Faruqi & Faruqi LLP - newshttp://www.faruqilaw.com/newsFaruqi & Faruqi LLP - newsFaruqi & Faruqi, LLP is Recognized as the Second Largest Minority-Owned Law Firm in New York Statehttp://www.faruqilaw.com/news/show/id/121 Faruqi & Faruqi, LLP is honored to announce that the firm has been recognized as the second largest minority-owned law firm in New York State. The current chart of New York-based minority owned firms was published on June 15, 2015, in the New York Law Journal.  Faruqi & Faruqi is headed by managing partners Nadeem Faruqi and Lubna M. Faruqi.

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Tue, 16 Jun 2015 00:00:00Sami Ahmad
Court Appoints Faruqi & Faruqi, LLP Co-Lead Counsel In Altair Nanotechnologies, Inc. Derivative Litigationhttp://www.faruqilaw.com/news/show/id/120 On May 15, 2015, Judge Analisa Torres of the United States District Court for the Southern District of New York appointed Faruqi & Faruqi, LLP and one other law firm as co-lead counsel for plaintiffs in: In re Altair Nanotechnologies Shareholder Derivative Litigation, 1:14-cv-09418-AT (S.D.N.Y.). Judge Torres wrote that “Both firms have significant experience in the area of shareholder derivative and securities class action litigation... and both are well-qualified to pursue this litigation.” The Lead Counsel Order can be accessed through the link below.

The complaint alleges the breach of fiduciary duty, the waste of corporate assets, unjust enrichment, the aiding and abetting of fiduciary violations, and gross mismanagement by the individual defendants. For further information, please contact Stuart J. Guber at sguber@faruqilaw.com or (215) 277-5770.

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Mon, 18 May 2015 00:00:00Sami Ahmad
United States Court of Appeals For The Fourth Circuit Denies Petition For Rehearing In Historic Appeal Against Chelsea Therapeuticshttp://www.faruqilaw.com/news/show/id/118 United States Court of Appeals For The Fourth Circuit Denies Petition For Rehearing In Historic Appeal Against Chelsea Therapeutics

On March 16, 2015, the United States Court of Appeals for the Fourth Circuit determined that the claims asserted against Chelsea Therapeutics International, Ltd. should be remanded for further proceedings because the claims had been erroneously dismissed by the district court:

“Upon our review, we hold that the district court erred in taking judicial notice of the challenged documents filed with the SEC, because those documents did not relate to the contents of the complaint. We further hold that this error was not harmless, because the court incorrectly construed these documents as supporting its holding that the plaintiffs’ allegations of scienter were legally insufficient. Finally, we hold that based on the defendants’ failure to disclose critical information about the weaknesses of the new drug application, the plaintiffs’ allegations were sufficient to support a strong inference of scienter. We therefore vacate the district court’s judgment dismissing the plaintiffs’ complaint and remand the case for further proceedings.”

See page 4 of the opinion which is linked below.

On April 13, 2015, the Fourth Circuit denied the Defendants’ Petition for Rehearing and Rehearing En Banc of the Court’s March 16, 2015 decision, stating that no judge requested a poll.

Plaintiff is represented by Richard W. Gonnello, Megan Sullivan, and Katherine Lenahan of Faruqi & Faruqi, LLP.

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Mon, 13 Apr 2015 00:00:00Sami Ahmad
Faruqi & Faruqi, LLP Obtains Significant Victories On Behalf Of Investors In In re Geron Corporation Securities Litigationhttp://www.faruqilaw.com/news/show/id/119 Faruqi & Faruqi, LLP Obtains Significant Victories On Behalf Of Investors In In re Geron Corporation Securities Litigation

(NASDAQ: GERN)

On April 10, 2015, United States District Judge Charles Breyer denied, in part, a motion to dismiss filed by Geron Corporation (“Geron”), Chief Executive Officer John A. Scarlett, Chief Financial Officer Olivia K. Bloom, and former Chief Medical Officer Stephen M. Kelsey (together “Defendants”).  The Court sustained claims alleging that the Defendants violated the federal securities laws by making materially false and misleading statements regarding the safety of Geron’s cancer drug, imetelstat, and the follow-up procedures for Geron’s Phase 2 trial of imetelstat in patients with Essential Thrombocythemia and Polycythemia Vera.  The Court also sustained claims alleging that Scarlett, Bloom, and Kelsey acted as control persons of Geron.

If you purchased Geron common stock between December 10, 2012 and March 11, 2014, inclusive, and would like to discuss your legal rights, call Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or send an e-mail to rgonnello@faruqilaw.com.

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Mon, 13 Apr 2015 00:00:00Sami Ahmad
Faruqi & Faruqi, LLP Wins Historic Appeal In Case Against Chelsea Therapeuticshttp://www.faruqilaw.com/news/show/id/117 On March 16, 2015, the United States Court of Appeals for the Fourth Circuit determined that the claims asserted against Chelsea Therapeutics International, Ltd. should be remanded for further proceedings because the claims had been erroneously dismissed by the district court:

"Upon our review, we hold that the district court erred in taking judicial notice of the challenged documents filed with the SEC, because those documents did not relate to the contents of the complaint. We further hold that this error was not harmless, because the court incorrectly construed these documents as supporting its holding that the plaintiffs’ allegations of scienter were legally insufficient. Finally, we hold that based on the defendants’ failure to disclose critical information about the weaknesses of the new drug application, the plaintiffs’ allegations were sufficient to support a strong inference of scienter. We therefore vacate the district court’s judgment dismissing the plaintiffs’ complaint and remand the case for further proceedings."

See page 4 of the opinion which is linked below.

Since the enactment of the Private Securities Litigation Reform Act of 1995, this was the first time that the Fourth Circuit reversed a dismissal of a securities fraud suit where the district court had determined that the plaintiffs had failed to plead that the defendants acted with the requisite state of mind.

Plaintiff is represented by Richard W. Gonnello, Megan Sullivan, and Katherine Lenahan of Faruqi & Faruqi, LLP.

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Mon, 16 Mar 2015 00:00:00Sami Ahmad
Court Certifies Class Action in Scotts EZ Seed Consumer Lawsuit http://www.faruqilaw.com/news/show/id/116 On January 26, 2015, Judge Vincent Briccetti of the United States District Court for the Southern District of New York granted plaintiffs motion to certify a class of purchasers of Scotts Turf Builder EZ Seed product (“EZ SEED”).  

The suit, which challenges defendants marketing of EZ Seed, alleges numerous causes of action for false advertising, breach of warranty, and unjust enrichment under New York and California law.

Additionally, Judge Briccetti appointed Faruqi & Faruqi as co-lead class counsel in the matter, citing Faruqi & Faruqi’s “substantial experience in consumer class action litigation.”

Commenting on the ruling, Plaintiffs’ attorney Antonio Vozzolo said, “we are pleased with the court’s well-reasoned and thorough analysis on granting class certification.”

For further inquiries regarding this matter, please contact Antonio Vozzolo at: avozzolo@faruqilaw.com or (212) 983-9330.

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Fri, 13 Mar 2015 00:00:00Sami Ahmad
Faruqi & Faruqi, LLP Announces Preliminary Court Approval of Settlement in In re L&L Energy, Inc. Securities Litigationhttp://www.faruqilaw.com/news/show/id/114 Faruqi & Faruqi, LLP Announces Preliminary Court Approval of Settlement in In re L&L Energy, Inc. Securities Litigation

(OTC: LLEN)

Faruqi & Faruqi, LLP is pleased to announce the Court’s preliminary approval of a settlement in In re L&L Energy, Inc. Securities Litigation, Master File No. 13-cv-06704-RA (S.D.N.Y.).  The settlement provides for $3,500,000.00 in cash to be paid to class members who purchased LLEN common stock between August 13, 2009 and September 18, 2013, inclusive.  A final approval hearing on the settlement will be held on June 26, 2015 at 10:00 a.m. at the United States District Court for the Southern District of New York.  Notice will be provided to class members in the upcoming weeks, and information about the settlement will be posted on www.strategicclaims.net.  In the meantime, a copy of the Court’s order preliminarily approving the settlement can be found at the link below.

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Thu, 26 Feb 2015 00:00:00Sami Ahmad
Faruqi & Faruqi, LLP Obtains Significant Victories On Behalf Of Investors In In re Dynavax Technologies Corporation Securities Litigation http://www.faruqilaw.com/news/show/id/115 Faruqi & Faruqi, LLP Obtains Significant Victories On Behalf Of Investors In In re Dynavax Technologies Corporation Securities Litigation

(NASDAQ: DVAX)

On February 20, 2015, United States District Judge Charles Breyer denied, in part, a motion to dismiss filed by Dynavax, Chief Executive Officer Dino Dina, Chief Medical Officer J. Tyler Martin, and director Mark Kessel and a motion to dismiss filed by Symphony Capital Partners, LP, Symphony Strategic Partners, LLC, Symphony Capital GP, LP, and Symphony GP, LLC (together “Symphony”).  The Court sustained claims alleging that Dynavax, Dina, and Martin violated the federal securities laws by making materially false and misleading statements and omissions regarding the prospects for approval of Dynavax’s Biologic License Application for its Hepatitis B vaccine, HEPLISAV.  The Court also sustained claims alleging that Kessel and Symphony, directly and as control persons, engaged in insider trading by selling common stock while in possession of confidential information regarding the failed inspection of Dynavax’s manufacturing facility for HEPLISAV.

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Thu, 26 Feb 2015 00:00:00Sami Ahmad
Faruqi & Faruqi, LLP Announces Settlement In re: Jefferies Group, Inc. Shareholders Litigation ($70M. Settlement)http://www.faruqilaw.com/news/show/id/113 In In Re Jefferies Group, Inc. Shareholders Litigation, C.A. No. 8059-CB (Del. Ch.), Jefferies Group, Inc. (“Jefferies” or the “Company”) and Leucadia jointly announced that they had entered into an agreement, dated November 11, 2012, under which Leucadia would acquire the remainder of Jefferies common stock that it did not already own in exchange for providing Jefferies stockholders with 0.81 Leucadia shares for each of their Jefferies shares. The Faruqi Firm is co-lead counsel and has reached an agreement-in-principle to settle the action for $70 million.

 

Please find attached the:

- Jefferies Summary Notice of Pendency & Proposed Settlement of Class Action

- Jefferies Scheduling Order

For additional information, please contact Juan E. Monteverde at jmonteverde@faruqilaw.com.

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Fri, 6 Feb 2015 00:00:00Sami Ahmad
Court Appoints Faruqi & Faruqi, LLP Lead Counsel in Securities Class Action Against China Mobile Games & Entertainment Group, Ltd.http://www.faruqilaw.com/news/show/id/112 Court Appoints Faruqi & Faruqi, LLP Lead Counsel in Securities Class Action Against China Mobile Games & Entertainment Group, Ltd.

On November 20, 2014, District Court Judge Kimba M. Wood of the United States District Court for the Southern District of New York appointed Faruqi & Faruqi, LLP to serve as Lead Counsel in In re CHINA MOBILE GAMES & ENTERTAINMENT GROUP, LTD SECURITIES LITIGATION, Case No. 14-cv-4471.

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

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Thu, 20 Nov 2014 00:00:00Sami Ahmad