FRT Insights


FRT’s Fast Five: Week Ending August 21, 2020

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. 4 Firms Vie to Lead Endo Investor Suit Over Opioid Crisis

Glancy Prongay & Murray LLP, Pomerantz LLP, Levi & Korsinsky LLP and Bragar Eagel & Squire PC have launched competing bids to steer a proposed class action against Endo International PLC in New Jersey federal court over claims the drugmaker misled investors about its role in the opioid crisis. Glancy Prongay and Pomerantz each brought a motion and Levi & Korsinsky and Bragar Eagel filed a joint request all on Tuesday, seeking the appointment of their respective clients as lead plaintiff and the firms as lead counsel in the suit alleging shareholders lost money when stock prices fell as the scope of Endo’s contributions to the epidemic were revealed. Click here to read the full article (subscription may be needed).

2. Shareholder Lawsuit Over JAB’s Coty Buyout Gets Green Light

A lawsuit by Coty Inc shareholders against the beauty company’s directors and affiliates of the German conglomerate JAB Holdings over its 2019 acquisition of a majority stake in Coty can go forward, a Delaware judge has ruled. Chancellor Andre Bouchard of the Delaware Chancery Court said Monday that the shareholders had alleged facts to support their claim that JAB, which had previously owned 40% of Coty, exerted unfair influence over the $1.75 billion transaction. Click here to read the full article.

3. Nabors, Tesco Beat Energy Investor’s Bid to Revive Merger Row

A former Tesco Corp. investor who challenged the firm’s 2017 merger with Nabors Industries Ltd. lost a bid to revive his would-be class suit Wednesday after the Fifth Circuit affirmed the dismissal. The oilfield services firm allegedly left out important information from a proxy statement that led shareholders to vote in favor of the Nabors merger. But the challenged portions of the proxy weren’t misleading, the U.S. Court of Appeals for the Fifth Circuit said. Click here to read the full article (subscription may be needed).

4. Taking Stock of Recent COVID-19 Shareholder Litigation

There appear to be 16 federal securities class actions either directly related to, or arguably connected to the pandemic’s path, which target four categories of defendants. These include (1) companies directly experiencing COVID-19 outbreaks, such as cruise lines; (2) companies offering products in response to the pandemic, such as pharmaceutical companies; (3) companies whose earnings have faltered in the face of the broader indirect economic impact of the pandemic; and (4) companies whose strategic transactions have broken up, often due to claims over material adverse effects. Click here to read the full article (subscription may be needed).

5. Sorrento Investors Fight to Lead COVID-19 ‘Cure’ Suit

Sorrento Therapeutics Inc. investors represented by Pomerantz, Kirby McInerney and Robbins Geller continue to fight for appointment as lead plaintiff in a proposed securities class action accusing the company of misleading the public after its CEO characterized some of its COVID-19 research as a “cure.” Lead plaintiff motions in the action were due July 27, and court records show that seven separate parties put in lead plaintiff bids. Click here to read the full article (subscription may be needed).

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Founded in 2008, Financial Recovery Technologies (FRT) is the leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability, and transparency available. For more information, go to

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and do not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.

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