Postings will be very light at Securities Litigation Watch over the next few weeks as we settle in with the newest addition to the SLW Family, Gavin Blake, who was born yesterday afternoon.
Ten little fingers, ten little toes, and a whole lotta love.
Thanks for understanding, and we'll be back real soon.
Ever wanted to walk the halls where "one of the most extensive financial frauds ever to take place at a public company" was carried out?
Well, then you should consider buying the former corporate headquarters of Adelphia, the now-bankrupt entitiy that was the sixth largest cable television provider in the United States.
With a minimum bid of just $1 million and an estimated value of $30 million, it might be the only way to still make money on an Adelphia investment.
Full details on the headquarters auction (and related Adelphia properties) can be found here. My favorite detail describes the entrance, where "colossal granite pillars mark your arrival to corporate opulence."
But you better hurry - bidding ends on October 11, 2007.
Over at The 10b-5 Daily, Lyle Roberts blogged last week about the travails of Biovail Corporation (NYSE: BVF), which finds itself both as a defendant and a plaintiff in securities litigation.
A quick review of the Securities Class Action Services database reveals that the company is actually the subject of litigation in two countries, also having been named as a defendant in a statement of claim lodged in the Ontario Superior Court of Justice.
Additionally, the same group of defendants in the company's suit against short-sellers of the company's stock are named as defendants in a securities class action pending in New Jersey.
Now if only we could get the short sellers to sue the shareholders, then we'd have something...
Psst, have I got a download for you.
Weil, Gotshal & Manges' 2006 Securities Litigation Survey, all 194 pages of it, provides a thorough review of recent securities litigation opinions, broken down by topic and circuit, and should be a valuable resource to attorneys practicing in the securities litigation field. Major topics addressed include pleading standards, loss causation and class certification.
Thanks to co-author Paul Ferrillo for sending us a copy, which you can download here.