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Baron & Budd, P.C. Files Suit to Stop Sale of EDS to Hewlett-Packard

enarh — Thu, 29 May 2008 09:32:25 -0700

Release Date

May 29, 2008

Summary

DALLAS, Texas – Dallas-based law firm Baron & Budd, P.C. has filed suit on behalf of plaintiff client, the Intermountain Ironworkers Trust Fund (IITF), to stop the sale of Electronic Data Systems (NYSE: EDS) to Hewlett-Packard Corp. (NYSE: HPQ), alleging that the terms of the sale agreement are unfair to EDS shareholders.

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Trust Fund Client Alleges Terms Are Unfair to EDS Shareholders

The proposed sale agreement, which has not been approved by EDS shareholders, locks the price for EDS stock at $25 per share, prohibits EDS directors from seeking a higher price from alternative bidders and guarantees Hewlett-Packard a $375 million pay-off if EDS does not go through with the sale. On behalf of all EDS’s public shareholders, the IITF plaintiffs allege that, by entering the agreement, EDS directors breached their fiduciary duties to the company’s shareholders.

“This deal leaves EDS shareholders out in the cold“, said Russell Budd, managing shareholder of Baron & Budd. “They had no say in the transaction, and the company directors who are charged with protecting their interests looked the other way.”

This case is not Baron & Budd’s first fight to protect shareholder interests in corporate transactions. As co-lead counsel in In re 7-Eleven, Inc. Shareholders Litigation, Baron & Budd successfully increased the tender offer's price per share in the 2005 transaction that transformed the convenience store operator from a publicly traded company to a privately held entity, resulting in a substantial increase in the amount paid to 7-Eleven shareholders.

Baron & Budd attorneys Bruce Steckler and Burton LeBlanc will head up the law firm’s efforts on behalf of the plaintiffs, along with co-counsel Randy Pulliam of Cauley, Bowman, Carney & Williams, P.L.L.C. of Little Rock Arkansas. The case is pending in district court in Collin County, Texas.

About Baron & Budd, P.C.

Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With 49 attorneys and offices in Texas, California and Louisiana, Baron & Budd enjoys a national reputation as a leader of the plaintiffs’ bar. The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia caused by benzene; injuries caused by other toxic substances and unsafe pharmaceuticals; water authorities seeking clean-up costs for drinking water contamination; securities investors defrauded by corporate wrongdoing; and consumers in class actions.

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Bruce W. Steckler

Burton LeBlanc

Baron & Budd, P.C. Appointed Co-Lead Counsel in Lawsuit Against Semtech Corp. Alleging Improper Backdating of Stock Options

enarh — Mon, 19 May 2008 08:18:01 -0700

Release Date

May 19, 2008

Summary

DALLAS, Texas – Dallas-based law firm Baron & Budd, P.C. has been appointed co-lead counsel in Middlesex County Retirement System v. Semtech Corp., in which the plaintiffs allege that Semtech manipulated grant dates for stock options to its directors, resulting in understatement of Semtech’s compensation expenses and overstatement of its reported income.

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DALLAS, Texas – Dallas-based law firm Baron & Budd, P.C. has been appointed co-lead counsel in Middlesex County Retirement System v. Semtech Corp., in which the plaintiffs allege that Semtech manipulated grant dates for stock options to its directors, resulting in understatement of Semtech’s compensation expenses and overstatement of its reported income.

Semtech’s own filings with the Securities and Exchange Commission reveal that the stock option backdating scheme resulted in a $91 million overstatement of Semtech’s reported net income over a period of years and significantly misled shareholders about the financial condition of the company. Once the scheme came to light, Semtech’s stock prices plummeted from May to July 2006.

Baron & Budd attorneys Burton LeBlanc and Patrick O’Connell will head up the law firm’s representation of co-lead plaintiff State of Mississippi Public Employees Retirement System. The case is currently pending before the United States District Court for the Central District of California.

Before the Sarbanes-Oxley Act was signed into law in 2002, companies could choose their own policies for determining the date of stock grants, so long as they adhered to the procedures they filed with the SEC. Instead, many companies manipulated the date of stock grants to increase the pay-off to insiders receiving stock options.

“The fact that this manipulation was commonplace never justified its practice,” says Russell Budd, managing shareholder of Baron & Budd.

More than 140 companies have been implicated in the stock option backdating scandal. And because manipulation of stock grant dates can make executive compensation appear lower and profits appear higher than they really are, companies have been forced to restate their earnings as these problems come to light.

“These companies played loose with the rules to put more money into the pockets of company executives at the expense of their shareholders,” says Burton LeBlanc. “We are seeking justice for the shareholders who were damaged by the greed of some Semtech executives.”

New rules concerning executive compensation passed by the Securities and Exchange Commission have made it easier to find these tricks, and the SEC is investigating many companies to identify the resultant problems. Semtech’s scheme became the subject of such an SEC inquiry and a grand jury investigation

The Sarbanes-Oxley Act now requires that companies report the effective date for stock options within two trading days after they are awarded, making it difficult to manipulate the grant date very much at all.

“Baron & Budd is best known as a leader in environmental and occupational injury cases,” says Russell Budd. “But securities cases like this one fall right into line with our law firm’s mission—protecting what’s right.”

In late 2005, as co-lead counsel in In re 7-Eleven, Inc. Shareholders Litigation, Baron & Budd succeeded in increasing the tender offer's price per share in a transaction to turn the convenience store from a publicly-traded company into a privately-held entity, substantially increasing the amount paid to 7-Eleven shareholders.

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Patrick OConnell

Burton LeBlanc

Baron & Budd, P.C. Appointed Co-Lead Counsel in Lawsuit Against Semtech Corp. Alleging Improper Backdating of Stock Options

enarh — Mon, 19 May 2008 08:18:01 -0700

Release Date

May 19, 2008

Summary

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“The fact that this manipulation was commonplace never justified its practice,” says Russell Budd, managing shareholder of Baron & Budd.

Press Contact

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Patrick OConnell

Burton LeBlanc

Russell Budd Honored With Prestigious Justice Association Award

enarh — Tue, 6 May 2008 10:03:39 -0700

Release Date

June 21, 2007

Summary

Attorney Russell Budd of Dallas' Baron & Budd, P.C. has earned the prestigious Wiedemann Wysocki National Finance Council Award from the American Association for Justice.

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Attorney Russell Budd of Dallas' Baron & Budd, P.C. has earned the prestigious Wiedemann Wysocki National Finance Council Award from the American Association for Justice.

Mr. Budd is among only 14 attorneys nationwide to receive the 2007 award, which honors attorneys for their commitment to the legal profession and their efforts to improve the civil justice system.

"I am very honored to be recognized by the American Association for Justice and my fellow attorneys in the plaintiffs bar," Mr. Budd says. "This award speaks to our firm's overall mission of making sure our clients receive the best legal representation we can provide while doing whatever we can to help protect the public interest."

The Wiedemann Wysocki award is named in honor of Fritz Wiedemann and James Anthony Wysocki, two New Orleans-based attorneys and active American Association for Justice members who died in a plane crash while traveling to an American Association for Justice event.

Mr. Budd is president and managing shareholder of Baron & Budd, a Dallas-based law firm that over the last three decades has become a national leader in championing the rights of people and communities harmed by corporate misconduct. With more than 50 attorneys and more than 300 staff, Baron & Budd represents clients in toxic tort litigation, as well as securities fraud, class actions and commercial litigation.

Mr. Budd will receive his award on July 16 at the association's annual conference in Chicago.

About Baron & Budd

Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With more than 50 attorneys and offices in Texas, Louisiana, Ohio and California, Baron & Budd enjoys a national reputation as a leader of the plaintiffs' bar. The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia caused by benzene; and injuries caused by other toxic substances and pharmaceuticals. The firm also represents water authorities seeking clean-up costs for drinking water contamination; municipalities and securities investors defrauded by corporate wrongdoing; and consumers.

Press Contact

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Russell W. Budd

Investor Alert: Deadline for Appointment as Lead Plaintiff in the Shareholder Class Action Against Warner Chilcott Ltd (WCRX)

jess — Tue, 2 Jan 2007 18:47:38 -0800

Release Date

December 18, 2006

Summary

The January 2, 2007 deadline to file for appointment of Lead Plaintiff in the pending class action lawsuit against Warner Chilcott Limited (“WCRX” or “the Company”) (NASDAQ:WCRX - News) is fast approaching. Find out about your legal options if you purchased the securities of WCRX between September 20, 2006 and September 26, 2006, inclusive (the “Class Period”).

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DALLAS – There are only 15 more days until the January 2, 2007 deadline to file for appointment of Lead Plaintiff in the pending class action lawsuit against Warner Chilcott Limited (“WCRX” or “the Company”) (NASDAQ:WCRX - News). If you purchased the securities of WCRX between September 20, 2006 and September 26, 2006, inclusive (the “Class Period”), you may contact Baron & Budd, P.C. to discuss your legal options.

On November 1, 2006, the initial complaint was filed against WCRX alleging violations of Federal securities laws. The complaint charges that Defendants violated the Securities Act of 1933. In particular, the complaint alleges the Company's registration statement, in conjunction with its initial public offering ("IPO"), contained false statements of material facts and/or failed to state other facts necessary to make the statements not misleading. Specifically, the complaint alleges that the Company's registration statement neglected to disclose that at the time of the IPO, the WCRX had halted shipments of Ovcon 35, erasing a valuable revenue stream for the Company.

On September 26, 2006, the Company announced advancements in a lawsuit carried out against it by the Federal Trade Commission. Additionally, the Company also filed a supplement to its initial registration statement, in which it disclosed that it had shut down shipments of Ovcon 35 in September.

In reaction to this news, shares of Warner Chilcott plummeted from $15.00 per share to $12.60 per share, a single day decline of 16% on abnormally heavy volume.

If you are a member of this class and would like to take action in this suit, you may contact Baron & Budd, P.C. at 1-800-222-2766. You may also visit Baron & Budd online (http://www.securitiesactions.com). Information on your legal rights can be obtained by contacting the law firm of Baron & Budd, P.C.

About Baron & Budd, P.C.:

Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With over 80 attorneys and offices in Texas, California, Ohio, Louisiana, and New York, Baron & Budd enjoys a national reputation as a leader of the plaintiff's bar. The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia and lymphoma caused by benzene; and injuries caused by other toxic substances and pharmaceuticals. The firm also represents water authorities seeking clean-up costs for drinking water contamination; securities investors defrauded by corporate wrongdoing; and consumers. For more information about Baron & Budd, call 1-800-222-2766 or visit www.baronandbudd.com. For more information about Baron & Budd’s securities litigation practice, please visit www.securitiesactions.com.

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.

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Where Did We Catch the Backdating Bug?

Kelly — Thu, 1 Feb 2007 11:39:13 -0800

Release Date

December 4, 2006

Summary

"The IRS is beginning to send out dozens of audit notices over this issue," says Randy Pulliam, a securities attorney with Baron & Budd PC who represents shareholders in legal actions. "A lot of these companies could find themselves with serious tax problems."

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Investor Alert: Update on Options Backdating Actions Involving Progress Software, Corp. – PRGS

jess — Tue, 2 Jan 2007 19:08:45 -0800

Release Date

August 25, 2006

Summary

Baron & Budd, P.C. has commenced an investigation of the option-granting practices of Progress Software, Corp. after the Company announced that the Securities and Exchange Commission (SEC) had begun an informal inquiry into Progress Software’s option-granting practices from fiscal 1996 to fiscal 2002.

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DALLAS – The law firm of Baron & Budd, P.C. has commenced an investigation of the option-granting practices of Progress Software, Corp. On June 27, 2006, the Company announced that the Securities and Exchange Commission has begun an informal inquiry into Progress Software’s option-granting practices from fiscal 1996 to fiscal 2002. Baron & Budd is pursuing an even more expanded time period and has uncovered an apparent scheme to grant stock options to executives at unusually favorable dates and prices to the detriment of Progress Software and its shareholders.

If you are a current Progress Software shareholder and would like to be advised of your rights in this matter, you may contact Baron & Budd, P.C. at the phone number below. You may also visit Baron & Budd online (www.securitiesactions.com).

About Baron & Budd, P.C.:

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Investor Alert: Update on Options Backdating Actions Involving Analog Devices, Inc. – ADI

jess — Tue, 2 Jan 2007 13:06:54 -0800

Release Date

August 25, 2006

Summary

Baron & Budd, P.C. is investigating the option-granting practices of Analog Devices, Inc. after uncovering an apparent scheme to grant stock options to its executives at unusually favorable dates and prices.

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DALLAS – The law firm of Baron & Budd, P.C. is investigating the option-granting practices of Analog Devices, Inc. Baron & Budd has uncovered an apparent scheme by Analog Devices to grant stock options to its executives at unusually favorable dates and prices to the detriment of Analog Devices and its shareholders. During at least a four-year period, Analog Devices issued its executives option grants for millions of shares of stock by retroactively selecting a date when the stock traded at a lower price thereby creating an illicit gain.

If you are a current Analog Devices shareholder and would like to be advised of your rights in this matter, you may contact Baron & Budd, P.C. at the phone number below. You may also visit Baron & Budd online (www.securitiesactions.com).

About Baron & Budd, P.C.:

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Investor Alert: Update on Options Backdating Actions Involving Brooks Automation, Inc. – BRKS

jess — Tue, 2 Jan 2007 19:04:01 -0800

Release Date

August 25, 2006

Summary

Baron & Budd, P.C. is investigating the option-granting practices of Brooks Automation, Inc. after uncovering an apparent scheme to grant stock options to executives at unusually favorable dates and prices to the detriment of Brooks Automation and its shareholders.

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DALLAS – The law firm of Baron & Budd, P.C. is investigating the option-granting practices of Brooks Automation, Inc. Baron & Budd has uncovered an apparent scheme to grant stock options to executives at unusually favorable dates and prices to the detriment of Brooks Automation and its shareholders. Executives at Brooks Automation received hundreds of thousands of option grants over a six-year period whereby they extracted millions in illicit profits. The Wall Street Journal reported the likelihood of Brooks’ option grants being legitimate as 1 in 9 million.

If you are a current Brooks Automation shareholder and would like to be advised of your rights in this matter, you may contact Baron & Budd, P.C. at the phone number below. You may also visit Baron & Budd online (www.securitiesactions.com).

About Baron & Budd, P.C.:

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Baron & Budd Attorneys Earn "D Magazine" Honors

jess — Sun, 21 Jan 2007 16:36:15 -0800

Release Date

May 15, 2006

Summary

Attorneys with the law firm of Baron & Budd, P.C. have been selected to the D Magazine list of “Best Lawyers in Dallas under 40” for 2006.

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DALLAS, Texas (May 2006) - Attorneys with the law firm of Baron & Budd, P.C. have been selected to the D Magazine list of “Best Lawyers in Dallas under 40” for 2006. Attorneys named to the list in their respective areas of practice are Laura Baughman (Environmental/Land Use), Kevin McHargue (Appellate) and Bruce Steckler (Personal Injury).

The biennial listing honoring Dallas’ top attorneys appears in the May 2006 issue of the magazine. Peers make nominations for the list, with final selections made by a panel of attorneys chosen by the editors of D Magazine.

About Baron & Budd, P.C.

Since 1977, the law firm of Baron & Budd, P.C. has championed the rights of people and communities harmed by corporate misconduct. With over 80 attorneys and offices in Texas, California, Ohio, Louisiana and New York, Baron & Budd enjoys a national reputation as a leader of the plaintiffs’ bar. The firm represents individuals with mesothelioma and other diseases caused by asbestos; leukemia and lymphoma caused by benzene; and injuries caused by other toxic substances and pharmaceuticals. The firm also represents water authorities seeking clean-up costs for drinking water contamination; securities investors and governmental entities defrauded by corporate wrongdoing; and consumers. For more information about Baron & Budd, call 1-800-222-2766 or visit www.baronandbudd.com.

Profiles to List Under

Bruce W. Steckler

Laura J. Baughman

Kevin D. McHargue