Faith.
She said the church was likely to win its First Amendment challenge and had demonstrated it would suffer irreparable harm if it could not continue to use Public School 15 for Sunday morning worship services.
Court: California can force inmates to submit DNA
A divided federal appeals court ruled Thursday that California law
enforcement officials can keep collecting DNA samples from people
arrested for felonies.
The 9th U.S. Circuit Court of Appeals said law enforcement’s interest in solving cold cases, identifying crime suspects and even exonerating the wrongly accused outweigh any privacy concerns raised by the forced DNA collections.
The 2-1 ruling came in response to a lawsuit filed by four Californians who were arrested on felony charges but never convicted.
The arrestees sought a court order barring collection of DNA from people who are arrested but not convicted, arguing the process is an unconstitutional search and seizure since some suspects will later be exonerated.
The DNA samples are obtained with a swab of the cheek and stored in the state’s DNA database, which contains 1.9 million profiles. Arrestees who are never charged with a felony can apply to have their samples expunged from the database.
The state Department of Justice said it has had roughly 20,000 “hits’’ connecting suspects with previous crimes since it began collecting the DNA profiles.
Judge Mylan Smith Jr., writing for the two-judge majority, said the useful law enforcement tool wasn’t any more intrusive than fingerprinting.
The 9th U.S. Circuit Court of Appeals said law enforcement’s interest in solving cold cases, identifying crime suspects and even exonerating the wrongly accused outweigh any privacy concerns raised by the forced DNA collections.
The 2-1 ruling came in response to a lawsuit filed by four Californians who were arrested on felony charges but never convicted.
The arrestees sought a court order barring collection of DNA from people who are arrested but not convicted, arguing the process is an unconstitutional search and seizure since some suspects will later be exonerated.
The DNA samples are obtained with a swab of the cheek and stored in the state’s DNA database, which contains 1.9 million profiles. Arrestees who are never charged with a felony can apply to have their samples expunged from the database.
The state Department of Justice said it has had roughly 20,000 “hits’’ connecting suspects with previous crimes since it began collecting the DNA profiles.
Judge Mylan Smith Jr., writing for the two-judge majority, said the useful law enforcement tool wasn’t any more intrusive than fingerprinting.
Appeals court tosses Armenian payments law
A federal appeals court on Thursday struck down a novel and
controversial California law that allowed descendants of 1.5 million
Armenians who perished in Turkey nearly a century ago to file claims
against life insurance companies accused of reneging on policies.
The move came when a specially convened 11-judge panel of the 9th Circuit Court of Appeals unanimously tossed out a class action lawsuit filed against Munich Re after two of its subsidiaries refused to pay claims.
The ruling, written by Judge Susan Graber, said the California law trampled on U.S. foreign policy — the exclusive jurisdiction of the federal government.
The California Legislature labeled the Armenian deaths as genocide, a term the Turkish government vehemently argued was wrongly applied during a time of civil unrest in the country.
The court noted the issue is so fraught with politics that President Obama studiously avoided using the word genocide during a commemorative speech in April 2010 noting the Armenian deaths.
The tortured legal saga began in 2000 when the California Legislature passed a law enabling Armenian heirs to file claims with insurance companies for policies sold around the turn of the 20th century. It gave the heirs until 2010 to file lawsuits over unpaid insurance benefits.
The move came when a specially convened 11-judge panel of the 9th Circuit Court of Appeals unanimously tossed out a class action lawsuit filed against Munich Re after two of its subsidiaries refused to pay claims.
The ruling, written by Judge Susan Graber, said the California law trampled on U.S. foreign policy — the exclusive jurisdiction of the federal government.
The California Legislature labeled the Armenian deaths as genocide, a term the Turkish government vehemently argued was wrongly applied during a time of civil unrest in the country.
The court noted the issue is so fraught with politics that President Obama studiously avoided using the word genocide during a commemorative speech in April 2010 noting the Armenian deaths.
The tortured legal saga began in 2000 when the California Legislature passed a law enabling Armenian heirs to file claims with insurance companies for policies sold around the turn of the 20th century. It gave the heirs until 2010 to file lawsuits over unpaid insurance benefits.
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