Securities & Investment Claims
Institutional and individual investors alike deserve full and fair disclosure of the true financial health of the companies in which they are investing. Green & Noblin takes an active role in protecting those rights, through corporate governance activism and proactive litigation. The firm has acted as lead or co-lead counsel in complex cases throughout the country, developing a reputation for excellence, diligence, and fair play. The firm has also developed the ability to aid investors who have foreign claims because they invested in non-U.S. jurisdictions. We have formed strong strategic relationships with law firms and consultants at home and abroad who can assist in negotiating foreign remedies on investors’ behalf.
Textainer
Green & Noblin, P.C. has filed a lawsuit on behalf of holders of limited partnership units issued by TCC Equipment Fund, a California Limited Partnership, Textainer Equipment Income Fund II, L.P., Textainer Equipment Income Fund III, L.P., Textainer Equipment Income Fund, IV, L.P., Textainer Equipment Income Fund V, L.P., and Textainer Equipment Fund VI, L.P.
Each of the Textainer Partnerships was the subject of a sale, negotiated by the general partners, of all of their assets. According to the lawsuit, the result of this sale was the liquidation of the remaining assets of the Partnerships on terms that were fundamentally unfair to the limited partners.
The complaint alleges that the sale was fundamentally unfair because it was, first, a flawed bidding process that conditioned any bid on the Partnerships’ assets on a management contract with Textainer Equipment Management Limited, one of the general partners of the Partnerships. Second, the complaint alleges that the sale was fundamentally unfair because of the significant undervaluation of the assets, as the terms on which the assets were sold did not reflect the market conditions. In addition, the complaint alleges that in order to effectuate the sale, a series of materially misleading proxy statements were issued to solicit the proxies of the limited partners.
On January 30, 2008, the Court approved a settlement with one of the defendants --- RFH, Ltd., the company that purchased the assets from the sale. Details of that settlement can be found at www.textainerclassaction.com. Litigation continues against the remaining defendants.
If you were a holder of units in the Textainer Partnerships, or would like more information about the lawsuit, please contact us at 415-477-6700 or by clicking here.
SSB Analyst Cases
Green & Noblin, P.C. is prosecuting claims on behalf of XO Communications, Inc. shareholders against Salomon Smith Barney and its former telecommunications research analyst, Jack Grubman, in connection with analyst reports touting the investment merits of those companies as they slid toward bankruptcy.
On December 2, 2004, The U.S. District Court for the Southern District of New York, held that plaintiffs have stated a valid claim on behalf of persons who purchased XO stock during the period from April 18, 2001 through Nobvember 2001. The complaint alleges that SSB and Grubman published analyst reports advising investors to "buy" stock, when neither Grubman or SSB believed that XO stock was a good investment. For example, on April 18, 2001, the court noted Grubman authored an email that stated "most of our banking clients are going to zero and you know I wanted to downgrade them months ago but got huge pushback from banking."
On September 23, 2002, the NASD Department of Enforcement filed a complaint against Mr. Grubman, alleging that Mr. Grubman improperly recommended the purchase of shares of several companies, including XO. without having a reasonable basis for doing so. The NASD also alleges that Mr. Grubman recommended the purchase of shares of AT&T, Worldcom, Global Crossing and other companies, all of which are now bankrupt, that had strong and profitable investment banking relationships with Salomon.
Separately, on September 30, 2002, Eliot Spitzer the Attorney General of the State of New York (the "NYAG") filed a complaint against Philip F. Anchutz, Bernard J. Ebbers, Stephan A. Garafalo, Clark E. McLeod, and Joseph P. Nacchio alleging that these individuals were beneficiaries of a practice employed by Salomon Smith Barney called "spinning." The NYAG also alleged that, in certain instances, Salomon and Mr. Grubman tailored investment recommendations based on their desire to obtain lucrative investment banking business from the companies they recommended, not the relative investment merits.
If you owned shares of XO Communications and would like to discuss your rights, or if you wish to submit your transaction history in the securities of either company and your contact information, please contact us.