FRT’s Fast Five: Week Ending August 30, 2019

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. NJ AG Backs J&J Bid to Toss Shareholder Arbitration Suit

The New Jersey attorney general urged a federal court Tuesday to ax a shareholder suit against Johnson & Johnson over the company’s refusal to put up for a vote the investor’s proposal to send shareholder disputes to arbitration rather than federal court, saying such a move would violate state law. In an amicus brief in support of J&J’s dismissal bid, Attorney General Gurbir S. Grewal said the pharmaceutical giant properly excluded the proposal from proxy materials this year. The case is The Doris Behr 2012 Irrevocable Trust v. Johnson & Johnson. Click here to read the full article (subscription may be needed).

2. 5 Firms Vie for Lead in Latest Teva Investor Suit

Five law firms vied to take the lead Friday in the latest proposed investor class action in Pennsylvania federal court against Teva Pharmaceutical Industries Ltd. over stock losses amid accusations Teva was at the center of a generic-drug price-fixing scheme. With Friday as the deadline to seek appointment as lead plaintiff and class counsel in the proposed class action filed in June by the Employees’ Retirement System of St. Petersburg, Hagens Berman Sobol Shapiro LLP, Levi & Korsinsky LLP, Saxena White PA, The Rosen Law Firm PA and Bronstein Gewirtz & Grossman LLC all sought to take the top spot on the marquee. The case is Employees’ Retirement System of the City of St. Petersburg v. Teva Pharmaceutical Industries et al Click here to read the full article (subscription may be needed).

3. 7 Firms Want a Crack at FedEx Investors’ Cyberattack Suit

Labaton Sucharow, Robbins Geller and Pomerantz are among the seven firms that threw their hats in the ring on Monday to lead an investor suit over financial hits FedEx Corp. took after a massive cyberattack on its European unit. Five investors filed motions to be appointed as lead plaintiffs in the putative class action accusing FedEx of downplaying the effects that the Petya ransomware attack had on its recently acquired international courier delivery services, TNT Express BV. The case is Rhode Island Laborers’ Pension Fund et al. v. FedEx Corp. et al. Click here to read the full article (subscription may be needed).

4. INSIGHT: New York Courts Grapple With Influx of Securities Class Actions Following Cyan

In the last year, New York state courts have seen a wave of putative shareholder class actions filed against securities issuers and underwriters asserting claims under the Securities Act of 1933. The wave follows the U.S. Supreme Court’s 2018 decision in Cyan Inc. v. Beaver County Employees Retirement Fund holding that such cases can proceed in state court. Ever since, securities issuers and underwriter defendants, as well as shareholder plaintiffs, have faced considerable uncertainty as to how Securities Act cases will be handled in state court. A series of recent decisions from the Commercial Division of the New York state Supreme Court on motions seeking stays of discovery and other proceedings, as well as a motion to dismiss, provide some guidance for parties litigating these types of claims. Click here to read the full article.

5. Recent Decision Holds That Litigation Funding Does Not Harm Standing and Provides Tips for Negotiating Funding Agreements

The August 13, 2019 decision from the United States District Court for the District of New Jersey in WAG Acquisition, LLC v. Multi Media LLC deals a blow to a common attack on litigation funding. The decision protects the ability of plaintiffs who lack resources to enforce their patent rights by affirming that seeking funding does not necessarily harm standing. Click here to read the full article.

 

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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 www.frtservices.com.

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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