Faruqi & Faruqi LLP - newshttp://www.faruqilaw.com/newsFaruqi & Faruqi LLP - newsCourt Appoints Faruqi & Faruqi, LLP Lead Counsel in Securities Class Action Against CV Sciences, Inc. http://www.faruqilaw.com/news/show/id/217 On November 15, 2018, United States District Judge Jennifer A. Dorsey of the United States District Court for the District of Nevada appointed Faruqi & Faruqi, LLP to serve as Lead Counsel in Smith v. CV Sciences, Inc., et al., No. 2:18-cv-01602-JAD-PAL.

For further inquiries regarding this matter, please contact Richard Gonnello at rgonnello@faruqilaw.com or (212) 983-9330.

A copy of Judge Dorsey's order is linked below.

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Fri, 16 Nov 2018 00:00:00Ian Berkelaar
Faruqi & Faruqi Commences Lawsuit Against the Officers and Directors of Tesla, Inc.http://www.faruqilaw.com/news/show/id/216 On October 17, 2018, Faruqi & Faruqi, LLP filed a shareholder derivative lawsuit in the Court of Chancery of the State of Delaware, C.A. No. 2018-0749, on behalf of Tesla, Inc. (“Tesla”) and its stockholders. The complaint alleges in part that Tesla’s officers and directors breached their fiduciary duties and violated state law in connection with Elon Musk’s allegedly false and misleading statements about taking the company private that has caused Tesla, amongst other things, to be sued by the Securities and Exchange Commission and settle that case for $20 million, name two new  independent directors, create a permanent committee to review company statements prior to public dissemination, and hire a securities attorney to ensure compliance with SEC disclosure regulations.

A copy of the Complaint can be found below.

A report from Law360 can be found here.

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Thu, 18 Oct 2018 00:00:00Alex Coviello
Faruqi & Faruqi, LLP Wins Class Certification For Kona Beer Consumershttp://www.faruqilaw.com/news/show/id/215 On September 26, 2018, the Honorable Beth L. Freeman of the United States District Court of the Northern District of California granted Faruqi & Faruqi, LLP’s class certification motion in a consumer class action against Craft Brew Alliance, Inc. (“CBA”). On July 16, 2018, Faruqi & Faruqi filed its motion seeking to certify classes of California consumers alleging that CBA intentionally misleads consumers into believing that its Kona Brewing Co. brand beers are brewed in Hawaii when they are brewed in the mainland United States. Partners Timothy J. Peter and Ben Heikali of Faruqi & Faruqi, LLP are heading this litigation.

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Fri, 28 Sep 2018 00:00:00Derek Behnke
Faruqi & Faruqi Wins Approval of $166 Million Settlement for Lidoderm Direct Purchasershttp://www.faruqilaw.com/news/show/id/214 Faruqi & Faruqi LLP (“Faruqi”) is pleased to announce final approval of a $166 million settlement on behalf of direct purchasers in In re Lidoderm Antitrust Litig., No. 14-md-2521 (N.D.Cal.).  This settlement is among the highest drug or device antitrust class action recoveries on record, measured as a percentage of actual damages.  The settlement represents the culmination of a case begun in November 2013, and will be shared among a class of approximately fifty-five (55) companies that purchased Lidoderm directly from its manufacturers.  Both class members and the district court have recognized that this is an excellent result on behalf of the class.

Faruqi filed its Lidoderm Complaint on behalf of its client Rochester Drug Co-Operative, Inc. (“RDC”) following an investigation by lawyers for the firm that first began in 2011.  The case concerns RDC’s allegation that the manufacturers of branded Lidoderm, a patch used to treat topical pain, conspired with a potential competitor to delay generic competition.  In return for the generic’s agreement not to launch, the brand manufacturers paid the generic with $96 million in free brand Lidoderm, and also promised not to launch a competing authorized generic Lidoderm for 7.5 additional months after the delayed generic launch.  As a result of this conspiracy, competition in the Lidoderm market was delayed over eight months, the price of Lidoderm was kept artificially high, and direct purchasers were thereby overcharged.

Faruqi served as co-lead counsel for the class, and supervised every aspect of the case since its inception.  Faruqi partner Peter Kohn appeared before the court in the Northern District of California multiple times to argue key motions, including the plaintiffs’ defeat of defendants’ motion to dismiss, as well as discovery motions that shaped the case.  Faruqi attorneys participated in drafting briefs on the motion to dismiss, in favor of (successful) class certification, and in support of a successful motion for partial summary judgment, among many others.  Faruqi attorneys also took numerous depositions, and directed an aggressive discovery strategy that was key to favorably positioning plaintiffs for trial.  Over the past year, Faruqi attorneys prepared for all aspects of a complex antitrust trial.  These efforts led to a settlement on the eve of trial that Judge William Orrick characterized as an “excellent recovery” on behalf of the class.

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Thu, 13 Sep 2018 00:00:00Alex Coviello
Faruqi & Faruqi excited to expand into new offices in downtown Philadelphiahttp://www.faruqilaw.com/news/show/id/213 We are pleased to announce we have moved our Jenkintown Pennsylvania office to downtown Philadelphia!

Our new address is:

1617 JFK Boulevard, Suite 1550
Philadelphia, PA 19103

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Mon, 10 Sep 2018 00:00:00Alex Coviello
Faruqi & Faruqi, LLP, Announces Final Court Approval Of Shareholder Derivative Action Settlement On Behalf Of Natural Health Trends Corporation And Its Shareholdershttp://www.faruqilaw.com/news/show/id/212 On July 16, 2018, the Honorable Terry J. Hatter, Jr., United States District Court of the Central District of California, granted final approval of the proposed settlement of the derivative action.  Faruqi & Faruqi represented the shareholders of Natural Health Trends Corporation (“NHTC” or the “Company”). The settlement provides for corporate governance reforms, including extensive amendments to the Company’s Audit Committee Charter and retention of an outside vendor for NHTC’s internal whistleblower program. The Court commended the parties’ counsel for their professionalism during the course of the litigation.  Stuart J. Guber was lead attorney for F&F.

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Mon, 13 Aug 2018 00:00:00Alex Coviello
Faruqi & Faruqi, LLP Announces Final Approval Of Settlement On Behalf Of Genworth Financial Shareholdershttp://www.faruqilaw.com/news/show/id/210 On July 4, 2018, the Honorable Robert E. Payne, Senior United States District Judge for the Eastern District of Virginia, Richmond Division, granted final approval of the proposed settlement in Rice v. Genworth Financial Inc., et al., C.A. No. 3:17-CV-00059.  F&F, as co-lead counsel, obtained significant equitable relief for Genworth Financial shareholders through the dissemination of an amendment to the proxy statement, which contained important additional information regarding the pending acquisition Genworth Financial by China Oceanwide Holdings Group Co., Ltd that had been previously withheld by Genworth. 

In granting final approval, and awarding $625,000 in attorney’s fees, Judge Payne noted that “it was a hard-fought case, and . . . counsel took a reasonable approach to trying to solve it which is to solve it quickly, and yet devise a mechanism by which they could assure themselves that the prompt resolution did not compromise the interest of their clients and the class that they were seeking to represent.”  Ultimately, Judge Payne determined “that this zealously defended, hard-fought case meets all the fairness factors. Therefore, the Court has no difficulty in approving the settlement class and approving the settlement as reasonable, fair, and adequate[.]”

The Court also noted that this case was “a model, in my judgment, for the way in which litigation of this sort ought to be dealt with professionally.”

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Tue, 24 Jul 2018 00:00:00Alex Coviello
Court Appoints Faruqi & Faruqi, LLP Lead Counsel in Securities Class Action Against Tahoe Resources, Inc.http://www.faruqilaw.com/news/show/id/209 On July 13, 2018, United States District Judge Richard F. Boulware II of the United States District Court for the District of Nevada appointed Faruqi & Faruqi, LLP to serve as Lead Counsel in In re Tahoe Resources, Inc. Securities Litigation, No. 2:17-cv-01868-RFB-NJK.

For further inquiries regarding this matter, please contact Richard Gonnello at rgonnello@faruqilaw.com or (212) 983-9330.

A copy of Judge Boulware’s order is linked below.

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Mon, 23 Jul 2018 00:00:00Ian Berkelaar
Faruqi & Faruqi Announce Conditional Certification in the ESR Collective Actionhttp://www.faruqilaw.com/news/show/id/208 The Honorable Manuel L. Real of the United States District Court for the Central District of California conditionally certified a collective action brought by a former Emergency Services Restoration Technician, alleging that his former employers have a common practice of misclassifying their Technicians and Helpers as independent contractors, in Vigers v. Emergency Services Restoration, Inc., et al., No. 2:17-cv-08482-R-RAO.

Plaintiff asserts that the Technicians and Helpers should instead be classified as ESR employees and receive minimum and overtime wages as required under the federal law.  Plaintiff claims that ESR exerts overwhelming control over the manner in which their Technicians and Helpers do their work.  Indeed, ESR requires all their Technicians and Helpers to follow a detailed script when performing work, drive ESR trucks, wear ESR uniform, distribute ESR business cards and advertising materials, and be on call to work for ESR 24 hours per day, 6 days per week.  Most critically, ESR requires all Technicians and Helpers to enter into a strict non-compete agreement, forbidding them from performing any similar work for other companies.

Judge Real found that Plaintiff has sufficiently alleged that he is similarly situated to all other Technicians and Helpers because they were all victims of the same uniform policy and scheme.  Following Judge Real’s ruling, Faruqi & Faruqi will send the Court-authorized notice of the lawsuit to all Technicians and Helpers who have worked for ESR in California or Texas at any time since November 21, 2014, advising them of their right to opt-in to the lawsuit. 

Faruqi & Faruqi’s Innessa Melamed Huot is lead attorney on this matter and can be reached at (877) 476-7797 or (212) 983-9330 ext. 1319.

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Mon, 25 Jun 2018 00:00:00Alex Coviello
Faruqi & Faruqi Represents Consumers Against Saks in Recent Data Breachhttp://www.faruqilaw.com/news/show/id/207 On June 8, 2018, Faruqi & Faruqi, LLP filed a class action lawsuit against Saks & Company LLC, parent company for all Saks OFF 5TH and Saks Fifth Avenue stores nationwide, regarding the massive data breach that exposed the credit and debit card information of over five million Saks customers. Faruqi & Faruqi has extensive knowledge and expertise in data breach class actions, representing consumers and shareholders nationwide in actions against Uber, Wendy’s, Arby’s, and Home Depot.
If you were affected by a data breach and have been injured as a result, please contact our attorneys to ensure that your rights are fully and speedily protected.

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Mon, 18 Jun 2018 00:00:00Alex Coviello