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Recently, FINRA,(Financial Industry Regulatory Authority, the successor to the merger between the NASD and the NYSE) announced that it was proposing an new rule designed to limit the pervasive and what many believe to be the abusive use of dispositive motions in securities arbitration. Quoting from the Notice to Members:
Continue reading "Limitations on Motions to Dismiss" »
A class action lawsuit has been filed a in the United States District Court for the Southern District of New York against GlaxoSmithKline PLC (Nachrichten/Aktienkurs) (NYSE: GSK) and certain of its officers, on behalf of all persons or entities who purchased GSK securities between October 27, 2005 and May 21, 2007, inclusive. The Complaint alleges that during the Class Period defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by publicly issuing a series of false and misleading statements regarding Avandia, In particular, the Complaint alleges that GSK failed to adequately disclose the fact that it had performed a pooled analysis of several clinical trials related to Avandia which showed an increased risk of heart attacks. Preliminary results of this analysis were presented to the FDA in September 2005 and updated results were disclosed to the FDA in August 2006. However, the results of GSK's analysis were never adequately disclosed to the investing public. As alleged in the Complaint, on May 21, 2007, before the close of trading, the results of a meta-analysis on Avandia conducted by a doctor with the Cleveland Clinic was reported and published in the New England Journal of Medicine. As a result of the reports regarding the meta-analysis, the price of GSK securities declined US$4.53 per share, or 7.8%, to close at US$53.18 per share, on unusually heavy trading volume.
In the final part of this 3-part series on Early Retirement, Mr. Lewins offers questions to ask yourself and your financial advisor before deciding to take early retirement.
So, before making the final decision on whether or not to take early retirement ask yourself and your financial advisor the following questions:
1. How much money, as an annual percentage return, do I need my portfolio to generate each month/year? For example, if I have $500,000.00 in assets and I need $3,000.00 /month before taxes, then I need my portfolio to generate 7.2% after any fees or expenses.
Continue reading "Considering Early Retirement? Be Careful, the Grass is not Always Greener" »
This is the second part of a 3-part series in which the author discusses some of the risks associated with early retirement.
The first problem is it is just that, an average. It does not mean that the market returns 10% to 12% each and every year, only that over the long term, ten years or twenty years, it will average those returns. And even if the market did return 10% to 12% each year, it would not do it on a steady, month in month out annualized 10% to 12 % basis; however, the retiree is now dependent on a steady, month in month out income, much like the paycheck he was receiving while employed.
Continue reading "Considering Early Retirement? Be Careful, the Grass is not Always Greener" »
As many companies are downsizing, or looking to replace older (read: higher compensated) employees with a younger (read: cheaper) workforce, many workers in their early to mid - fifties are being given the option to take early retirement. A great many of these individuals have the same profile:
Continue reading "Considering Early Retirement? Be Careful, the Grass is not Always Greener" »
This is the last part in a three part series on avoiding becoming the victim of investment fraud.
Be aware of excessive delays when you request to withdrawal your money from the person or company with whom you are investing. They may give you complicated excuses for why your money is not available for withdrawal. The truth is if you are not invested in a fixed term security, like bonds, there is no real reason you would not be able to receive your funds in a couple days.
Report any suspected investment fraud or abuse at once, delay may hurt your ability to recover some or all of your investment. While many victims of investment fraud may feel scared or a little embarrassed, it is crucial that you report all possible violations to the Securities Board.
Continue reading "Protection from Securities Fraud, Part III" »
This is the second part in a three part posting regarding tactics and warnings for investors to protect themselves against the prevalent crime of investment fraud.
If you are new to the investment arena, exercise special caution. Often investment fraud occurs because a salesperson intimates or overwhelms a person with complex financial jargon and complicated explanations. Be sure to ask many questions and seek clarification in everyday language.
Continue reading "Protection from Securities Fraud, Part II" »
The Securities Commissioner for the State of Texas provides 10 tips to help consumers prevent investment fraud and avoid becoming victims of this all-to-common crime. I found the advice is a good reminder to all of us on common sense investing. Continue reading for the first of three posts on wise investing.
Would-be investors should thoroughly investigate a possible investment and the salesperson and/or company offering the investment before giving them any money. The Internet or your local government has tools and resources to ensure that your investment company is legitimate.
If you are uncomfortable, or feel uneasy about an investment, do not let the good manners and slick language of a salesperson influence you into making a poor decision.
There are plenty of great investments available to the wise and deliberate investor.
The Seattle Times reports that according to a Senate report, the Quellos Group, a large investment firm based in Seattle, used false securities arrangements with offshore corporations to protect rich clients from taxes by sheltering $2 billion in capital gains. Government investigators believe that these actions may have cost the U.S. Treasury over $300 million USD.
Quellos, established in 1994, is a giant in the hedge funds business. They specialize complex investment tactics such as the "funds of hedge funds" which allowing investors to use a single investment to buy into many hedge funds. Their main clientele includes large corporations and vastly wealthy individuals.
In a recent Bloomberg.com article hedge-fund fraud was identified as a growing concern for investors. A taskforce designated by the President Bush to investigate corporate crime is meeting in July to discuss this threat. Hedge funds are lightly regulated and according to the head of the taskfoce, Deputy Attorney General Paul McNulty, hedge funds are "a good example of an emerging threat that we would want to talk about and ensure that we are handling." In 2002 the Securities and Exchange Commission filed only 10 civil cases against hedge funds. In 2005 that number rose to 29. Investors should make every effort to protect themselves from this type of fraud.
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