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 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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Pomerantz won an important victory for investors on May 18, 2022, when Judge Jed S. Rakoff of the United States District Court for the Southern District of New York denied in large part defendants’ motion to dismiss all claims for securities fraud in Karimi v. Deutsche Bank AG, a securities class action in which Pomerantz is sole Lead Counsel. The complaint alleges that from November 7, 2018 through July 6, 2020 (the “Class Period”), defendants made materially false and misleading statements about its anti-money-laundering (“AML”) deficiencies and didn’t properly monitor or gave exemptions to customers it considered high risk, such as financier and accused sex offender Jeffrey Epstein.
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On February 16, 2022, Judge Andrew Borrok of the Supreme Court of the State of New York, County of New York denied defendants’ motions to dismiss the Amended Complaint in Todd France v. Jiayin Group Inc. et al., No. 654398/2020 (Sup Ct, NY County). This securities class action was brought against Jiayin Group Inc. (“Jiayin” under the Securities Act of 1933 (“1933 Act”). Judge Borrok has recently been assigned all 1933 Act cases in New York County, making this victory particularly significant. When Jiayin had its Initial Public Offering on May 10, 2019 (the “IPO”), it was a peer-to-peer (“P2P”) lending company. It went public after many P2P companies had already folded due to increased regulations…
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On March 12, 2021, in Klein v. Altria Group, Inc. et al (3:20-cv-00075-DJNVAED), U.S. District Judge David J. Novak in the Eastern District of Virginia denied Altria Group, Inc.’s (“Altria”) and JUUL Labs, Inc’s (“JUUL”) motions to dismiss the plaintiffs’ complaint. The complaint alleges Exchange Act violations against JUUL, Altria and certain officers of each arising from Altria’s investment in JUUL and the failure to disclose their marketing of highly addictive nicotine products to kids…
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On March 1, 2021, Pomerantz received a very favorable decision from Judge Michael M. Baylson in Alberici v. Recro Pharma, Inc. et al, 2:18-cv-02279, a case currently pending in the Eastern District of Pennsylvania, when U.S. District Judge Michael M. Baylson issued a decision denying Defendants’ motion to dismiss the Second Amended Complaint. The Court issued a decision denying defendants’ motion to dismiss the Second Amended Complaint, holding that pled sufficient facts to support the reasonable inference…
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On November 25, 2020, Pomerantz scored a victory for injured Zynerba Pharmaceuticals, Inc. (“Zynerba”) shareholders when Judge Nitza I. Quiñones Alejandro of the United States District Court in the Eastern District of Pennsylvania, issued an order in Whiteley v. Zynerba Pharmaceuticals, Inc. et al (2:19-cv-04959-NIQA) denying in the defendants’ motion to dismiss the class action complaint. The complaint alleges that the defendants issued misleading statements touting Zygel and the BELIEVE I Trial, and representing Zygel as addressing safety issues with current treatment options…
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