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Corporations & securities brief ~ Jury selection begins in ex-WorldCom chief's trial

[JURIST] Leading Wednesday's corporations and securities law news, potential jurors for the trial of former WorldCom Inc. [corporate website] chief Bernard Ebbers were questioned today about any financial ties to the company and their knowledge of the case. Ebbers faces charges of conspiracy, fraud and making false filings to the SEC over the $11 billion accounting fraud at WorldCom. Read the Ebbers indictment [PDF]and the superseding indictment which added six charges [PDF]. AP has more.

In other news...

  • CMS Energy Corp. reported to the SEC [official website] that dangerous toxins seeping into Lake Michigan could cost the company more than $45 million to clean up. The Detroit Free Press has more.

  • Global semiconductor giant Intel Corporation [corporate website] announced a major reorganization of its business structure, which will create two new divisions. The company is aiming to speed up the introduction of new products. Read the Intel press release announcing the reorganization. Newsfactor Network has more.

  • A securities fraud class action complaint has been filed against TASER International, Inc. [corporate website] and certain of its senior officers and directors on behalf of purchasers of TASER's securities during the period between November 4, 2004 and January 6, 2005, in the United States District Court for the District of Arizona [official website]. The action is related to a violation of the Securities Exchange Act of 1934. MarketWire has more.

  • The NASD [official website] has expelled Boca Raton-based brokerage LH Ross [financial website] for fraud and other violations over the sale of unregistered self-offerings. The group has ordered the firm to pay a $500,000 fine and more than $11 million in restitution to investors. Read the NASD press release . AFX has more.
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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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