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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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For the third year running, Pomerantz has been recognized by Benchmark Litigation as one of the top plaintiffs’ securities litigation firms in the United States. Benchmark has also honored individual Pomerantz partners as litigation stars. Following Benchmark’s “most comprehensive” review of the litigation market to date, featuring a reportedly record-breaking number of firms vying for rankings, Benchmark praised Pomerantz’s “prodigious capacity for cases and its tenacity to keep pursuing them.” Specifically, Benchmark cited the “eye-popping $3 billion settlement” with…
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In a significant victory for damaged Deutsche Bank AG investors, the bank has agreed to pay nearly $26.3 million to end a proposed class action against it on behalf of investors who acquired Deutsche Bank stock between March 14, 2017, and May 12, 2020. Pomerantz is sole lead counsel representing the putative class of plaintiffs in the litigation. The recovery represents approximately 49.4% of the likely recoverable damages in this case, which is well above the median recovery of 1.8% of estimated damages for all securities class actions settled in 2021. Plaintiffs have moved the court for approval of the settlement. The complaint, filed in 2020, alleges…
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On September 19, 2022, U.S. Magistrate Judge Roanne L. Mann, of the Eastern District of New York, appointed Pomerantz LLP as Lead Counsel on behalf of Kashif Memon, the Lead Plaintiff, and the class, in In re Spero Therapeutics, Inc. Sec. Litig., 22-cv-3125 (E.D.N.Y.). This securities action alleges that Spero Therapeutics misled the market regarding the regulatory and commercial prospects for Tebipenem Pivoxil Hydrobromide (“Tebipenem HBr”), an oral carbapenem-class antibiotic to treat complicated urinary tract infections, including pyelonephritis for adults. Spero is a clinical-stage biopharmaceutical company…
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On September 16, 2022, U.S. District Judge Roy B. Dalton Jr., of the Middle District of Florida (Orlando Division), appointed Pomerantz LLP as Co-Lead Counsel on behalf of its client, Michael Edge, who serves as the Co-Lead Plaintiff – with another, and the class, in Edge v. Tupperware Brands Corporation, 22-cv-1518 (M.D. Fla.). This securities action alleges that Tupperware Brands Corporation misled the market regarding its financial performance and condition. Tupperware is a global consumer products company that markets kitchen and household products, including its well-known line of plastic food storage containers. The Company also makes…
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On August 25, 2022, U.S. Magistrate Judge Scott T. Varholak, of the District of Colorado, appointed Pomerantz LLP as Lead Counsel on behalf of Jan Lambert, the Lead Plaintiff, and the class, in Saee v. Enservco Corporation, 22-cv-1267 (D. Colo.). This securities action alleges that Enservco Corporation misled the market regarding the effectiveness of its disclosure controls, the accuracy of its financial statements, and the true scope of its financial reporting issues. Enservco, through its subsidiaries, provides well enhancement and fluid management services to the onshore oil and natural gas industry in the U.S. Allegations against Enservco include that: (i) the Company…
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On August 5, 2022, U.S. District Judge Fernando L. Aenlle-Rocha, of the Central District of California, appointed Pomerantz LLP as Lead Counsel on behalf of Ken Callen, the Lead Plaintiff, and the class, in Boudre v. Resonant, Inc., 22-cv-3403 (C.D. Cal.). This securities action alleges that Resonant, Inc. ("Resonant" or the "Company") misled the market regarding its financial projections, valuation, and reasonability of the tender offer from PJ Cosmos Acquisition Company, Inc. (“PJ Cosmos”) – a wholly-owned subsidiary of Murata Electronics North America, Inc. (“Murata”) – for a merger (“the “Merger”). Resonant designs and develops radio frequency (“RF”) filters, design software and…
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On August 3, 2022, U.S. Magistrate Judge Peggy Kuo of the Eastern District of New York appointed Pomerantz LLP as Co-Lead Counsel on behalf of Tse Winston Wing Kuen and James Liner – the Co-Lead Plaintiffs – with others, and the class, in Poirier v. Bakkt Holdings, Inc., 22-cv-2283 (E.D.N.Y.). This securities action alleges that Bakkt Holdings, Inc. misled the market through faulty financial controls and reporting. Bakkt is a digital asset platform that enables business and retail customers to manage payments and buy, sell, spend and redeem digital financial assets, including cryptocurrencies and loyalty rewards. The Company was formed…
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Pomerantz is proud to announce that Partner Michael Grunfeld was, for the third year in a row, named to Benchmark Litigation’s 40 & Under List. The list honors the “best and brightest law firm partners who stand out in their practices,” aged 40 or younger, who handle “high-stakes or precedent-setting” major cases. Honorees have established themselves in their respective practice areas, distinguishing themselves through a track record of superior recent case work, and earned exceptional feedback from peers and clients during Benchmark Litigation’s research review. Michael has played a leading role in some of Pomerantz’s most significant class action litigations, including its case against Yahoo!…
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