latest news releases from the newsroom
Law Offices of Howard G. Smith
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Triad Guaranty Inc.
BENSALEM, Pa., Feb. 2, 2009 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that a securities class action lawsuit has been filed on behalf of all persons or entities who purchased or otherwise acquired the common stock of Triad Guaranty Inc. ("Triad") (Nasdaq:TGIC) between October 26, 2006 and November 10, 2008, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Middle District of North Carolina.
State Bank Corp.
State Bank Corp. Reports Fourth Quarter and 2008 Results
LAKE HAVASU CITY, Ariz., Feb. 2, 2009 (GLOBE NEWSWIRE) -- State Bank Corp. (OTCBB:SBAZ), the holding company for Mohave State Bank ("Bank"), announced net income for 2008 of $2.34 million, or $0.61 per diluted share, as compared to $5.52 million, or $1.42 per diluted share, in 2007. The decrease is primarily attributable to an $826,000 drop in net interest income and a $3.95 million increase in the provision for loan losses. During the fourth quarter of 2008, the Company reported a net operating loss of ($594,000), or ($0.15) per diluted share, as compared to net income of $1.29 million, or $0.33 per diluted share, in the same period of 2007. The quarterly loss was primarily attributable to an increase in the Company's provision for loan losses to $3.0 million in the fourth quarter of 2008 in response to rising nonperforming assets and continued softening of economic and credit environment conditions.
INFINITE Software Corporation
INFINITE Scores 7 Figure Financial Services Engagement
LAGUNA NIGUEL, Calif., Feb. 2, 2009 (GLOBE NEWSWIRE) -- INFINITE Software Corporation (Pink Sheets:IFSC), a global IT integrator and software provider, announced today that it has been awarded a contract valued in the 7 figures with a financial services company based in the U.S.
Levi & Korsinsky, LLP
Levi & Korsinsky, LLP Investigates Breach of Fiduciary Duty by the Board of Interwoven, Inc.
NEW YORK, Feb. 2, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the board of directors of Interwoven, Inc. ("Interwoven" or the "Company") (Nasdaq:IWOV) arising out of their attempt to sell the Company to Autonomy Corporation plc. Under the terms of the agreement, shareholders of Interwoven will receive $16.20 cash for each share of Interwoven they own. The transaction is unfair, given that, among other things, the Company's shares traded above $16 per share as recently as August 2008 and the Company reported significant earnings per share improvement and a 90.5% increase in net income in the most recent quarter as compared to the same quarter last year. Also, the sales process the Company conducted was flawed given that, in contravention of their fiduciary duties to maximize shareholder value, the Company's Board failed to conduct a reasonable sales process, agreed to a post-agreement "no-solicitation" provision and agreed to a $25 million termination fee which will ensure no superior offer will ever be forthcoming. The proposed acquisition is subject to customary conditions and regulatory approvals.
Infinity Pharmaceuticals, Inc.
Infinity Announces Conference Call Discussing Fourth Quarter 2008 Results
CAMBRIDGE, Mass., Feb. 2, 2009 (GLOBE NEWSWIRE) -- Infinity Pharmaceuticals, Inc. (Nasdaq:INFI), an innovative cancer drug discovery and development company, today announced that Infinity management will host a conference call on Monday, February 9, 2009 at 4:30 p.m. ET. In the conference call, management will review recent clinical and business achievements and discuss Infinity's fourth quarter 2008 results.
Pride International, Inc.
Pride International, Inc. Provides Fleet Contract Status Update
HOUSTON, Feb. 2, 2009 (GLOBE NEWSWIRE) -- Pride International, Inc. (NYSE:PDE) today announced that its report of drilling rig status and contract information covering the company's fleet of offshore drilling rigs and its three drilling management projects has been updated as of February 2, 2009. The updated report, titled "Monthly Fleet Update," is available through the company's website at www.prideinternational.com and can be accessed at the Investor Relations link.