California law firm files class action suit over CVPS sale

first_imgRobbins Geller Rudman & Dowd LLP has announced that a class action has been commenced in the United States District Court for the District of Vermont on behalf of a proposed class of Central Vermont Public Service Corp CV +0.21% shareholders who held CVPS shares during the period beginning May 30, 2011 through and including the closing of the proposed acquisition of CVPS by Gaz Metro Limited Partnership (“Gaz Metro”).Those who wish to serve as lead plaintiff must move the Court no later than 60 days from today. If they wish to discuss this action or have any questions concerning this notice or their rights or interests, they may contact plaintiffs’ counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at sends e-mail). A member of this class may view a copy of the complaint as filed or join this class action online at is external) . Any member of the putative 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.The complaint charges CVPS and its Board of Directors with breaches of fiduciary duty and aiding and abetting breaches of fiduciary duty under Vermont state law, and CVPS, the Board and Gaz Metro with violations of the Securities Exchange Act of 1934 (“1934 Act”). CVPS operates as an electric utility company.The complaint alleges that the Board, aided and abetted by CVPS, in bad faith and for self-interested reasons, tilted the sales process for the Company in favor of Fortis Inc. and against Gaz Metro and thereby obligated the Company to improperly pay Fortis a termination fee of $19.5 million when the merger agreement with Fortis was later terminated after Gaz Metro made a superior proposal that was accepted by the Board. The end result of CVPS and the Board’s misconduct was to destroy shareholder value in the same amount of the termination fee, or approximately $1.57 per share. The complaint seeks damages for the Board’s breaches of fiduciary duty in this regard.The complaint further alleges that on August 29, 2011, CVPS filed a Form DEFM 14A Proxy Statement (the “Proxy”) that omitted or misrepresented material information regarding the proposed Fortis and Gaz Metro acquisitions in violation of 14(a) and 20(a) of the 1934 Act and in contravention of the Board’s fiduciary duties under state law. The Proxy fails to disclose, among other things, material information regarding: (i) the Company’s current and future value; (ii) details about the sales process, including details concerning the favored treatment of Fortis, and the conflicts of interests faced by the persons involved; and (iii) the financial analysis conducted by the Company’s financial advisor. Without this material information, the Company’s public shareholders are precluded from casting a fully informed vote. The complaint seeks injunctive relief in connection with defendants’ violations of 14(a) and 20(a) of the 1934 Act.Plaintiffs seek injunctive, monetary and other equitable relief on behalf of all shareholder of CVPS who held CVPS common stock during the period beginning May 30, 2011 through and including the closing of the proposed acquisition of CVPS by Gaz Metro (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site ( is external) ) has more information about the firm.SOURCE: Robbins Geller Rudman & Dowd LLP SAN DIEGO, Sep 15, 2011 (BUSINESS WIRE) — is external)last_img read more


first_imgThis is the disgusting and vile state of the drinking water in Hillhead, Castlefin.These pictures were taken by Sally Herron who is clearly unable to even drink the water coming from the taps in her home, yet this Irish Government still expects her to pay for this.According to Sally the residents of Hillhead, Castlefin have been subjected to this water quality on and off since 1980! Because of the chronic state of the water supply all the residents in the area are forced to buy their own drinking water.Sally told Donegal Daily, “This has been going on since 1980, off and on, it’s an absolute disgrace.“For the last number of years we’ve all been forced to buy our own drinking water as our appeals to get the issue resolved over the years have fallen on deaf ears.“The problem we’ve been told is old iron pipes from Lough Mourne, the pipes lead all the way down and have had numerous bursts over the years. Sally says the fact Irish Water still plan to install meters in the area despite the horrific state of the water quality indicates how out of touch the current Government really are.Sally says the water is contaminated and is undrinkable, she says locals believe the reason the water is discoloured is because Lough Mourne is full of dead animals.Sally added, “We’ve been told Lough Mourne is full of dead animals, and there is no fence around it.“When there is a burst we have no water for three days, and when it starts again we get an oily smell through the kitchen sink.“We rarely have water at all in the summer, and when we phone we’re told it’s needed for local businesses. “A local plumber told me there is no point installing new metres onto old pipes, what we urgently need is new pipes laid first.“But that’s not going to happen, all there interested in is getting water meters installed and making sure they get their annual fee.“They don’t care that the water is undrinkable, they only care about money, it’s an absolute disgrace.“They’ve another thing coming if they think we’re going to pay for this, it just isn’t going to happen.” WATER OUTRAGE: WOULD YOU EVEN DRINK THIS, LET ALONE PAY FOR IT? was last modified: November 20th, 2014 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:castlefinDiscoloureddisgusting!Drinking WaterFeaturesHilheadIrish WaternewsSally Herronlast_img read more