U.S. judge names lead plaintiffs in Facebook litigation

NEW YORK (Reuters) – A group of investors including state pension funds in North Carolina and Arkansas will be the lead plaintiffs in securities lawsuits arising out of Facebook Inc’s $ 16 billion initial public offering, a U.S. judge ruled on Thursday.

The investors, in a proposed class-action case, have accused Facebook of misrepresenting its financial condition in the run-up to the May stock offering. They are represented by law firms Bernstein Litowitz Berger & Grossmann and Labaton Sucharow.

The ruling helps set a structure for the Facebook IPO litigation, a headache for the social media company and a nagging reminder of the technical glitches in the highly anticipated stock market debut.

U.S. District Judge Robert Sweet in Manhattan also named lead plaintiffs for lawsuits against NASDAQ OMX Group Inc stemming from the IPO. NASDAQ was sued over allegations that orders to buy and sell Facebook were not properly executed on the first day of trading.

Facebook, which has defended its pre-IPO disclosures, declined to comment on Thursday. A spokesman for NASDAQ declined to comment on the litigation.

Facebook shares made their debut at $ 38 per share, and later fell as much as 50 percent. On Thursday, they closed at $ 26.90, down 2.6 percent.

Sweet consolidated the cases and picked lead plaintiffs to head up most of the 42 lawsuits before him arising out of the IPO.

Under a federal law governing securities lawsuits, courts routinely select a lead plaintiff in class actions. The lead plaintiff typically is the shareholder with the biggest losses, though judges have discretion to pick a different investor.

The plaintiff group picked to lead 31 cases alleging securities violations against Facebook includes the North Carolina Retirement Systems, Arkansas Teacher Retirement System, the Fresno County Employees’ Retirement Association and Banyan Capital Master Fund Ltd.

The group has collectively claimed a combined $ 7.1 million in losses.

“Its members are large, institutional investors with experience representing shareholder classes in similar litigation with the resources to pursue the action,” Sweet said.

In the securities lawsuits against NASDAQ, the judge said First New York Securities LLC, T3 Trading Group LLC, and Avatar Securities LLC would act as co-lead plaintiffs. The group traded a combined $ 316 million in Facebook shares the day of the IPO, the decision said.

The case is In re Facebook, Inc, IPO Securities and Derivative Litigation, U.S. District Court, Southern District of New York, MDL No. 12-2389.

(Reporting by Nate Raymond; Editing by Martha Graybow)

Internet News Headlines – Yahoo! News

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Jenni Rivera Missing After Suspected Plane Crash

By Maggie Coughlan

12/09/2012 at 03:45 PM EST

Authorities are searching for singer Jenni Rivera after a plane she was flying in lost contact with air traffic controllers in Mexico early Sunday morning.

Two pilots and four other passengers are also missing in the suspected crash, CNN.com reports.

The plane in question took off from Monterrey, Mexico, at 3:15 a.m. following Rivera's concert. It then lost contact with air traffic controllers about 60 miles away, Mexico's transportation ministry said in a statement.

Rivera was recently named one of People En Español's 25 most powerful woman and is also the star of I Love Jenni, a reality show that aired on Telemundo's mun2 last year.

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Smokers celebrate as Wash. legalizes marijuana

SEATTLE (AP) — The crowds of happy people lighting joints under Seattle's Space Needle early Thursday morning with nary a police officer in sight bespoke the new reality: Marijuana is legal under Washington state law.

Hundreds gathered at Seattle Center for a New Year's Eve-style countdown to 12 a.m., when the legalization measure passed by voters last month took effect. When the clock struck, they cheered and sparked up in unison.

A few dozen people gathered on a sidewalk outside the north Seattle headquarters of the annual Hempfest celebration and did the same, offering joints to reporters and blowing smoke into television news cameras.

"I feel like a kid in a candy store!" shouted Hempfest volunteer Darby Hageman. "It's all becoming real now!"

Washington and Colorado became the first states to vote to decriminalize and regulate the possession of an ounce or less of marijuana by adults over 21. Both measures call for setting up state licensing schemes for pot growers, processors and retail stores. Colorado's law is set to take effect by Jan. 5.

Technically, Washington's new marijuana law still forbids smoking pot in public, which remains punishable by a fine, like drinking in public. But pot fans wanted a party, and Seattle police weren't about to write them any tickets.

In another sweeping change for Washington, Gov. Chris Gregoire on Wednesday signed into law a measure that legalizes same-sex marriage. The state joins several others that allow gay and lesbian couples to wed.

The mood was festive in Seattle as dozens of gay and lesbian couples got in line to pick up marriage licenses at the King County auditor's office early Thursday.

King County and Thurston County announced they would open their auditors' offices shortly after midnight Wednesday to accommodate those who wanted to be among the first to get their licenses.

Kelly Middleton and her partner Amanda Dollente got in line at 4 p.m. Wednesday.

Hours later, as the line grew, volunteers distributed roses and a group of men and women serenaded the waiting line to the tune of "Chapel of Love."

Because the state has a three-day waiting period, the earliest that weddings can take place is Sunday.

In dealing with marijuana, the Seattle Police Department told its 1,300 officers on Wednesday, just before legalization took hold, that until further notice they shall not issue citations for public marijuana use.

Officers will be advising people not to smoke in public, police spokesman Jonah Spangenthal-Lee wrote on the SPD Blotter. "The police department believes that, under state law, you may responsibly get baked, order some pizzas and enjoy a 'Lord of the Rings' marathon in the privacy of your own home, if you want to."

He offered a catchy new directive referring to the film "The Big Lebowski," popular with many marijuana fans: "The Dude abides, and says 'take it inside!'"

"This is a big day because all our lives we've been living under the iron curtain of prohibition," said Hempfest director Vivian McPeak. "The whole world sees that prohibition just took a body blow."

Washington's new law decriminalizes possession of up to an ounce for those over 21, but for now selling marijuana remains illegal. I-502 gives the state a year to come up with a system of state-licensed growers, processors and retail stores, with the marijuana taxed 25 percent at each stage. Analysts have estimated that a legal pot market could bring Washington hundreds of millions of dollars a year in new tax revenue for schools, health care and basic government functions.

But marijuana remains illegal under federal law. That means federal agents can still arrest people for it, and it's banned from federal properties, including military bases and national parks.

The Justice Department has not said whether it will sue to try to block the regulatory schemes in Washington and Colorado from taking effect.

"The department's responsibility to enforce the Controlled Substances Act remains unchanged," said a statement issued Wednesday by the Seattle U.S. attorney's office. "Neither states nor the executive branch can nullify a statute passed by Congress."

The legal question is whether the establishment of a regulated marijuana market would "frustrate the purpose" of the federal pot prohibition, and many constitutional law scholars say it very likely would.

That leaves the political question of whether the administration wants to try to block the regulatory system, even though it would remain legal to possess up to an ounce of marijuana.

Alison Holcomb is the drug policy director of the American Civil Liberties Union of Washington and served as the campaign manager for New Approach Washington, which led the legalization drive. She said the voters clearly showed they're done with marijuana prohibition.

"New Approach Washington sponsors and the ACLU look forward to working with state and federal officials and to ensure the law is fully and fairly implemented," she said.

___

Johnson can be reached at https://twitter.com/GeneAPseattle

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Police kill student in university dorm

About L.A. Now

L.A. Now is the Los Angeles Times’ breaking news section for Southern California. It is produced by more than 80 reporters and editors in The Times’ Metro section, reporting from the paper’s downtown Los Angeles headquarters as well as bureaus in Costa Mesa, Long Beach, San Diego, San Francisco, Sacramento, Riverside, Ventura and West Los Angeles.

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President Mohamed Morsi of Egypt Said to Prepare Martial Law Decree

Tara Todras-Whitehill for The New York Times

Egyptian protesters stood next to a destroyed barricade near the presidential palace in Cairo on Saturday. More Photos »

CAIRO — Struggling to quell street protests and political violence, President Mohamed Morsi is moving to impose a version of martial law by calling on the armed forces to keep order and authorizing soldiers to arrest civilians, Egyptian state media announced Saturday.

If Mr. Morsi goes through with the plan, it would represent a historic role reversal. For decades, Egypt’s military-backed authoritarian presidents had used martial law to hold on to power and to punish Islamists like Mr. Morsi, who spent months in jail under a similar decree.

A turn back to the military would also come just four months after Mr. Morsi managed to pry political power out of the hands of the country’s powerful generals, who led a transitional government after the ouster of the longtime strongman Hosni Mubarak.

The flagship state newspaper Al Ahram reported that Mr. Morsi “will soon issue a decision for the participation of the armed forces in the duties of maintaining security and protection of vital state institutions.” The military would maintain its expanded role until the completion of a referendum on a draft constitution next Saturday and the election of a new Parliament expected two months after that.

Imposing martial law would represent the steepest escalation yet in the political battle between Egypt’s new Islamist leaders and their secular opponents over the Islamist-backed draft constitution — a standoff that has already threatened to derail Egypt’s promised transition to a constitutional democracy.

Calling in the army could overcome the danger of protests or violence that might disrupt the planned referendum and the parliamentary election. But resorting to the military to secure the vote could undermine Mr. Morsi’s hopes that a strong vote for the constitution would be seen as a sign of national consensus that could help end the political crisis over the Islamist-backed charter.

Mr. Morsi has not yet formally issued the order reported in Al Ahram, raising the possibility that the newspaper announcement was intended as a warning to his opponents. Although the plan would not fully suspend the civil law, it would nonetheless have the effect of suspending legal rights by empowering soldiers under the control of the defense minister to try civilians in military courts.

There was no sign of military tanks in the streets on Saturday evening, but the military appeared for now to back Mr. Morsi. Soon after the news of the plans, a military spokesman read a statement over state television that echoed the reports of Mr. Morsi’s planned decree.

The military “realizes its national responsibility for maintaining the supreme interests of the nation and securing and protecting the vital targets, public institutions, and the interests of the innocent citizens,” the spokesman said, emphasizing the “sorrow and concern” over recent developments and warning of “divisions that threaten the state of Egypt.”

“Dialogue is the best and sole way to reach consensus that achieves the interests of the nation and the citizens,” the spokesman said. “Anything other than that puts us in a dark tunnel with drastic consequences, which is something that we will not allow.”

Moataz Abdel-Fattah, a former adviser to Egypt’s transitional prime minister who is close to Defense Minister Abdul Fattah el-Sisi, suggested that the generals might have prompted Mr. Morsi to announce the possibility of martial law as a warning to all the political factions to end the crisis.

“The military is saying, ‘Do not let things get so bad that we have to intervene,’ ” Mr. Abdel-Fattah said. “In the short term it is good for President Morsi, but in the long run they are also saying, ‘We belong to the people, and not Mr. Morsi or his opponents.’ ”

The military’s return to the streets at Mr. Morsi’s request would be a turn of events that was almost unimaginable when he took office in June.

The top generals had pushed for months to maintain a role in Egyptian politics and to limit the president’s powers — in part, their supporters argued, as a safeguard against an Islamist takeover.

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Google launches Snapseed photo editor on Android, makes iOS version free

After acquiring the makers of Snapseed in September, Google (GOOG) on Thursday released the popular photo application for Android smartphones and tablets. Google also updated the iOS version of the app to add Google+ integration and some new filters, and it cut the price of the original app from $ 4.99 to free. Snapseed is a simple yet powerful photo editor from Nik Software that allows users to enhance images with various tweaks and gesture-based touch ups, along Instagram-like filters. Snapseed is available now for the iPhone, iPad and Android smartphones and tablets.

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Mario Lopez Is Spontaneous, Romantic, Says New Bride Courtney Mazza

By Dahvi Shira and Patrick Gomez

12/08/2012 at 03:30 PM EST

Courtney Mazza, Mario Lopez and their daughter, Gia

FameFlynet

There's no lack of spice in the lives of newlyweds Mario and Courtney Lopez.

"The most romantic thing about Mario is his spontaneity," Courtney told PEOPLE on Friday, just under a week after the two tied the knot in Mexico. "He's so spontaneous and it's just fun to be with somebody [like that]."

Mario, 39, explains that he keeps the romance fresh by "taking off for a quick trip or having little quickies here and there," adding, "Kids and jobs and everything else gets in the way, but you can't forget about each other."

As for Courtney, she turns the heat up in the kitchen.

"The most romantic thing about my wife is the meals she cooks when I come home," Mario said, before Courtney added with a laugh, "My grandma did tell me to cook for him in nothing but an apron and stilettos."

When it came to celebrating the couple's Dec. 1 nuptials – which were captured on camera for TLC's Mario and Courtney's Wedding Fiesta, airing on Saturday – being together was the best present they could have received.

"To be honest, we didn't have a wedding registry and didn't ask for any gifts," Mario recently said. "We asked for people to donate to a charity. That was important to us."

Adds the X Factor host, "We had so many people say that was the best wedding ever. Oh my god, it was so much fun."

With their wedding day under their belt, the pair has another celebration nearing.

The couple teamed up with Nivea this year to help kick off the "Kiss of the Year" contest on Facebook, and they will head to Times Square in New York City for New Year's Eve to be with the winning pair, who can be voted on through Dec. 14.

"There were over 1,400 entries," Courtney says. "All of the stories were amazing. It was so hard to narrow it down to just three couples."

Their holiday destination has a special significance.

"We love New York," Mario says. "It's where we met and fell in love."

As for their first kiss, Courtney says with a laugh, "Oh, yeah, I remember it. He pounced me!"

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Smokers celebrate as Wash. legalizes marijuana

SEATTLE (AP) — The crowds of happy people lighting joints under Seattle's Space Needle early Thursday morning with nary a police officer in sight bespoke the new reality: Marijuana is legal under Washington state law.

Hundreds gathered at Seattle Center for a New Year's Eve-style countdown to 12 a.m., when the legalization measure passed by voters last month took effect. When the clock struck, they cheered and sparked up in unison.

A few dozen people gathered on a sidewalk outside the north Seattle headquarters of the annual Hempfest celebration and did the same, offering joints to reporters and blowing smoke into television news cameras.

"I feel like a kid in a candy store!" shouted Hempfest volunteer Darby Hageman. "It's all becoming real now!"

Washington and Colorado became the first states to vote to decriminalize and regulate the possession of an ounce or less of marijuana by adults over 21. Both measures call for setting up state licensing schemes for pot growers, processors and retail stores. Colorado's law is set to take effect by Jan. 5.

Technically, Washington's new marijuana law still forbids smoking pot in public, which remains punishable by a fine, like drinking in public. But pot fans wanted a party, and Seattle police weren't about to write them any tickets.

In another sweeping change for Washington, Gov. Chris Gregoire on Wednesday signed into law a measure that legalizes same-sex marriage. The state joins several others that allow gay and lesbian couples to wed.

The mood was festive in Seattle as dozens of gay and lesbian couples got in line to pick up marriage licenses at the King County auditor's office early Thursday.

King County and Thurston County announced they would open their auditors' offices shortly after midnight Wednesday to accommodate those who wanted to be among the first to get their licenses.

Kelly Middleton and her partner Amanda Dollente got in line at 4 p.m. Wednesday.

Hours later, as the line grew, volunteers distributed roses and a group of men and women serenaded the waiting line to the tune of "Chapel of Love."

Because the state has a three-day waiting period, the earliest that weddings can take place is Sunday.

In dealing with marijuana, the Seattle Police Department told its 1,300 officers on Wednesday, just before legalization took hold, that until further notice they shall not issue citations for public marijuana use.

Officers will be advising people not to smoke in public, police spokesman Jonah Spangenthal-Lee wrote on the SPD Blotter. "The police department believes that, under state law, you may responsibly get baked, order some pizzas and enjoy a 'Lord of the Rings' marathon in the privacy of your own home, if you want to."

He offered a catchy new directive referring to the film "The Big Lebowski," popular with many marijuana fans: "The Dude abides, and says 'take it inside!'"

"This is a big day because all our lives we've been living under the iron curtain of prohibition," said Hempfest director Vivian McPeak. "The whole world sees that prohibition just took a body blow."

Washington's new law decriminalizes possession of up to an ounce for those over 21, but for now selling marijuana remains illegal. I-502 gives the state a year to come up with a system of state-licensed growers, processors and retail stores, with the marijuana taxed 25 percent at each stage. Analysts have estimated that a legal pot market could bring Washington hundreds of millions of dollars a year in new tax revenue for schools, health care and basic government functions.

But marijuana remains illegal under federal law. That means federal agents can still arrest people for it, and it's banned from federal properties, including military bases and national parks.

The Justice Department has not said whether it will sue to try to block the regulatory schemes in Washington and Colorado from taking effect.

"The department's responsibility to enforce the Controlled Substances Act remains unchanged," said a statement issued Wednesday by the Seattle U.S. attorney's office. "Neither states nor the executive branch can nullify a statute passed by Congress."

The legal question is whether the establishment of a regulated marijuana market would "frustrate the purpose" of the federal pot prohibition, and many constitutional law scholars say it very likely would.

That leaves the political question of whether the administration wants to try to block the regulatory system, even though it would remain legal to possess up to an ounce of marijuana.

Alison Holcomb is the drug policy director of the American Civil Liberties Union of Washington and served as the campaign manager for New Approach Washington, which led the legalization drive. She said the voters clearly showed they're done with marijuana prohibition.

"New Approach Washington sponsors and the ACLU look forward to working with state and federal officials and to ensure the law is fully and fairly implemented," she said.

___

Johnson can be reached at https://twitter.com/GeneAPseattle

Read More..

Graphic details of Notorious B.I.G. murder revealed

The night rapper Notorious B.I.G. was gunned down in one of L.A.'s most famous unsolved homicides he had no drugs or alcohol in his system, according to a Los Angeles County coroner's report unsealed Friday.

A coroner's medical examiner ran toxicology screens for alcohol, cocaine, codeine, morphine and methamphetamine with negative results for all.

The autopsy report has been on a security hold and sealed for more than 15 years, ever since the rapper was killed in a drive-by shooting in March 1997.

DOCUMENT: Read Notorious B.I.G.’s full autopsy

The report shows that although he was shot four times, it was a single bullet that ended his life. One of the bullets entered the rapper's right hip, and fatally pierced several organs.

Notorious B.I.G., whose real name was Christopher George Latore Wallace, was killed by an unknown assailant on Wilshire Boulevard as the music star sat in the front passenger seat of a Chevrolet Suburban. The killing of the rapper, also known as Biggie Smalls, remains unsolved despite an LAPD task force that examined the death.

According to the autopsy, one bullet struck Wallace's left forearm and traveled down to his wrist while a another bullet hit him in the back and exited his body through his left shoulder.  Another shot  hit his left thigh and traveled through to his inner thigh before glancing off his scrotum. None of those rounds were fatal.

Notorious B.I.G.: FBI investigation files

The fatal shot, according to Dr. Lisa Scheinin, entered his right hip before slicing through his colon, liver, heart and part of his lung before wedging in his left shoulder area.

Two medium-caliber bullets were recovered from the hospital gurney, according to the report.

At the time of his death, Wallace was one of the biggest stars in rap music. His slaying shocked the hip-hop community, coming just months after the Las Vegas slaying of another marquee rapper, Los Angeles-based Tupac Shakur.

Once friends, the rappers became rivals whose respective camps regularly traded violent barbs in song lyrics and in interviews. Shakur's slaying also remains unsolved.

Various theories have linked the two homicides. Some believe the two men were killed as part of a rivalry between East Coast and West Coast rappers, or between their two music labels at the time, Los Angeles-based Death Row and New York-based Bad Boy Entertainment.

Amid questions about the killing, the FBI investigated various theories, including one from a former LAPD detective, who later publicly suggested that Wallace may have been killed by a hit man hired by a corrupt ex-LAPD officer on behalf of Marion "Suge" Knight, the founder of Death Row Records.

The FBI opened its probe after Wallace's family accused the city of covering up LAPD involvement in the rapper's slaying. Los Angeles police officials last year said they exhaustively searched for answers in the case without an arrest.

ALSO:

Man finds $175,000 in pot in backyard, then things get weird

D.A. dismissed tennis umpire case without seeing defense report

35,000 rubber ducks in Santa, reindeer outfits seized at L.A. port

-- Richard Winton

Follow Richard Winton (@LACrimes) on Twitter and Google+

Photo: Notorious  B.I.G. accepts his award for rap artist and rap single of the year at the 1995 Billboard Music Awards in New York. Credit: Mark Lennihan / Associated Press

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The Lede Blog: Hospital Nurse in Radio Hoax With Kate Middleton Is Found Dead

Video of a statement on Friday from the London hospital where Kate Middleton was treated this week.

A nurse at a London hospital, who took a prank call from two Australian radio disc jockeys pretending to be Queen Elizabeth II and Prince Charles to get details on Kate Middleton’s medical condition, was found dead on Friday, the hospital said.

John Lofthouse, the chief executive of the King Edward VII hospital — where Ms. Middleton, the Duchess of Cambridge, was treated this week for hyperemesis gravidarum, acute morning sickness related to her pregnancy — told reporters:

It is with very deep sadness that we confirm the tragic death of a member of our nursing staff, Jacintha Saldanha. Jacintha has worked at the King Edward VII’s Hospital for more than four years. She was an excellent nurse and well-respected and popular with all of her colleagues.

We can confirm that Jacintha was recently the victim of a hoax call to the hospital. The hospital had been supporting her throughout this difficult time.

London’s Metropolitan Police Service, said in a statement that Ms. Saldanha, 46, was found unconscious on Friday morning “at work-provided accommodation” near the hospital and pronounced dead at the scene by the London Ambulance Service.

Although the police said the nurse’s death “is being treated as unexplained,” the D.J.’s were widely held responsible on social networks.

A husband without a wife and two kids without a mother! All thanks to you two @MelGreigHot30 & @MContheradio SHAME ON YOU! #royalprank

— Vajira Ratnayaka (@vratnay) 7 Dec 12

Lord Glenarthur, the hospital’s chairman, added: “This is a tragic event. Jacintha was a first class nurse who cared diligently for hundreds of patients during her time with us. She will be greatly missed.”

Ms. Middleton was released from the hospital on Thursday and went home with her husband, Prince William, for further rest. A statement from St. James’s Palace on behalf of the royal family said:

The Duke and Duchess of Cambridge are deeply saddened to learn of the death of Jacintha Saldanha. Their Royal Highnesses were looked after so wonderfully well at all times by everybody at King Edward VII hospital, and their thoughts and prayers are with Jacintha Saldanha’s family, friends and colleagues at this very sad time.

Audio of the prank phone call to the hospital, in which the D.J.’s Mel Greig and Michael Christian were provided with information on Ms. Middleton’s condition, was removed from the Web site of their radio station, 2DayFM, and the broadcaster’s YouTube channel after the nurse’s death. Excerpts from the phone conversation between the pranksters and hospital staff members were included in a news report from Britain’s ITN.

Before the call to the nursing staff was put through, the D.J.’s laughed on the air about Ms. Greig’s poor impersonation of the queen and expressed surprise about how easy it had been for them to be taken seriously. During the call, Ms. Greig, in the role of the queen, asked when a good time might be to visit, and made comedic references to her pet corgis.

“She’s sleeping at the moment and she has had an uneventful night, she’s been given some fluids … she’s stable at the moment,” the nurse on the call told the pranksters. “I would suggest that any time after 9 o’clock will be suitable.” She added: “We’ll be getting her freshened up.”

The two D.J.’s were reported to have later apologized, but seemed to welcome the international attention at first. Mr. Christian, whose @MContheradio Twitter account was later disabled, initially boasted that Conan O’Brien had noticed the prank.

HOLD UP! Even @ConanOBrien is talking about our #RoyalPrank http://t.co/7j4EKq5c I’ve been named by CONAN O’BRIEN!

— Michael Christian (@MContheradio) 7 Dec 12

In a statement, Southern Cross Austereo, the Australian media company, and 2Day FM, its radio station, said they were “deeply saddened” by news of Ms. Saldanha’s death and extended sympathies to the family and others affected. It said the company and the “deeply shocked” hosts have decided that the D.J.’s would not return to their radio show until further notice.

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