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. Current Developments/Trends in Shareholder/D&O Claims in Europe

This article looks at the impact on shareholder and directors and officers (D&O) claims in Europe with an overview of the key and emerging trends UK, Netherlands and France. Click here to read the full article.

2. Trevena Settles Opioid Substitute Stock-Drop Suit For $8.5M

A Pennsylvania federal court has given its final approval to an $8.5 million settlement between Trevena Inc. and investors who say the biopharmaceutical company misled them about federal approvals for a morphine alternative. U.S. District Judge Cynthia M. Rufe signed off on the settlement Monday, which also awarded Block & Leviton LLP 30% of the settlement fund in fees and $49,327.41 in expenses. Click here to read the full article (subscription may be required).

3. Impax Inks $33M Deal With Investors In Price-Fixing Suit

A proposed class of Impax Laboratories Inc. investors asked a California federal judge to preliminarily approve a $33 million settlement that would resolve claims the generic-drug maker failed to disclose a federal investigation over possibly collusive market activity. In a 42-page motion for preliminary approval on Friday, counsel for the proposed class outlined that Impax and a handful of former executives will dole out $33 million into an escrow amount, along with interest, for the settlement fund. Class counsel added that they intend to request up to 30%, or about $9.9 million, of the fund to cover attorney fees. Click here to read the full article (subscription may be required).

4. Tesla Investors Want Financier to Dish on Musk’s Going Private Tweet

Tesla Inc investors suing over Chief Executive Elon Musk’s 2018 tweet claiming he had secured funding to take the electric car company private want a federal judge to order the private equity executive Musk spoke with about the potential $72 billion transaction to testify. In a letter to U.S. Magistrate Judge Kandis Westmore in Oakland on Friday, attorneys for the shareholders said they have a right to depose Egon Pierre-Durban, co-chief executive of Silver Lake Technology Management, about his communications with Musk and others. The lawsuit seeks damages from Musk, Tesla and its directors on behalf of investors who bought or sold Tesla stock in the days after Musk’s surprise Twitter announcement on Aug. 7, 2018. Click here to read the full article.

5. Who Is Paying? NJ Federal Court Orders Disclosure of Third-Party Litigation Financing

The United States District Court for the District of New Jersey recently amended Rule 7.1.1 of the Local Civil Rules to require parties that use third-party litigation financing to file a disclosure statement (the Amended Rule). Under the Amended Rule, parties are required to disclose the existence of “any person or entity that is not a party and is providing funding for some or all of the attorneys’ fees and expenses for the litigation on a non-recourse basis in exchange for (1) a contingent financial interest based upon the results of the litigation or (2) a non-monetary result that is not in the nature of a personal or bank loan, or insurance.” In a Notice to the Bar dated July 29, the District of New Jersey clarified that a party does not need to file a disclosure statement if no third-party litigation funding exists in the case. 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.

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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.