Financial Recovery Technologies Fast Five provides you with the top news in shareholder class actions. Stay up-to-date on the latest developments in settled (U.S./Canada) claims filing opportunities, Antitrust settlements, Global Group Litigation matters and more. For more information, contact your Financial Recovery Technologies representative or email us.

1. Parties Settle Lyft Securities Litigation

According to a joint letter submitted on Tuesday, shareholders prosecuting the class action against Lyft Inc. and the company have reached a settlement in principle. The parties notified the court as it was preparing to issue a written decision on whether to permit the plaintiffs to file a second amended complaint. The May 2019 case concerns purported securities law violations and related causes of action stemming from alleged misleading statements and omissions made in Lyft’s official initial public offering filings. In particular, the plaintiffs said that Lyft knew about but failed to disclose the risks it was facing from a number of outstanding issues. Click here to read the full article.

2. Patterson’s $63 Million Securities Settlement Gets Initial Nod

Patterson Cos. investors leading class action litigation against the company won preliminary approval from a federal judge in Minneapolis for a $63 million settlement resolving securities fraud claims over its alleged role in a price-fixing scheme involving the top U.S. dental supply wholesalers. Judge Michael J. Davis signed off tentatively late Thursday on the agreement, which would end the shareholder case brought by pension funds in the U.S. District Court for the District of Minnesota against Patterson and its former chief executive. Davis called the deal “reasonable and adequate,” scheduling a final fairness hearing for June 9. Click here to read the full article (subscription may be required).

3. CB&I, Investors Reach $44M Settlement of Nuke Biz Claims

Construction and engineering company Chicago Bridge & Iron Co. NV has reached a $44 million deal to end investors’ claims that the company hid “mounting problems” that led to major losses for its nuclear business. In a stipulation of settlement filed Friday in Manhattan federal court, the company and its investors told U. S. District Judge Lorna Schofield that they agreed to the massive settlement deal “solely to avoid the uncertainties, burden, and expense of further litigation and to put the released claims to rest finally and forever. Click here to read the full article (subscription may be required).

4. Solving the Mystery of the Vanishing M&A Shareholder Class Action

Shareholders just aren’t filing class actions challenging M&A deals like they used to. Cornerstone Research and NERA Economic Consulting have both issued their annual reports on last year’s securities class action litigation. NERA examines only class actions filed in federal court, while Cornerstone includes state-court class actions as well, but both groups reported a big drop in overall filings between 2020 and 2021 – from more than 300 class actions in 2020 to barely more than 200 in 2021. The biggest decline, according to both NERA and Cornerstone, came in the category of class actions by shareholders objecting to announced M&A deals. So why do the cases now seem to be on a fast-track to extinction? The simplest answer, according to a plaintiffs’ lawyer who used to bring M&A objection cases but no longer does, is money. Click here to read the full article.

5. Apple Investors Win Class Status for Some in iPhone Demand Suit

Some Apple Inc. investors may move forward with their allegations that it misled them about declining Chinese demand for iPhones as a group, but their new class must leave out option holders, a federal judge in California said. Investors sought to certify a class consisting of everyone who acquired the technology company’s publicly traded securities from Nov. 2, 2018, through and including Jan. 2, 2019. Their certification motion is granted “except as to the inclusion of option holders in the class,” the U.S. District Court for the Northern District of California said. Click here to read the full article (subscription may be required).

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