latest news releases from the newsroom
Kahn Swick & Foti, LLC
Investor Alert: KGS Notifies Cadence Design Systems, Inc. Purchasers of 7 Days Until Lead Plaintiff Application Deadline in Securities Class Action Lawsuit
NEW ORLEANS, Dec. 22, 2008 (GLOBE NEWSWIRE) -- Kahn Gauthier Swick, LLC ("KGS") announces that Monday, December 29, 2008 is the deadline to file lead plaintiff applications in a securities class action lawsuit filed in the United States District Court for the Northern District of California, on behalf of purchasers of the common stock of Cadence Design Systems, Inc.("Cadence") (Nasdaq:CDNS) during the period between April 23, 2008 and October 22, 2008, inclusive (the "Class Period").
Elite Pharmaceuticals, Inc.
Elite Announces Approval of All Proposals At Special Meeting of the Stockholders
NORTHVALE, N.J., Dec. 22, 2008 (GLOBE NEWSWIRE) -- On December 19, 2008, Elite Pharmaceuticals, Inc. ("Elite" or the "Company") (NYSE Alternext US:ELI) held a Special Meeting of the Stockholders of the Company (the "Special Meeting"). At the Special Meeting, the stockholders took the following actions: (i) approved and ratified the sale of up to 30,000 shares of the Company's Series D 8% Convertible Preferred Stock, par value $0.01 per share (the "Series D Preferred Stock"), convertible into shares of the Company's common stock, par value $0.01 per share (the "Common Stock"); the exchange of certain shares of the Company's Series B 8% Convertible Preferred Stock, par value $0.01 per share, and Series C 8% Convertible Preferred Stock, par value $0.01 per share, for shares of Series D Preferred Stock; and the issuance of related warrants to purchase additional shares of the Company's Common Stock; and (ii) approved and ratified the adoption of an amendment to the Registrant's Certificate of Incorporation to increase the number of authorized shares of Common Stock from 150,000,000 to 210,000,000. A portion of the Company's Series D Preferred Stock was issued by the Company in connection with its September 15, 2008 securities offering.
FreeSeas Inc. Appoints Interim Chief Financial Officer
PIRAEUS, Greece, Dec. 22, 2008 (GLOBE NEWSWIRE) -- FreeSeas Inc. (Nasdaq:FREE) (Nasdaq:FREEW) (Nasdaq:FREEZ) ("FreeSeas" or "the Company"), a provider of seaborne transportation for drybulk cargoes, announced today that Mr. Dimitris Filippas, previously Assistant to the Chief Financial Officer, has been appointed interim CFO of FreeSeas. Mr. Filippas will assume the duties of Mr. Dimitris Papadopoulos, who has departed from the company. Mr. Papadopoulos will remain an advisor to the Board and management of the Company. The Company has begun a search for a permanent replacement.
The Korea Fund, Inc.
The Korea Fund, Inc. Declares Capital Gain Distribution
NEW YORK, Dec. 22, 2008 (GLOBE NEWSWIRE) -- The Board of Directors of The Korea Fund, Inc. (NYSE:KF) (the "Fund") announced today that it has declared a capital gain distribution of $220.3 million ($90.30 per share after the 1-for-10 reverse stock split, which was effective earlier today). On a post-split, per share basis, the distribution is comprised of long-term capital gains of $85.60 and short-term capital gains of $4.70. The distribution is inclusive of realized capital gains incurred during for the fiscal year ended June 30, 2008.
Avantair, Inc. to Present At the 11th Annual Needham Growth Stock Conference On January 6th
CLEARWATER, Fla., Dec. 22, 2008 (GLOBE NEWSWIRE) -- Avantair, Inc. (OTCBB:AAIR) (OTCBB:AAIRU) (OTCBB:AAIRW), the only publicly traded stand-alone fractional operator and the sole North American provider of fractional shares in the Piaggio Avanti P.180 aircraft, today announced that Chief Executive Officer Steven Santo will present at the 11th Annual Needham Growth Stock Conference on Tuesday, January 6, 2009 at 2:30 p.m. ET at The New York Palace Hotel in New York City.