On May 20, 2022, U.S. Magistrate Judge Becky R. Thorson of the District of Minnesota appointed Pomerantz LLP as Co-Lead Counsel on behalf of Ricardo Dario Schammas, the Co-Lead Plaintiff, and the class, in Steamfitters Local 449 Pension & Retirement Security Funds v. Sleep Number Corporation, 21-cv-2669 (D. Minn.). This securities action alleges that Sleep Number Corporation failed to disclose significant disruptions in its supply chain which resulted in a failure to fulfill orders in a timely manner and to meet surging customer demand. Sleep Number manufactures beds and bedding accessories, including the Sleep Number 360® smart bed…
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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 May 9, 2022, U.S. District Judge Catherine C. Eagles of the Middle District of North Carolina appointed Pomerantz LLP as Lead Counsel on behalf of Jeffrey D. Fisher, the Lead Plaintiff, and the class, in Fisher v. Fennec Pharmaceuticals, Inc., 22-cv-115 (M.D.N.C.). This securities action alleges that Fennec Pharmaceuticals, Inc. misled the market regarding its remediation of manufacturing issues with Pedmark, its lead product candidate, and overstated the regulatory and commercial prospects for the drug. Fennec is a biopharmaceutical company that develops product candidates for use in the treatment of pediatric cancer…
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After winning European Pensions’ inaugural Thought Leadership Award in 2020 and being shortlisted in 2021, Pomerantz has again been shortlisted for the Thought Leadership Award in 2022. Further, for the second year in a row, the Firm has also been shortlisted for the organization’s Law Firm of the Year Award. The Law Firm of the Year 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.” The Thought Leadership Award honors a firm, pension fund or association that is “leading the way” with…
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On May 3, 2022, after six years of hard-fought litigation, Pomerantz and co-counsel achieved a significant victory on behalf of consumers by securing a $20 million settlement, pending final approval of the Court, in a consumer class action against Apple, Inc., on behalf of iPhone owners. The motion to settle, filed in U.S. District Court for the Eastern District of New York and unopposed by Apple, would entitle the class members to a recovery of between $15 to $150 per device owned, depending on how many class members file claims. In October 2020, Pomerantz successfully fought to have the Court certify two classes of iPhone users: All individuals and entities…
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On May 2, 2022, U.S. District Judge Josephine L. Staton of the Central District of California appointed Pomerantz LLP as Lead Counsel on behalf of Arthur Gary LaFrano, the Lead Plaintiff, and the class, in Eljon Lako v. Loandepot, Inc. et al, 8:21-cv-01449-JLS-JDE (C.D. Cal.). This securities action alleges that loanDepot, Inc. ("loanDepot" or the "Company") failed to disclose declines in its loan operation business that negatively impacted its revenue and growth. loanDepot is an independent retail mortgage lender that provides residential loans, refinance loans, and personal loan products nationwide. Allegations against loanDepot include that…
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Pomerantz is proud to announce that Partner Murielle Steven Walsh has been selected to join Law360’s newly formed 2022 Securities Editorial Advisory Board. The board will provide Law360 with feedback on its coverage and offer expert insight on how best to shape future coverage of securities litigation, regulation, and enforcement. As a recognized leader in plaintiffs’ securities litigation, Murielle has successfully prosecuted securities class actions and corporate governance cases. Beyond winning substantial financial recoveries for clients and classes of defrauded investors, she has also secured precedential rulings from courts that have made new law…
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On April 6, 2022, U.S. District Judge Maryellen Noreika of the District of Delaware appointed Pomerantz LLP as Co-Lead Counsel on behalf of the Co-Lead Plaintiff, and the class, in NRx Pharmaceuticals, Inc., 1:22-cv-00066-MN (D. Del.). This securities action alleges that NRx Pharmaceuticals, Inc. misrepresented the efficacy and regulatory prospects of ZYESAMI (also known as aviptadil), its investigational pre-commercial drug for the treatment COVID-19 related respiratory failure. NRx is a clinical-stage pharmaceutical company that develops various therapeutics for the treatment of central nervous system disorders and the treatment and prevention…
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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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