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Securities Litigation

Since its inception over seventeen years ago, Faruqi & Faruqi, LLP has devoted a substantial portion of its practice to class action securities fraud litigation.  In In re Purchase Pro Inc. Securities Litig., Master File No. CV-S-01-0483-JLQ (D. Nev. 2001), as co-lead counsel for the class, Faruqi & Faruqi, LLP secured a $24.2 million settlement in a securities fraud litigation.  As noted by Senior Judge Justin L. Quackenbush in approving the settlement, “I feel that counsel for plaintiffs evidenced that they were and are skilled in the field of securities litigation.”

Other past achievements include: In re Olsten Corp. Secs. Litig., C.A. No. 97-CV-5056 (E.D.N.Y.) (recovered $25 million dollars for class members), In re Mitcham Indus, Inc. Secs. Litig., Master File No. H-98-1244 (S.D. Tex. 1998) (recovered $3 million dollars on behalf of class members despite the fact that corporate defendant was on the verge of declaring bankruptcy), and Ruskin v. TIG Holdings, Inc., C.A. No. 98 Civ. 1068 (S.D.N.Y. 1998) (recovered $3 million dollars on behalf of class members).

Recently, in Shapiro v. Matrixx Initiatives, Inc., Case No. CV-09-1479-PHX-ROS, Faruqi & Faruqi, LLP, as co-lead counsel for the class, defeated defendants’ motion to dismiss and succeeded in having the action certified as a class action.  Counsel is currently conducting discovery on behalf of class members.