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…
Read More
On May 24, 2022, the 2nd Circuit reversed, in part, the district court’s decision in dismissing the Plaintiffs’ Complaint in Noto v. 22nd Century Grp., Inc., 35 F.4th 95 (2d Cir. 2022). This securities class action alleges, among other things, that 22nd Century Group, Inc. (“22nd Century” or the “Company”), failed to disclose that it was the subject of an investigation by the U.S. Securities and Exchange Commission (“SEC”) in connection with material weaknesses in the Company’s accounting controls. 22nd Century is a biotechnology company working to genetically engineer tobacco plants to produce reduced-nicotine tobacco products. The Company is also…
Read More
On July 28, 2021, U.S. District Judge Andrew P. Gordon of the District of Nevada denied, in part, the defendants’ motions to dismiss the Second Amended Complaint in Ferris, et al. v. Wynn Resorts Ltd., et al., No. 2:18-cv-00479-APG-DJA (D. Nev.), a securities fraud class action suit arising from Wynn Resorts Limited’s concealment of a long-running pattern of alleged sexual misconduct by CEO and founder Stephen Wynn against female employees of the company.
Read More
Pomerantz won a significant victory for investors in Arconic, Inc. when Chief Judge Hornak of the Western District of Pennsylvania sustained the majority of plaintiffs’ claims in a securities class action that arose from the deadliest UK fire in more than a century. Plaintiffs alleged that during the class period, Arconic’s stock price was artificially inflated by the company’s misstatements about the safety of the insulating panels that were later implicated in the Grenfell Tower fire…
Read More
Pomerantz LLP won a major victory for investors when the Ninth Circuit Court of Appeals reversed, in part, the district court’s dismissal of a securities fraud class action against BofI Holding, Inc., now known as Axos Financial Inc., on loss causation grounds. BofI, short for Bank of Internet, operated as the holding company for BofI Federal Bank, now known as Axos Bank. Pomerantz is lead counsel in this litigation, in which it is alleged that BofI misled investors by misrepresenting and omitting material information in their public statements…
Read More
