On March 25, 2022, U.S. District Judge Yvonne Gonzalez Rogers of the Northern District of California (Oakland Division) appointed Pomerantz LLP as Lead Counsel on behalf of Sharon Bernstein, the Lead Plaintiff, and the class, in Stuart v. Ginkgo Bioworks Holdings, Inc., 4:21-cv-08943-YGR (N.D.Ca.). This securities action alleges that Ginkgo Bioworks Holdings, Inc. misrepresented and misclassified its sources of revenue in order to conceal its dependence on undisclosed related parties. Ginkgo is a biotech company that operates a platform for cell programming, designed to enable biological production of products as diverse as novel…
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On March 11, 2022, U.S. District Judge Kevin McNulty of the District of New Jersey appointed Pomerantz LLP as Lead Counsel on behalf of Yen-Hsun Huang and Scott Miller, the Co-Lead Plaintiffs, and the class, in In re Höegh LNG Partners LP Sec. Lig., 21-cv-19374 (D.N.J.). This securities action alleges that Höegh LNG Partners LP misrepresented and failed to disclose that the Partnership was experiencing low demand and difficulties related to the financing of its floating storage and regasification units . The Partnership provides floating liquefied natural gas services, including LNG transportation services, LNG regasification, terminal solutions, and other management services.
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On March 14, 2022, U.S. District Judge Charles Eskridge of the Southern District of Texas (Houston Division) appointed Pomerantz LLP as Co-Lead Counsel on behalf of Robert Laurent and Ajmal Hussain, Co-Lead Plaintiffs, and the class in Coggins v. Camber Energy, Inc., 21-cv-3574 (S.D. Tex.). This securities action alleges that Camber Energy, Inc. (“Camber” or the “Company”) overstated the financial and business prospects related to its acquisition of Viking Energy Group, Inc. (“Viking”) and downplayed problems arising from that acquisition. Camber is an energy company that develops and produces crude oil, natural gas, and natural gas liquids.
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On March 7, 2022, U.S. Magistrate Judge Sanket J. Bulsara of the Eastern District of New York appointed Pomerantz LLP as Lead Counsel on behalf of Co-Lead Plaintiffs, Point12 Diversified Fund, LP and Kyle Autry, and the class, in Carper v. TMC Metals Company Inc., 21-cv-5991 (E.D.N.Y.). This securities action concerns allegations that TMC the Metals Company, Inc. (“TMC” or the “Company”) overpaid for licenses, inflated expenses and affiliated with bad actors. TMC is a Canadian deep-sea minerals exploration company focused on the collection, processing, and refining of battery-grade metals from the seafloor. The Company’s purported mission is to supply metals…
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On February 23, 2022, U.S. Magistrate Judge Theresa L. Fricke of the Western District of Washington (Tacoma) appointed Pomerantz LLP as Lead Counsel on behalf of Lead Plaintiff, Benjamin Dresner, and the class, in Dresner v. Silverback Therapeutics, Inc., 21-cv-1499 (W.D. Wash.). Silverback Therapeutics, Inc. (“Silverback” or the “Company”) is a biopharmaceutical company that develops tissue-targeted therapeutics for the treatment of cancer, chronic viral infections, and other serious diseases. The litigation concerns allegations that Silverback’s Offering Documents for its December 2020 IPO misrepresented the efficacy and commercial…
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On February 22, 2022, U.S. District Judge Brian M. Cogan of the Eastern District of New York appointed Pomerantz LLP as Lead Counsel on behalf of Debrob Investments Limited, the Lead Plaintiff in Lightspeed Commerce Inc., 21-cv-6365 (E.D.N.Y.), a securities action brought on behalf of a class of defrauded investors concerning allegations that Lightspeed Commerce Inc. overstated the strength of its business while concealing the Company’s declining organic growth and the deterioration of its business. Lightspeed is a commerce software provider that offers a cloud-based platform to small and midsize businesses that enables…
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On February 18, 2022, U.S. District Judge Fernando M. Olguin of the Central District of California appointed Pomerantz LLP as Co-Lead Counsel on behalf of Vladi Shaulov, the Lead Plaintiff in Blake v. Canoo Inc., 21-cv-2873 (C.D. Cal.), a securities action brought on behalf of a class of defrauded investors concerning allegations that Canoo Inc. misrepresented the viability of its engineering service and its ability to produce meaningful revenue. Canoo designs consumer and commercial electric vehicles based on a multi-purpose modular platform, with the intention of manufacturing cars, minivans and delivery vehicles. Allegations against Canoo include…
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Pomerantz Partner Emma Gilmore will be a featured speaker at the Practising Law Institute’s upcoming “Securities Litigation 2022: From Investigation to Trial” online program, joining leading practitioners in the field to explore the best practices in the constantly evolving landscape of securities litigation. PLI’s program will take participants through the process — “from the initial government investigation to the filing of the civil cases to either settlement or trial.” Emma played a leading role in Pomerantz’s securities class action in the Southern District of New York against Brazil’s largest oil company, Petrobras, arising from…
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Pomerantz is proud to be included on the shortlist for Plaintiff Firm of the Year in Benchmark Litigation’s East Coast Awards for 2022. Benchmark’s annual awards recognize the nation’s most distinguished firms and litigators for their work over the previous twelve months. Pomerantz was honored by Benchmark as Plaintiff Firm of the Year in 2020. In announcing the award, Michael Rafalowich, Benchmark’s Managing Editor, cited our historic $3 billion settlement with Petróleo Brasileiro S.A.–Petrobras and precedent-setting success in securities litigation against Perrigo Co. plc as key factors for bestowing this honor on Pomerantz. The Petrobras litigation…
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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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Securities Class Action Services (“SCAS”) released their annual ‘Top 100 U.S. Class Action Settlements of All-Time,’ 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 that culminated in the historic settlement arose from the Brazilian oil giant’s concealment of a sprawling, decades-long kickback scheme from investors. Lead plaintiff Universities Superannuation Scheme is the largest private pension fund in the United Kingdom. The settlement, achieved after more than three years of…
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On February 11, 2022, U.S. District Judge J. Paul Oetken of the Southern District of New York appointed Pomerantz LLP as Lead Counsel on behalf of Yanhong Chen, the Lead Plaintiff in Bannerjee v. Zhangmen Education Inc., 21-cv-9634 (S.D.N.Y.), a securities action brought on behalf of a class of defrauded investors concerning allegations that Zhangmen Education Inc.’s Offering Documents for its June 2017 IPO failed to disclose known risks of impending new regulatory reforms in China that were reasonably likely to have a material adverse effect on the Company's business and financial performance. Zhangmen is an online education platform…
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On January 26, 2022, U.S. District Judge Theodore D. Chuang of the District of Maryland appointed Pomerantz LLP as Co-Lead Counsel on behalf of Nuggehalli Balmukund Nandkumar and Jeffrey A. Gabbert, Co-Lead Plaintiffs with another Co-Lead Plaintiff in Sinnathurai v. Novavax, Inc., 21-cv-2910 (D. Md.), a securities action brought on behalf of a class of defrauded investors concerning allegations that Novavax, Inc. failed to disclose manufacturing issues with its lead vaccine candidate for COVID-19. Novavax is a biopharmaceutical company that develops vaccines to prevent serious infectious diseases, including NVX-CoV2373, its coronavirus vaccine…
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On January 25, 2022, U.S. Magistrate Judge Peggy Kuo of the Eastern District of New York appointed Pomerantz LLP as Lead Counsel on behalf of Davian Holdings Limited, the Lead Plaintiff in McLaughlin v. Nano-X Imaging Ltd., 21-cv-5517 (E.D.N.Y.), a securities action brought on behalf of a class of defrauded investors concerning allegations that Nano-X Imaging Ltd. misrepresented the regulatory and commercial prospects of its Nanox.ARC digital x-ray medical imaging system. Nano-X develops medical imaging technology, including digital x-ray systems, cloud-based image analysis and online diagnosis solutions, and billing services systems.
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Pomerantz Partner Michael Grunfeld will moderate the panel ‘Enhancing Reputational Accountability to Investors’ at the Institute for Law and Economic Policy’s (ILEP) 28th Annual Symposium. The panel will discuss the role that a corporation’s Board of Directors can play in monitoring the company’s environmental, sustainability, and governance (“ESG”) responsibilities toward non-shareholder stakeholders, and what to do when the Board does not live up to its oversight duties. The panel will be presented by Professors Lisa Fairfax (University of Pennsylvania School of Law and Hillary Sale (Georgetown…
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Pomerantz is proud to announce the promotion of Ari Basser to Of Counsel. Ari focuses his practice on strategic consumer litigation. He joined the Firm as an associate in April 2019, and represents consumers in unfair competition, fraud, false advertising, and auto defect actions that recover monetary and injunctive relief on behalf of class members while also advocating for consumer rights. Ari has successfully prosecuted claims involving California’s Unfair Competition Law, California’s Consumers Legal Remedies Act, the Song-Beverly Consumer Warranty Act, and the Magnusson-Moss Warranty Act. Ari also plays an integral role in Pomerantz’s actions in state and federal courts against major…
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Pomerantz is proud to announce the promotion of Brenda Szydlo to Partner. Brenda focuses her practice on securities fraud litigation. She joined the Firm in 2016 as Of Counsel, bringing extensive experience in complex civil litigation in federal and state court on behalf of plaintiffs and defendants, with a particular focus on securities and financial fraud litigation, litigation against pharmaceutical corporations, accountants’ liability and commercial litigation. Brenda played a leading role in the Firm’s securities class action case in the Southern District of New York against Brazil’s largest oil company, Petrobras, arising from a multi-billion-dollar kickback and bribery scheme, in which the Firm, as sole Lead Counsel…
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On January 4, 2022, U.S. Magistrate Judge Arlene R. Lindsay of the Eastern District of New York appointed Pomerantz LLP as Lead Counsel on behalf of Kenneth Rickert, the Lead Plaintiff in Gong v. Neptune Wellness Solutions Inc., 21-cv-1386 (E.D.N.Y.), a securities action brought on behalf of a class of defrauded investors concerning allegations that Neptune Wellness Solutions, Inc. failed to disclose the true cost and financial strain of integrating the assets and operations that it had acquired from SugarLeaf Labs, LLC and Forest Remedies LLC (collectively, “SugarLeaf”), two commercial hemp companies. Neptune operates as…
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On December 23, 2021, U.S. District Judge Paul W. Grimm, of the District of Maryland, appointed Pomerantz LLP as Lead Counsel on behalf of Nova Scotia Health Employees’ Pension Plan and the City of Fort Lauderdale Police & Firefighters’ Retirement System, the Lead Plaintiffs in In re Emergent Biosolutions Inc., 21-cv-995 (D. Md.), a securities action brought on behalf of a class of defrauded investors concerning allegations that Emergent BioSolutions Inc. had a manufacturing and quality control issues with the product of vaccines which resulted in the need to destroy contaminated vaccines and FDA citations. Emergent is a…
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On December 16, 2021, U.S. District Judge Beth Labson Freeman, of the Northern District of California – San Jose Division, appointed Pomerantz LLP as Lead Counsel on behalf of Aaron Sneed and Yaacov Musry, the Lead Plaintiffs in Sneed Jr. v. AcelRx Pharmaceuticals, Inc. et al, 21-cv-4353 (N.D. Cal.), a securities action brought on behalf of a class of defrauded investors concerning allegations that AcelRx Pharmaceuticals, Inc. made false or misleading claims and representations in marketing materials about the risks and efficacy of DSUVIA, its lead product candidate for the treatment of moderate-to-severe…
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