In a major victory for Pomerantz and shareholders alike, earlier this month the Honorable Steven P. Logan, U.S. District Judge for the District of Arizona, denied in large part the defendants’ motion to dismiss in a securities class action against the electric vehicle manufacturer Nikola. The case alleges that the company misled investors about key aspects of its business operations, leading to a nearly 76% drop in share price when the truth was revealed.
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Pomerantz has been named Lead Counsel in a securities class action against the pharmaceutical company ImmunityBio. The suit alleges that ImmunityBio failed to disclose serious deficiencies in its manufacturing processes which ultimately led the FDA to reject its application for approval of its premier drug candidate.
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Pomerantz recently overcame defendants’ motion to dismiss its securities class action suit against the well-known food storage company Tupperware. The case concerns alleged misstatements about the company’s actions to combat rising costs and dwindling profit margins.
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Last week, Judge Jacqueline Scott Corley of the United States District Court for the Northern District of California named Pomerantz as sole lead counsel in a securities class action against Hawaiian Electric Industries Inc. The case concerns the utility company’s conduct leading up to the deadly fires that broke out in Maui earlier this year.
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The United States District Court for the Eastern District of New York has named Pomerantz Co-Lead Counsel in a securities class action against Peloton Interactive, Inc. The case involves alleged misstatements and omissions from Peloton regarding the safety of its products.
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Pomerantz is proud to announce that Partner Emma Gilmore has been recognized as an MVP in Securities Litigation by Law360, an honor awarded to a select few attorneys who have “distinguished themselves from their peers by securing hard-earned successes in high-stakes litigation, complex global matters and record-breaking deals."
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On Friday, June 16th, U.S. District Judge Kelley Hodge of the U.S. District Court for the Eastern District of Pennsylvania named Pomerantz LLP as Lead Counsel on behalf of the plaintiffs in In re Rite Aid Corporation Sec. Lit. no. 2:22-cv-04201. The case alleges that Rite Aid misled investors about the growth of its Elixir pharmacy benefit management program. With over 2,000 stores, Rite Aid is one of America’s largest pharmacies. In 2015, in order to compete with companies like Walgreens and CVS, Rite Aid purchased a pharmacy benefit management company called EnvisionRx, which they rebranded Elixir. Rite Aid leadership was positive about Elixir’s prospects.
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On Friday, June 9th, U.S. District Judge Richard Seeborg of the U.S. District Court for the Northern District of California named Pomerantz LLP as Lead Counsel on behalf of the plaintiffs in AMI — Government Employees Provident Fund Management Co. Ltd. v. Alphabet Inc. et al., No. 3:23-cv-01186. Pomerantz’s client Menora Mivtachim Insurance Ltd. and its subsidiaries Menora Mivtachim Pensions and Gemel Ltd. will serve as Lead Plaintiffs. The suit alleges that Google and its parent company Alphabet misled investors about the nature of its anticompetitive business practices and the potential of those practices to elicit regulatory scrutiny.
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On May 2, 2023, Chief U.S. District Court Judge Mark R. Hornak of the Western District of Pennsylvania granted preliminary approval to a $74 million settlement on behalf of defrauded investors in Howard v. Arconic et al., No. 2:17-cv-01057 (W.D. Pa.), a securities class action in which Pomerantz is Co-Lead Counsel. Arconic, Inc. is an American industrial company specializing in lightweight metals engineering and manufacturing. Allegations against Arconic include that, despite having knowledge that its Reynobond PE aluminum insulation panels were combustible and therefore inappropriate for use in the construction of high-rise structures, the company continued selling the panels for this purpose, while publicly downplaying the associated…
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The National Law Journal has named Pomerantz LLP as a finalist in both the Class Action and Securities Litigation/Shareholders Rights categories of its 2023 Elite Trial Lawyers Awards. Partner J. Alexander Hood II (Alex) was honored as a winner of the Rising Stars of the Plaintiffs Bar award. Winners in all categories will be announced at the Elite Trial Lawyers award ceremony in New York City on July 13, 2023. Alex, based in the Firm’s New York office, was recognized as an up-and-comer in the plaintiffs bar, already demonstrating his litigation prowess, service to the community, and impact on the Firm…
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Pomerantz is proud to announce that Partner Gustavo F. Bruckner has been selected to join Law360’s newly formed 2023 Delaware Editorial Advisory Board. The board will provide Law360 with feedback on its coverage and offer expert insight on how best to shape future coverage. As a recognized leader in corporate governance and the head of Pomerantz’s Corporate Governance Litigation group, Gustavo is uniquely familiar with Delaware law regarding shareholder-related litigation. And, as a fierce advocate for shareholder rights, Gustavo has set precedent and made new law with the derivative litigation he has brought in Delaware. In Strougo v. Hollander, Gustavo obtained a landmark ruling in Delaware by successfully arguing that bylaws…
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Pomerantz is proud to announce that Partner Emma Gilmore has been named to the National Law Journal’s 2023 list of Plaintiffs’ Attorneys Trailblazers, which honors attorneys who have had a significant impact in their practice area, serving as “agents of change.” Emma successfully took on financial behemoth Deutsche Bank AG in a securities class action alleging that the Bank habitually exempted its high-net worth clients, including former financier and convicted sex offender Jeffrey Epstein, as well as Russian oligarchs reportedly engaged in criminal activities, from any meaningful due diligence. For example, Deutsche Bank continued “business as usual” with Epstein even after learning that 40 underage girls had come forward…
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On April 4, 2023, U.S. District Judge Jesse M. Furman, of the Southern District of New York, appointed Pomerantz LLP as Lead Counsel on behalf of Omar Miramontes – the Lead Plaintiff, and the class, in In re Y-mAbs Therapeutics, Inc. Sec. Lig., 23-cv-431 (S.D.N.Y.). This securities class action alleges that Y-mAbs Therapeutics, Inc. misled investors regarding the efficacy of Omburtamab and the regulatory and commercial prospects of the drug. Y-mAbs is a clinical-stage biopharmaceutical company that develops antibody-based therapeutics and medicines for the treatment of cancer. Omburtamab is the Company’s lead product candidate for the treatment of neuroblastoma in the central nervous system or leptomeninges…
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For the third year in a row, Pomerantz is shortlisted for European Pensions’ Law Firm of the Year Award. This award recognizes a firm that “stands out in its dedication to understanding the complexities of pensions legislation and works with its clients to see them through the legal maze.” Pomerantz was previously awarded European Pensions’ inaugural Thought Leadership Award in 2020 in recognition of the Firm’s innovative and insightful thought leadership related to “challenges facing European pension funds today.” In honoring Pomerantz’s thought leadership, European Pensions recognized that the Firm had “demonstrated the possibility to make a real, material difference to the pension fund space.” Pomerantz’s long…
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On April 3, 2023, U.S. District Judge Brian R. Martinotti, of the District of New Jersey, appointed Pomerantz LLP as Lead Counsel on behalf of Peter Catanese – the Lead Plaintiff, and the class, in In re BioLineRx Sec. Litig, 23-cv-41 (D.N.J.). This securities class action alleges that BioLineRx Ltd. misled investors regarding its ability to finance the development and commercial launch of products in its pipeline. BioLineRx is a pre-commercial-stage biopharmaceutical company focused on oncology. The Company’s lead product candidate is Motixafortide, a stem cell mobilization treatment for patients with multiple myeloma (plasma cell cancer). Allegations against BioLineRx include that: (i) the Company failed to…
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In February 2023, Securities Class Action Services (“SCAS”) released their annual list of the ‘Top 100 U.S. Class Action Settlements of All-Time’ as of 2022, ranking the $3 billion settlement that Pomerantz, as lead plaintiff, achieved with Petróleo Brasileiro S.A.–Petrobras as the fifth-largest securities settlement ever. The litigation against Petrobras that culminated in this historic settlement arose from the Brazilian oil giant’s concealment of a sprawling, decades-long kickback scheme from investors. The lead plaintiff in the litigation, Universities Superannuation Scheme, is the largest private pension fund in the United Kingdom. The settlement, achieved after more…
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On March 21, 2023, U.S. District Judge Vernon S. Broderick, of the Southern District of New York, appointed Pomerantz LLP as Lead Counsel on behalf of the New York City Public Pension Funds – the Lead Plaintiff, and the class, in Choi v. Coupang, Inc., 22-cv-7309 (S.D.N.Y.). This securities class action alleges that Coupang, Inc. misled investors by engaging in improper anticompetitive practices, manipulating the search algorithms, product reviews and pricing in its marketplace platform, and subjecting its workforce to extreme, unsafe, and unhealthy working conditions. Coupang is one of the largest e-commerce companies in Asia, often referred to as the Amazon.com of South Korea. The Company’s Rocket Wow membership subscribers can make direct purchases of goods…
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On March 16, 2023, Pomerantz successfully argued for the reversal, in part, of the dismissal of its securities fraud class action against Forescout Technologies, Inc. and its senior officers (Glazer Capital Mgmt., L.P. v. Forescout Techs., Inc., No. 21-16876, 2023 U.S. App. LEXIS 6285 (9th Cir. Mar. 16, 2023)). In a 2-1 decision, the Ninth Circuit held that Forescout investors can proceed with litigation alleging securities fraud arising from allegations that the defendants misled investors about the current strength of the company’s sales pipeline to falsely support a bullish guidance and otherwise justify poor financial results when the company repeatedly failed to meet its touted objectives The decision secured by Pomerantz sets important precedents that expand investor…
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On March 8, 2023, U.S. District Judge Rodolfo A. Ruiz II, of the Southern District of Florida, appointed Pomerantz LLP as Co-Lead Counsel on behalf of its client, who serves as the Co-Lead Plaintiff, and the class, in Vargas v. Citrix Systems, Inc., 22-cv-62327 (S.D. Fla.). This securities action alleges that Citrix Systems, Inc. misled investors about the true value of the Company in order to sell it at an unfairly low price per share. Citrix is a software company that provides users with secure remote access to computer networks through solutions that include servers, applications, desktop virtualization software and cloud computing technologies. Allegations against Citrix include that: (i) the Company’s Board's used false projections to conceal the true value of Citrix; (ii) based on…
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On March 7, 2023, U.S. District Judge William H. Orrick, of the Northern District of California, appointed Pomerantz LLP as Lead Counsel on behalf of Mark Kusnier – the Lead Plaintiff, and the class, in Kusnier v. Affirm Holdings, Inc., 22-cv-7770 (N.D. Cal.). This securities class action alleges that Affirm Holdings, Inc. misled investors regarding the risks and benefits of its services to consumers and the Company’s adherence to consumer protection laws. Affirm operates a platform for digital and mobile-first commerce in the U.S. and Canada, including point-of-sale payment solutions for consumers, merchant commerce solutions, and a consumer-focused app. Particularly, Affirm offers a payment service…
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