On February 3, 2023, U.S. Senior District Judge Marsha J. Pechman, of the Western District of Washington, appointed Pomerantz LLP as Lead Counsel on behalf of Martin Sohovich – the Lead Plaintiff, and the class, in Parekh v. Avalara, Inc., 22-cv-1580 (W.D. Wash.). This securities class action alleges that Avalara, Inc. misled investors regarding the true value of the Company before a shareholder vote to approve its acquisition by Vista Equity Partners Management, LLC for $93.50 per share. Avalara is a SaaS (software as a service) company that provides small and mid-sized businesses with cloud-based solutions for the calculation and management of sales tax and the automation of transaction tax compliance. Allegations against…
Read More
On January 31, 2023, U.S. District Judge Deborah K. Chasanow, of the District of Maryland, appointed Pomerantz LLP as Lead Counsel on behalf of Dustin Fanucchi – the Lead Plaintiff, and the class, in Fagen v. Enviva Inc., 22-cv-2844 (D. Md.). This securities class action alleges that Enviva Inc. misled the market regarding its business model, financial performance, and prospects for growth. Enviva is the world’s largest producer of utility-grade wood pellets that are used as a substitute for coal in power generation by industrial customers. Significantly, Enviva touts itself as a “growth-oriented” environmental, social, and governance (“ESG”) company with a “platform to generate stable and growing cash flows.” Allegations…
Read More
On January 19, 2023, U.S. District Judge Mark C. Scarsi, of the Central District of California, appointed Pomerantz LLP as Co-Lead Counsel on behalf of its client, William Baker, who serves as the Lead Plaintiff, and the class, in Baker v. Twitter, Inc., 22-cv-6525 (C.D. Cal.). This securities action alleges that Twitter, Inc. misled the market regarding security concerns about its the platform and the effectiveness of its cybersecurity defenses. Twitter operates a global social media platform. In March 2011, Twitter agreed to a settlement with the Federal Trade Commission regarding a complaint that the Company mishandled users’ private information and allowed too many employees to have access to the platform’s central controls. As…
Read More
Jeremy Lieberman, Pomerantz’s Managing Partner, and Jennifer Pafiti, Partner and Head of Client Services, were named to Lawdragon’s list of the 500 Leading Lawyers in America for 2023. Lawdragon’s list “celebrates attorneys who shaped the legal industry in the past year and beyond.” Jeremy led the securities class action litigation against Brazil’s largest oil company, Petróleo Brasileiro S.A. – Petrobras, which arose from a decades long, multi-billion-dollar kickback and bribery scheme. In 2018, Pomerantz, as sole Lead Counsel, achieved a historic $3 billion settlement for the Class – the largest securities class action settlement in a decade, the largest settlement ever in a securities class action involving…
Read More
Pomerantz is proud to announce that Partner Emma Gilmore has been shortlisted for Benchmark Litigation’s 2023 Plaintiff Litigator of the Year award. Benchmark’s annual awards recognize and honor “the country's most distinguished litigators and their firms for their exemplary work over the last twelve months.” In September 2022, Emma scored a major victory for investors by securing a settlement to end a securities litigation against Deutsche Bank AG., The complaint alleges that Deutsche Bank represented that it had robust anti-money-laundering and Know Your Customer policies, when, in reality, it either failed to properly monitor or gave exemptions to high-risk, high-wealth customers…
Read More
Pomerantz is proud to be shortlisted for Plaintiff Firm of the Year by Benchmark Litigation. Benchmark’s annual awards honor “the country's most distinguished litigators and their firms for their exemplary work over the last twelve months.” In 2020, Pomerantz won Benchmark Litigation’s Plaintiff Firm of the Year award. Michael Rafalowich, Benchmark’s Managing Editor, cited the Firm’s 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 Firm’s Petrobras litigation was also recognized as a Benchmark National Impact Case in 2019. In 2022, for the third year running, Benchmark…
Read More
Pomerantz is proud to announce that attorney Omar Jafri has been promoted to Partner. A member of the Firm’s Securities Litigation Practice Group, who is based in its Chicago office, in just the last few years, Omar has appeared on behalf of investors in over two dozen securities cases, authored over 50 pleadings and briefs, taken and defended over two dozen depositions, and argued numerous substantive motions in the U.S. District Courts as well as multiple appeals in the U.S. Courts of Appeals. Over the last few years, Omar has played a key role in numerous cases where the Firm has achieved significant recoveries for defrauded shareholders as Lead, Co-Lead or Additional Counsel. Recently, Omar was an integral member of the Firm’s litigation team in a…
Read More
Pomerantz is proud to announce that attorney Brian Calandra has been promoted to Partner. Brian is a member of the Firm’s Securities Litigation Practice and is based in the New York Office. Brian has extensive experience in securities, antitrust, complex commercial, and white-collar matters in federal and state courts nationwide. Before joining Pomerantz, Brian represented issuers and underwriters in securities class actions involving the financial, telecommunications, real estate, and pharmaceutical industries. He also represented financial institutions in antitrust class actions concerning foreign exchange; supra-national, sub-sovereign and agency bonds; bonds issued by the government of Mexico; and credit card fees. Since joining Pomerantz in 2019, Brian…
Read More
Over the last four decades, pension funds’ equity portfolios have diversified significantly with a gradual reduction, in many cases, in exposure to their respective domestic markets and a correspondingly increased proportion of their portfolio exposed to equities outside their domestic markets. With the continual search for diversified sources of returns to meet their pension liabilities coupled with global capital markets becoming more integrated, the whole global equity market has become the opportunity set. As investors have looked overseas for their investments, they have also had to ensure that the tools in their engagement armoury are fit for purpose to act as effective stewards of their members’ assets…
Read More
Pomerantz is proud to announce that Justin D. D’Aloia has joined the Firm as a Partner. Justin is a member of the Securities Litigation Team in the Firm’s New York office. Justin has extensive experience litigating high-profile securities cases in federal and state courts across the country. He has represented issuers, underwriters, and senior executives in matters involving a range of industries, including the financial services, life sciences, real estate, technology, and consumer retail sectors. Justin’s practice covers the full spectrum of proceedings from pre-suit demand through settlement. Justin has received awards for his commitment to pro bono service, including the considerable hours he spent representing a wrongfully convicted…
Read More
On December 12, 2022, U.S. Magistrate Judge Sarah L. Cave, of the Southern District of New York, appointed Pomerantz LLP as Co-Lead Counsel on behalf of its client, Jamia Fernandes, who serves as the Co-Lead Plaintiff, and the class, in Fernandes v. Centessa Pharmaceuticals PLC, 22-cv-8805 (S.D.N.Y.). This securities action alleges that Centessa Pharmaceuticals plc misled the market regarding the safety and commercial prospects for lixivaptan and ZF874, two of the drugs in its development pipeline. Centessa is a clinical-stage biopharmaceutical company that develops and delivers medicines to patients. The Company’s development pipeline includes lixivaptan, a vasopressin V2…
Read More
On December 9, 2022, U.S. Magistrate Judge André M. Espinosa, of the District of New Jersey, appointed Pomerantz LLP as Co-Lead Counsel on behalf of its client, Joshua Mailey, who serves as the Co-Lead Plaintiff, and the class, in In re Humanigen, Inc. Sec. Litig., 22-cv-5258 (D.N.J.). This securities action alleges that Humanigen, Inc. misled the market regarding the regulatory and commercial prospects for lenzilumab – its lead product candidate an antibody treatment for cytokine storm (an auto-immune response triggered by infection that results in the overproduction of inflammatory proteins in the bloodstream). Humanigen is a clinical-stage biopharmaceutical company…
Read More
On November 25, 2022, U.S. District Judge Jon S. Tigar of the Northern District of California appointed Pomerantz LLP as Lead Counsel on behalf of Steve Padget – the Lead Plaintiff, and the class, in Kampe v. Volta Inc., 22-cv-2055 (N.D. Cal.). This securities class action alleges that Volta Inc. misled the market regarding the accuracy of its financial reporting and strength of its financial results. Volta owns and operates a network of electric vehicle (EV) charging stations across the United States. The Company was formed as a result of a business combination in August 2021 between Volta Industries, Inc. and Tortoise Acquisition Corp. II, a special purpose acquisition company. Allegations against Volta include that…
Read More
On November 16, 2022, U.S. District Judge Trevor N. McFadden, of the District of Columbia, appointed Pomerantz LLP as Co-Lead Counsel on behalf of its client, Bratya SPRL, which serves as the Lead Plaintiff, and the class, in In re Bed Bath & Beyond Corporation Securities Litigation, 22-cv- 2541 (D.D.C.). This securities action alleges that the defendants artificially inflated the stock price of Bed Bath & Beyond Corporation by misrepresenting the value and profitability of BBBY. BBBY, together with its subsidiaries, operates a chain of retail stores that sells a wide assortment of merchandise in the home, baby, beauty and wellness markets. The Company operates stores under the names Bed Bath & Beyond…
Read More
On November 8, 2022, U.S. District Judge Percy Anderson of the Central District of California appointed Pomerantz LLP as Lead Counsel on behalf of Nova Scotia Health Employees’ Pension Plan – the Lead Plaintiff, and the class, in Adeel Ashraf v. Miniso Group Holding Limited, et al., CV 22-5815 PA (MRWx) (C.D. Cal.). This securities class action alleges that MINISO Group Holding Limited misled the market by negligently preparing its October 2020 IPO Registration Statement in a manner which failed to disclose related parties, the true condition of its business, and other material matters. MINISO is a Chinese retailer that specializes in various home and lifestyle products with over 5,000 retail stores worldwide. In…
Read More
On October 24, 2022, U.S. District Judge Fred W. Slaughter of the Central District of California appointed Pomerantz LLP as Lead Counsel on behalf of Wong Haping and He Xianghong– the Co-Lead Plaintiffs, and the class, in Zhang v. 17 Education & Technology Group Inc., 22-cv-4937 (C.D. Cal.). This securities class action alleges that 17 Education & Technology Group Inc. misled the market in relation to its initial public offering (“IPO”) and the ongoing development of regulatory efforts in China that would materially impact its operations and financial performance. 17EdTech is an education technology company that provides in-school and after-school K-12 education services to schools, teachers…
Read More
On October 19, 2022, U.S. District Judge Nathanial M. Gorton of the District of Massachusetts appointed Pomerantz LLP as Lead Counsel on behalf of MW Gestion – the Lead Plaintiff, and the class, in In re 1Globe Capital LLC Sec. Lig., 22-cv-11315 (D. Mass.). This securities class action alleges that 1Globe Capital LLC misled the market in connection with their battle for control of Sinovac Biotech Ltd. 1Globe is a family investment office, owned and controlled by Defendant Jiaqiang Li, that focuses on investment in public and private companies in the healthcare and high-tech sectors. Sinovac is a biopharmaceutical company that focuses on researching, developing, manufacturing…
Read More
On October 17, 2022, U.S. Magistrate Judge Marcia M. Henry, of the Eastern District of New York, appointed Pomerantz LLP as Co-Lead Counsel on behalf of its client, Qingping Deng, who serves as the Co-Lead Plaintiff – with another, and the class, in In re Astra Space Inc. f/k/a Holicity Inc. Sec. Lig., 22-cv-737 (E.D.N.Y.). This securities action alleges that Astra Space Inc. misled the market by significantly overstating both the reliability and versatility of its rockets and the commercial prospects for the Company’s business. Astra designs and operates space launch vehicles and ground infrastructure solutions to support space operations that enable customers, including satellite operators, defense contractors and government…
Read More
On September 21, 2022, U.S. District Judge Indira Talwani, of the District of Massachusetts, appointed Pomerantz’s Brenda Szydlo and Dean P. Ferrogari, as Lead Counsel on behalf of Yichun Xie, the Lead Plaintiff, and the class, in Xie v. Desktop Metal, Inc., 22-cv-10297 (D. Mass.). This securities action alleges that Desktop Metal, Inc. misled the market regarding its failure to perform adequate due diligence into the manufacturing and product compliance practices of EnvisionTEC, Inc. before it acquired EnvisionTEC. Desktop Metal is a technology manufacturing company that designs and markets 3D printing systems. On February 16, 2021, the Company acquired EnvisionTEC and certain of its affiliates, which…
Read More
Pomerantz is pleased to announce that on October 1, 2022, it opened its first London office, and that Dr. Daniel Summerfield has joined Pomerantz as Manager of the new office and Business Development Director for the United Kingdom. Jennifer Pafiti, Pomerantz Partner and Head of Client Services as well as a dually qualified U.K. Solicitor and U.S. attorney, co-heads the London office with Dr. Summerfield. Dr. Summerfield was formerly the Head of Corporate Affairs of the Universities Superannuation Scheme (USS), the U.K.’s largest private pension fund, having previously served as USS’s Co-Head of Responsible Investment for many years. Dr. Summerfield brings to Pomerantz a wealth of professional experience, particularly with his strong background…
Read More
