U.S. stocks logged their biggest one-day gain in six months as Bernanke's nomination laid to rest market uncertainty over who would by Greenspan's replacement. Bond prices ended lower on worries a Bernanke Fed could take an easier line on inflation, despite his assurances on Monday that he would steer the central bank along Greenspan's course.
As if these yahoos know why the market went up or down today. So much pretended knowingness.
Monday, October 24, 2005
Great New Picture of the Author
Larry Williams calls The Zurich Axioms "The best book I have had the joy to read on speculation."
The Zurich Axioms Article at Michael Covel Blog
Larry Williams in his book, Trade Stocks & Commodities with the Insiders--Secrets of the COT Report, mentions that Max Gunther's 1985 book The Zurich Axioms is "The best book I have had the joy to read on speculation." A fingernail version is available on this blog. Check it out.
Thursday, October 13, 2005
But he paid it all back with interest on Monday!
On Monday, October 10, Phillip Bennett, CEO of Refco the futures broker, was placed on leave of absence at the Board's request. It was announced that an internal review found that he had failed to disclose owing the company around $430 million. Refco stock had closed around $28 on Friday. It closed on Monday less than $16. Refco said it must restate earnings back to 2002 and delay filing its next quarterly report, originally scheduled for next week.
Bennett was said to have repaid the $430 million with interest Monday.
On Tuesday, October 11, a story about Mr. Bennett and Refco appeared in the Financial Times and many other places. On the same day,
Federman & Sherwood Announces That a Securities Class Action Lawsuit Was Filed Against Refco, Inc.
On October 11, 2005, the class action lawsuit was filed in the United States District Court for the Southern District of New York against Refco, Inc. (NYSE : RFX) . The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from August 11, 2005 through October 7, 2005.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Monday, December 12, 2005, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this suit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact: William B. Federman FEDERMAN & SHERWOOD 120 N. Robinson, Suite 2720 Oklahoma City, OK 73102 (405) 235-1560/FAX: (405) 239-2112 Email to: wfederman@aol.com - http://www.federmanlaw.com
SOURCE Federman & Sherwood William B. Federman of Federman & Sherwood, +1-405-235-1560, or fax, +1-405-239-2112, or wfederman@aol.com http://www.prnewswire.com
That's pretty quick, William Federman of Oklahoma City! The stock closed Tuesday at less than $14.
Warning Issued to Past and Current Shareholders of Refco, Inc. by the Law Firm of Lerach Coughlin Stoia Geller Rudman & Robbins LLP
On October 11, 2005, the law firm of Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach Coughlin") (http :) (http :) filed a complaint on behalf of all those who purchased the common stock of Refco, Inc. ("Refco" or the "Company") (NYSE :) (NYSE : RFX) . The complaint alleges a series of false and misleading statements associated with the company's accounting practices and follows a lengthy investigation by Lerach Coughlin. Since Lerach Coughlin filed a complaint, The Law of Firm of Schatz & Nobel has issued a press release claiming to offer "information" about joining the suit. Be advised that this firm has not even filed a complaint. Rather, the press release appears to be an advertisement designed to solicit clients so that the firm can participate in this case.
You too are very quick on the draw, Lerach!
On Tuesday, the New York-based Refco said it had voluntarily contacted the Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the New York Stock Exchange and other regulators, and was co-operating with their inquiries.
On Wednesday, October 12, Phillip Bennett was arrested by federal prosecutors and charged with securities fraud in U.S. District Court in Manhattan a day after Refco announced that a $430-million-US debt to the company owed by a firm controlled by the ousted chairman and chief executive was hidden through secret transfers to an unnamed customer account.
Securities Fraud Class Action Against Refco, Inc. is Filed by Scott+Scott, LLC
Scott+Scott, LLC (http :) represents investors in a securities class action filed today in the United States District Court for the Southern District of New York against Refco, Inc. ("Refco") (NYSE :) (NYSE : RFX) and certain of its officers and directors. Refco securities purchasers between August 11, 2005 and October 10, 2005, inclusive (the "Class Period") are putative class members. Refco provides execution and clearing services for exchange-traded derivatives, and brokerage services in the fixed income and foreign exchange markets in the United States, Bermuda and the United Kingdom. Refco went public via an initial public offering in August 2005.
Wechsler Harwood LLP Files Securities Class Action Suit Against Refco, Inc. -- RFX
Wechsler Harwood LLP today announced that it has filed a Federal Securities fraud class action suit on behalf of all other persons or entities who purchased or otherwise acquired Refco, Inc. ("Refco" or the "Company") (NYSE :) (NYSE :RFX) common stock pursuant or traceable to the Company's Initial Public Offering ("IPO") on August 11, 2005, and on behalf of all other persons or entities who purchased or otherwise acquired Refco common stock between August 11, 2005 and October 10, 2005, both dates inclusive (the "Class Period").
The action entitled, FrontPoint Financial Services Fund, LP. v. Refco, Inc., et al., Case No. 05-Civ-8663 (DC)(RHM), is pending in the United States District Court for the Southern District of New York seeks to pursue remedies under both the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") and names as defendants, the Company, certain of its senior officers and directors, as well as its commercial/investment bankers/underwriters involved with the Company's IPO. A copy of the complaint can be obtained from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com.
Pomerantz Haudek Block Grossman & Gross LLP Commences Securities Class Action Against Refco, Inc. -- RFX
The Pomerantz Firm (www.pomerantzlaw.com) has filed a class action complaint in the United States District Court, Southern District of New York, against Refco, Inc. ("Refco" or the "Company") (NYSE :) has filed a class action complaint in the United States District Court, Southern District of New York, against Refco, Inc. ("Refco" or the "Company") (NYSE :) (NYSE :RFX) , two of its officers, certain underwriters and the Company's outside auditor. The class action was filed on behalf of public investors who purchased the common stock of Refco during the period of August 11, 2005 and October 7, 2005, inclusive (the "Class Period"). It includes those investors who purchased the common stock of Refco pursuant and/or traceable to the Company's initial public offering on August 11, 2005 ("IPO").
Milberg Weiss Announces the Filing of a Class Action Suit against Refco Inc. and Certain of Its Officers and Directors on Behalf of Investors
The law firm of Milberg Weiss Bershad & Schulman LLP announces that a class action lawsuit was filed today on behalf of purchasers of the securities of Refco Inc. ("Refco" or the "Company") (NYSE :) (NYSE : RFX) between August 11, 2005 and October 7, 2005, inclusive (the "Class Period"), including purchasers of the Company's shares pursuant or traceable to the Company's initial public offering (the "Offering") on August 11, 2005. The action seeks to pursue remedies under the Securities Act of 1933 ("Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
Shares dropped 28% on Thursday morning before trading was halted by the New York Stock Exchange.
According to a Bloomberg story today, to remain out of jail, Bennett was forced to pledge his Park Avenue apartment in Manhattan and his country horse farm in New Jersey, along with $55 million in a bond and cash.
Bennett was said to have repaid the $430 million with interest Monday.
On Tuesday, October 11, a story about Mr. Bennett and Refco appeared in the Financial Times and many other places. On the same day,
Federman & Sherwood Announces That a Securities Class Action Lawsuit Was Filed Against Refco, Inc.
On October 11, 2005, the class action lawsuit was filed in the United States District Court for the Southern District of New York against Refco, Inc. (NYSE : RFX) . The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material misrepresentations to the market which had the effect of artificially inflating the market price. The class period is from August 11, 2005 through October 7, 2005.
Plaintiff seeks to recover damages on behalf of the Class. If you are a member of the Class as described above, you may move the Court no later than Monday, December 12, 2005, to serve as a lead plaintiff for the Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this suit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact: William B. Federman FEDERMAN & SHERWOOD 120 N. Robinson, Suite 2720 Oklahoma City, OK 73102 (405) 235-1560/FAX: (405) 239-2112 Email to: wfederman@aol.com - http://www.federmanlaw.com
SOURCE Federman & Sherwood William B. Federman of Federman & Sherwood, +1-405-235-1560, or fax, +1-405-239-2112, or wfederman@aol.com http://www.prnewswire.com
That's pretty quick, William Federman of Oklahoma City! The stock closed Tuesday at less than $14.
Warning Issued to Past and Current Shareholders of Refco, Inc. by the Law Firm of Lerach Coughlin Stoia Geller Rudman & Robbins LLP
On October 11, 2005, the law firm of Lerach Coughlin Stoia Geller Rudman & Robbins LLP ("Lerach Coughlin") (http :) (http :) filed a complaint on behalf of all those who purchased the common stock of Refco, Inc. ("Refco" or the "Company") (NYSE :) (NYSE : RFX) . The complaint alleges a series of false and misleading statements associated with the company's accounting practices and follows a lengthy investigation by Lerach Coughlin. Since Lerach Coughlin filed a complaint, The Law of Firm of Schatz & Nobel has issued a press release claiming to offer "information" about joining the suit. Be advised that this firm has not even filed a complaint. Rather, the press release appears to be an advertisement designed to solicit clients so that the firm can participate in this case.
You too are very quick on the draw, Lerach!
On Tuesday, the New York-based Refco said it had voluntarily contacted the Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the New York Stock Exchange and other regulators, and was co-operating with their inquiries.
On Wednesday, October 12, Phillip Bennett was arrested by federal prosecutors and charged with securities fraud in U.S. District Court in Manhattan a day after Refco announced that a $430-million-US debt to the company owed by a firm controlled by the ousted chairman and chief executive was hidden through secret transfers to an unnamed customer account.
Securities Fraud Class Action Against Refco, Inc. is Filed by Scott+Scott, LLC
Scott+Scott, LLC (http :) represents investors in a securities class action filed today in the United States District Court for the Southern District of New York against Refco, Inc. ("Refco") (NYSE :) (NYSE : RFX) and certain of its officers and directors. Refco securities purchasers between August 11, 2005 and October 10, 2005, inclusive (the "Class Period") are putative class members. Refco provides execution and clearing services for exchange-traded derivatives, and brokerage services in the fixed income and foreign exchange markets in the United States, Bermuda and the United Kingdom. Refco went public via an initial public offering in August 2005.
Wechsler Harwood LLP Files Securities Class Action Suit Against Refco, Inc. -- RFX
Wechsler Harwood LLP today announced that it has filed a Federal Securities fraud class action suit on behalf of all other persons or entities who purchased or otherwise acquired Refco, Inc. ("Refco" or the "Company") (NYSE :) (NYSE :RFX) common stock pursuant or traceable to the Company's Initial Public Offering ("IPO") on August 11, 2005, and on behalf of all other persons or entities who purchased or otherwise acquired Refco common stock between August 11, 2005 and October 10, 2005, both dates inclusive (the "Class Period").
The action entitled, FrontPoint Financial Services Fund, LP. v. Refco, Inc., et al., Case No. 05-Civ-8663 (DC)(RHM), is pending in the United States District Court for the Southern District of New York seeks to pursue remedies under both the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act") and names as defendants, the Company, certain of its senior officers and directors, as well as its commercial/investment bankers/underwriters involved with the Company's IPO. A copy of the complaint can be obtained from the Court or can be viewed on Wechsler Harwood web site at: www.whesq.com.
Pomerantz Haudek Block Grossman & Gross LLP Commences Securities Class Action Against Refco, Inc. -- RFX
The Pomerantz Firm (www.pomerantzlaw.com) has filed a class action complaint in the United States District Court, Southern District of New York, against Refco, Inc. ("Refco" or the "Company") (NYSE :) has filed a class action complaint in the United States District Court, Southern District of New York, against Refco, Inc. ("Refco" or the "Company") (NYSE :) (NYSE :RFX) , two of its officers, certain underwriters and the Company's outside auditor. The class action was filed on behalf of public investors who purchased the common stock of Refco during the period of August 11, 2005 and October 7, 2005, inclusive (the "Class Period"). It includes those investors who purchased the common stock of Refco pursuant and/or traceable to the Company's initial public offering on August 11, 2005 ("IPO").
Milberg Weiss Announces the Filing of a Class Action Suit against Refco Inc. and Certain of Its Officers and Directors on Behalf of Investors
The law firm of Milberg Weiss Bershad & Schulman LLP announces that a class action lawsuit was filed today on behalf of purchasers of the securities of Refco Inc. ("Refco" or the "Company") (NYSE :) (NYSE : RFX) between August 11, 2005 and October 7, 2005, inclusive (the "Class Period"), including purchasers of the Company's shares pursuant or traceable to the Company's initial public offering (the "Offering") on August 11, 2005. The action seeks to pursue remedies under the Securities Act of 1933 ("Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
Shares dropped 28% on Thursday morning before trading was halted by the New York Stock Exchange.
According to a Bloomberg story today, to remain out of jail, Bennett was forced to pledge his Park Avenue apartment in Manhattan and his country horse farm in New Jersey, along with $55 million in a bond and cash.
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