The Teamsters Union on Thursday warned Hostess Brands Inc. not to misuse the bankruptcy process in an attempt to bully its way to unnecessary operations changes, saying a consensual resolution with sacrifices by all stakeholders is what is required.

(Logo: http://photos.prnewswire.com/prnh/20100127/IBTLOGO)

The company filed motions on Wednesday to reject its collective bargaining agreements with its major unions: The International Brotherhood of Teamsters and the Bakery, Confectionary, Tobacco and Grain Millers Union (BCTGM).

While such filings are an extraordinary move by the company that has serious ramifications, there are no immediate changes to the collective bargaining agreements. The filing of the motions begins a formal negotiation and legal process. The negotiation phase is intended to bring the parties together to reach a consensual resolution. If that fails, a formal hearing is conducted in bankruptcy court where the judge ultimately decides whether or not to grant the motions.    

"We are prepared to negotiate in good faith to reach a consensual agreement, as I have said repeatedly," said the Chairman of the Teamsters Bakery and Laundry Conference, Dennis Raymond, "But any agreement will be conditioned upon sacrifices by all stakeholders and an overall restructuring to make sure Hostess management doesn't lead the company into this situation a third time.  And if Hostess management thinks it can bully its way to unnecessary changes, they are sadly mistaken." 

"Though not unexpected at this point and after months of unsuccessfully dealing with management, the Teamsters remain disappointed by the company's latest action," added Teamsters International Vice President Ken Hall.  "The company has struggled as it pursued misguided strategies under revolving management.

"Meanwhile, Teamster Hostess members have sacrificed greatly over the past seven years. For Hostess to pin the blame on its employees is unconscionable and demonstrates how out of touch management is with its workforce," Hall said. "We will work hard to get a deal. But if a deal proves impossible because executives refuse to listen to reason, we will work equally hard to defend against the motions filed by the company to reject its collective bargaining agreements." 

Founded in 1903, the Teamsters Union represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico, including more than 7,500 delivery drivers and merchandisers at Hostess. Visit www.teamster.org for more information. Follow us on Twitter @TeamsterPower.

SOURCE International Brotherhood of Teamsters

Back to top

RELATED LINKS
http://www.teamster.org

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 Offering immense convenience for patients and..."/>
 

ARLINGTON, Va., Jan. 25, 2012 /PRNewswire-USNewswire/ -- Offering immense convenience for patients and doctors alike, bringing together wireless technology and software in the medical device arena also raises intricate patent and regulatory issues. It is clear however, that with the multi-billion dollar wireless medical device industry growing at a rapid pace, standards are needed to guide companies as they file for patents for these devices, as well as related necessary software.

(Logo: http://photos.prnewswire.com/prnh/20120110/DC33627LOGO )

Join us on January 26 for Bloomberg BNA's webinar, The Future of Wireless Medical Devices, as experts discuss how both large and small companies can meet the requirements of the FCC and FDA as well as the pitfalls that can occur when filing patent applications for novel wireless medical devices.

This 90-minute presentation will cover FCC regulation of licensed and unlicensed wireless medical devices; current and proposed rules for wireless medical device use in the U.S. and internationally; the FDA's key concerns regarding wireless technologies; software as a regulated medical device; provisional patent applications with the USPTO; methods of treatment or diagnosis; and joint research and development for wireless medical technologies.

Register now for this program get expert insight on:

• FCC regulation of licensed and unlicensed wireless medical devices
• FDA's key concerns regarding wireless technologies
• Provisional patent applications with the USPTO
• Joint research and development for wireless medical technologies

What's more, Bloomberg BNA's Legal & Business webinars are CLE-credit eligible for paying registrants, making it easy to stay compliant with your continuing education needs.

About the Speakers

Keith A. Barritt is a Principal in the Washington, D.C. office of Fish & Richardson P.C. His practice is focused on all aspects of medical device regulation by the U.S. Food and Drug Administration, including obtaining marketing authorization for medical devices, use of new devices for investigational purposes, and import and export issues. Mr. Barritt has prepared and filed 510(k) pre-market notifications with the FDA for various types of medical devices, resulting in the clearance of the devices for marketing. He has also advised clients on issues involving quality system regulations, device labeling, medical device reporting obligations, recalls, device listing, establishment registration, and import/export regulations.  Mr. Barritt earned a J.D. from the University of Virginia and a B.A., cum laude, from the University of Virginia.

Bill Hunter is a Principal in the Southern California office of Fish & Richardson P.C. His practice emphasizes patent prosecution and counseling, patent strategy and analysis, development and management of patent portfolios, patent opinions, and due diligence investigations in connection with investments, mergers and acquisitions. Mr. Hunter has significant experience in advising individuals, start-up companies, universities and research institutes, and technology and manufacturing companies, particularly assisting clients with issues involving devices and software in medical diagnosis and treatment. Mr. Hunter earned a J.D., cum laude, from the University of California, Hastings College of the Law, and a B.S. from the University of California, San Diego.

Terry G. Mahn is Managing Principal of Fish & Richardson's Washington, D.C. office, and the Regulatory and Government Affairs Practice Group Leader. His practice is primarily before the FCC and FDA with emphasis on complex product authorizations. Mr. Mahn's FCC practice includes all facets of spectrum allocation, wireless technology and licensing, and equipment approvals. He actively participates in domestic and international product standards development, harmonization, and compliance in the areas of radio communications, EMC, electrical, medical, and RF safety. Mr. Mahn earned a J.D. from Catholic University of America, Columbus School of Law, and a B.S. from the University of Michigan.

About Bloomberg BNA Legal & Business Webinars

Bloomberg BNA's Legal & Business Webinars are designed for today's busy professionals. In just 90 minutes, you have access to in-depth coverage of an ever-changing array of current topics, including the latest trends and developments, new and revised laws and regulations, and legal principles and precedent. Get expert insights into compliance requirements, as well as authoritative and practical guidance on the issues that matter most to you and your clients.

With our webinar topics covering the broad spectrum of legal practice areas and corporate issues, from Intellectual Property to Privacy to Pensions & Benefits, you can count on Bloomberg BNA to bring you quality content on today's hottest topics. What's more, Bloomberg BNA's Legal & Business webinars are CLE eligible, making it easy to stay compliant with your continuing education needs.

About Bloomberg BNA

Bloomberg BNA, a wholly-owned subsidiary of Bloomberg is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance - the information that matters most to professionals. Bloomberg BNA's authoritative coverage spans the full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & security, human resources, and environment, health & safety. www.bna.com

 

 

 

SOURCE Bloomberg BNA

Back to top

RELATED LINKS
http://www.bna.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.



Unter Berufung auf eine Quelle im Sicherheitsdienst der Ukraine..."/>
 

KIEW, Ukraine, January 26, 2012 /PRNewswire/ --

Unter Berufung auf eine Quelle im Sicherheitsdienst der Ukraine (SBU) veröffentlichte  Obozrevatel  eine ausführliche Beschreibung der Wirtschaftsverbrechen, für die Julija Tymoschenko verhaftet und verurteilt wurde. Die Abteilung Kharkiv des Geheimdienstes hat die Ermittlungen für diesen Fall abgeschlossen. Der früheren Ministerpräsidentin der Ukraine, Julija Tymoschenko, werden Vergehen in Höhe von 20 Millionen US-Dollar vorgeworfen.

Zu den Anklagepunkten gehören Veruntreuung von Staatsmitteln in Höhe von 14 Millionen UAH (was einer damaligen Summe von 7 Millionen USD entsprach - hrsg.), Steuerhinterziehung in Höhe von 4,7 Millionen UAH (2,3 Millionen USD), versuchte Unterschlagung von Steuerrückzahlungen in Höhe von 11 Millionen UAH (5,5 Millionen USD), Urkundenfälschung sowie Steuerhinterziehung für ausstehende 681.000 UAH an privater Einkommenssteuer.

Im Zuge der Ermittlungen hatte sich herausgestellt, dass die von Tymoschenko geleitete industrielle Kapitalgesellschaft Vereinigte Energiesysteme der Ukraine (EESU) in den Jahren 1996 und 1997 Metallerzeugnisse von einheimischen Herstellern aufgekauft und nach Russland exportiert hatte, statt sie, wie in den Exportpapieren angegeben, an ausländische Offshore-Gesellschaften zu liefern (welche unter Kontrolle von Tymoschenko und ihrer Familie standen). Um einen Rückfluss von Deviseneinnahmen in die Ukraine vorzutäuschen, hatte Tymoschenko zusammen mit der EESU-Führungsspitze und Mitarbeitern der Aktienbank Pivdenkombank, deren Präsidentin sie war, die Jahresbilanzen gefälscht. Auf diese Weise gelang es den Tätern, sich Steuerrückzahlungen in Höhe von 30 Millionen UAH (15 Millionen USD) aus dem Staatshaushalt widerrechtlich anzueignen.

Des Weiteren wird Julija Tymoschenko vorgeworfen, 681.000 UAH an Einkommenssteuer für die Summe von einer Million USD hinterzogen zu haben, welche während ihrer Zeit als Mitglied des ukrainischen Parlaments zwischen 1996 und 1998 auf ihre Bankkarte eingegangen war.

Von 1995-1997 verhalf Tymoschenko der EESU zu Steuerersparnissen von insgesamt zehn Millionen UAH, indem sie den Kaufpreis für 34 Milliarden Kubikmeter russisches Gas auf dem Papier heraufsetzte.

Neben den aufgelisteten Vergehen wurde Julija Tymoschenko für schuldig befunden, Einnahmen in Höhe von 165 Millionen USD nicht angegeben zu haben. Da dieses Vergehen aber laut dem entsprechenden Paragraphen des Strafgesetzbuches der Ukraine entkriminalisiert worden ist, konnte sie dafür nicht rechtlich belangt werden.

Kürzlichen Untersuchungen zufolge hatte Julija Tymoschenko ihre Untergebenen bei der EESU angewiesen, unberechtigte Überweisungen auf das Konto von United Energy International Limited vorzunehmen (einer von Tymoschenko kontrollierten Firma). Folgende Summen wurden laut den Ermittlungen überwiesen: 944.683.245,63 USD, 30.833.509,91 GBP und 269.304 DEM.

 

 


Back to top

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 Notice is hereby given that Faruqi & Faruqi, LLP has filed a..."/>
 

NEW YORK, Jan. 25, 2012 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Southern District of New York, 12 Civ. No. 0597, on behalf of all persons who transacted in China Organic Agriculture, Inc. ("China Organic" or the "Company") common stock between the expanded class period of November 12, 2008 and May 17, 2011 inclusive (the "Class Period").

(Logo: http://photos.prnewswire.com/prnh/20120119/MM38856LOGO)

A copy of the complaint can be viewed on the firm's website at www.faruqilaw.com/CNOA

The complaint alleges that throughout the Class Period, China Organic misled investors by (1) improperly announcing the sale of a subsidiary in 2008, when the transaction was actually completed in the second half of 2009; (2) knowingly or recklessly disregarding the reality that the Company's disclosure controls were ineffective; and (3) knowingly or recklessly disregarding the fact that the 2008 Form 10-K overstated pre-tax income by $3,015,387

Despite China Organic's continuous restatements and officer resignations, on May 17, 2011, the Company announced that it would be filing its Form 10-Q five days late and misled the market to believe that it would ultimately be in compliance with the Securities Exchange Act of 1934's reporting requirements.  However, once the market realized that the Company would not make the requisite filings, China Organic's common stock dropped to $0.01 per share.

Plaintiff now seeks to recover damages on behalf of himself and all other individual and institutional investors who transacted in China Organic common stock between November 12, 2008 and May 17, 2011, excluding defendants and their affiliates.  Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions and actions involving corporate fraud.

If you wish to obtain information concerning joining this action, you can do so under the "Join Lawsuit" section of our website or by clicking here: www.faruqilaw.com/CNOA

If you transacted in China Organic common stock during the Class Period, you may, not later than January 30, 2012, move the court to serve as lead plaintiff of the class, if you so choose.  In order to discuss this action, or if you have any questions concerning this notice or your rights or interests, please contact:

FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

 

 

SOURCE Faruqi & Faruqi, LLP

Back to top

RELATED LINKS
http://www.faruqilaw.com/CNOA

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

Indiana Community Bancorp Alert_ The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Indiana Community Bancorp Concerning the Sale of INCB to Old National Bancorp
January 27, 2012

Former United States Securities and Exchange Commission attorney Willie..."/>
 

DALLAS, Jan. 25, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Indiana Community Bancorp ("Indiana Community" or "INCB") (NASDAQ: INCB) to Old National Bancorp for shareholders.  Under the proposed acquisition, Indiana Community shareholders will receive a fixed ratio of only 1.90 shares of Old National Bancorp common stock for each share of Indiana Community/INCB common stock they hold.  Based on the closing price of Old National shares the day prior to the announcement, the acquisition price represents a value of approximately $23.52 per share. 

(Logo: http://photos.prnewswire.com/prnh/20111111/DA05320LOGO)

If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com.  There is no cost or fee to you.

The definitive acquisition agreement involves a transaction with a total enterprise value of approximately $79.2 million.

The investigation centers on whether Indiana Community shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Indiana Community's stock, and whether Indiana Community's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal.  More specifically, although the acquisition price represents a premium over Indiana Community's closing price the day before the buyout announcement, Indiana Community/INCB shares closed as high as $17.50 per share as recently as July 28, 2011.  Further, according to a recent Form 8-K filed by Indiana Community with the U.S. Securities and Exchange Commission, if delinquent loans exceed certain benchmarks, the share exchange ratio could further be decreased prior to closing.  "Based on these and other factors, we are concerned that the transaction may undervalue Indiana Community stock.  Our lawsuit will seek to obtain the highest share price for all shareholders," said shareholder rights attorney Patrick Powers.

The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

 

SOURCE Powers Taylor, LLP

Back to top

RELATED LINKS
http://www.powerstaylor.com

Next in Banking & Financial Services News

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

<< 1 2 3 4 5

Sponsors