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Murr Yanochik P L L C Settles Securities Escheatment Case

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Murr Yanochik P L L C Settles Securities Escheatment Case

Houston, Texas – August 1, 2011 – Attorneys at the law firm Murr Yanochik, P.L.L.C. recently settled a case in which securities held in a dividend reinvestment program were unwillingly declared “unclaimed property” and escheated, resulting in transfer of ownership, to the State of Texas.

Attorney George B. Murr states that such claims may become more and more prevalent as corporations seek to reduce the number of outstanding shares of stock and thereby create the impression of more profits.

“To the extent a corporation can reduce the number of shares outstanding, it can lower the price-per-earnings ratio, which is commonly used by Wall Street to determine a stock’s value,” Murr stated.

“But no one should declare stock to be ‘unclaimed’ and escheat it to the state unless the property is actually legally and intentionally abandoned by its owner,” he continued.

Attorney Michael J. Yanochik added, “Tough economic times undoubtedly tempt some companies into questionable business practices, but declaring shares to be ‘unclaimed property’ – in the misguided hope that the owner won’t protect his rights before it is too late is simply wrong. This cannot be allowed to become ‘standard operating procedure’ for corporations concerned about their profitability.”

Murr Yanochik, P.L.L.C. is a Houston-based law firm whose attorneys combine battle-tested experience, litigation ingenuity, and a distinguished pedigree in order to get clients results at trial.