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.
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).
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.
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).
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).
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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