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Archive for the ‘Class Action’ Category

Fitbit named in securities class action

Posted on: January 12th, 2016 by Steve Larson

Just days after being sued in a class action by consumers relating to alleged defective heart rate monitoring results, Fitbit, Inc. was hit with a proposed shareholder class action lawsuit in California federal court that claims the fitness tracking device company lied in statements issued in connection with its initial public offering and afterwards about the reliability of its heart rate monitoring technology. Read more…

Stoll Berne Settles Foreign Exchange Class Action with BNYM for $180 Million

Posted on: December 8th, 2015 by Keith Dubanevich

U.S. District Judge Lewis A. Kaplan recently approved a $180 million settlement in a proposed class action case against Bank of New York Mellon Corp. The lawsuit alleged that the bank operated a deceptive foreign currency exchange program.  Stoll Berne represented the putative class along with Bernstein Litowitz Berger & Grossmann LLP.  The firms represented the State of Oregon on behalf of several public pension funds and others who claimed BNY Mellon misled investors by making deceptive public statements about its foreign exchange program in violation of securities laws.

The settlement concluded long-running litigation first brought in 2011, alleging that BNY Mellon told customers it provided the “best execution” for foreign currency trades when in reality it bought the currencies at the lowest price of the day and sold it at the highest, pocketing the difference.

In March, BNY Mellon paid $714 million to settle fraud claims by the SEC, the U.S. Department of Justice, the New York attorney general and others over the foreign exchange program. BNY Mellon also admitted certain facts and agreed to fire two executives implicated in the scheme.

Hewlett Packard settles securities class action

Posted on: June 11th, 2015 by Steve Larson

Hewlett Packard has agreed to pay $100 million to end a proposed securities class action over its $11 billion acquisition of British software company, Autonomy Corp.  The proposed settlement with the shareholders comes after the federal judge for the Northern District of California, Judge Breyer, gave preliminary approval in March to a separate deal that promises corporate governance reforms to settle HP shareholders’ derivative claims over the Autonomy acquisition.

Tuesday’s proposed settlement calls for Judge Breyer to certify a class of investors that bought HP stock between the company’s August 2011 announcement of the Autonomy deal and its November 2012 disclosure of an $8.8 billion write-down.  The litigation stems from HP’s acquisition of Autonomy and subsequent $8.8 billion write-down.

The case is In re: HP Securities Litigation, case number 3:12-cv-05980, in the U.S. District Court for the Northern District of California.

Stoll Berne Seeks Class Certification in “London Whale” Suit

Posted on: February 19th, 2015 by Keith Dubanevich

Stoll Berne, along with co-counsel Bernstein Litowitz Berger & Grossmann LLP, Grant & Eisenhofer PA, and Kessler Topaz Meltzer & Check LLP, has filed for class certification in its case against JPMorgan Chase & Co. Read more…

Pfizer to Pay $400M to Settle Shareholder Suit

Posted on: January 28th, 2015 by Nadine Gartner

Pharmaceutical company Pfizer Inc. has reached an agreement in principle to pay $400 million to settle a class-action securities lawsuit. Read more…

U.S. Supreme Court Upholds the Fraud-on-the-Market Doctrine

Posted on: June 23rd, 2014 by Keith Dubanevich

On June 23, 2014, the U.S. Supreme court issued its opinion in Halliburton Co. v. Erica P. John Fund, Inc. and upheld the fraud-on-the-market doctrine.  The doctrine sets forth that the market, including Wall Street analysts and other professional investors, reviews the material public information about the company and sets the price for a security based on that information. Read more…

Class Action Waiver Violates FINRA Rules

Posted on: April 28th, 2014 by Nadine Gartner

The Board of Governors of the Financial Industry Regulatory Authority (“FINRA”) has held that Charles Schwab & Co., Inc. (“Schwab”) violated FINRA rules when the firm attempted to keep investors from participating in class actions by adding waiver language to customer account agreements. Read more…

London Whale Class Action Proceeding Against JPMorgan

Posted on: April 24th, 2014 by Nadine Gartner

Steve Larson describes a shareholder class action against JPMorgan on our class actions blog.  Read about it here.

Stoll Berne Investigates Galena Biopharma

Posted on: February 20th, 2014 by Nadine Gartner

Our firm is investigating potential claims concerning whether Galena Biopharma, Inc. (“Galena”) (NASDAQ: GALE), its board of directors and/or officers violated state or federal securities laws, or breached fiduciary duties owed to shareholders. Read more…

Fifth Circuit Rejects Halliburton’s Attempt to Defeat Class Certification With Price Impact Evidence

Posted on: May 14th, 2013 by Mark Friel

On April 30, 2013, the U.S. Court of Appeals for the Fifth Circuit, on remand from the U.S. Supreme Court, issued a decision in the securities fraud case of Erica P. John Fund, Inc. v. Halliburton Co.  In EPJ Fund, the Fifth Circuit rejected Halliburton’s attempt to defeat class certification by offering evidence of the absence of price impact. Relying on the earlier decision of the Supreme Court in Amgen v. Conn. Ret. Plans and Trust Funds, 133 S. Ct. 1184 (2013), the Fifth Circuit first explained that, while a misrepresentation’s materiality must at some point be proven in order to invoke the “fraud-on-the-market” presumption of reliance, the resolution of the question presents a common issue that affects all class members’ claims equally. Next, the court held that because Halliburton’s price impact evidence was offered only for the purpose of generally rebutting the presumption of reliance, and affected the ability of all class members to succeed on the merits of their claim, it could not be considered at class certification.

Judge Grants Class Certification Over False Claims by Radient Pharmaceuticals

Posted on: December 4th, 2012 by Nadine Gartner

A federal judge in the Central District of California has certified a class of investors in a pending securities fraud lawsuit against Radient Pharmaceuticals. Read more…

Pfizer Settles Class Action Lawsuit by Former Wyeth Shareholders

Posted on: November 15th, 2012 by Keith Dubanevich

Pfizer Inc. (“Pfizer”), the world’s largest pharmaceutical company, has agreed to pay $67.5 million to settle a class action lawsuit by shareholders of the former Wyeth Inc. (“Wyeth”), a pharmaceutical company bought by Pfizer in 2009.  Read more…

Legal Disclaimer

The information contained in this blog does not constitute legal advice, and does not create an attorney-client relationship. We make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this blog.

About this blog

The purpose of this blog is to provide information to the general public and to practitioners about developments that may impact Oregon investors.

About the author

  • Steve Larson

  • Keith Dubanevich
  • Steve Larson has been representing investors, consumers and employees in class actions in Oregon for over 20 years. He is a shareholder at the law firm of Stoll Berne in Portland, Oregon.
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