Faruqi & Faruqi LLP - newshttp://www.faruqilaw.com/newsFaruqi & Faruqi LLP - newsFaruqi & 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, LLP Announces Final Approval Of Settlement On Behalf Of Genworth Financial Shareholdershttp://www.faruqilaw.com/news/show/id/211 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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Thu, 19 Jul 2018 00:00:00Alex Coviello
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
Court Appoints Faruqi & Faruqi, LLP Lead Counsel in Securities Class Action Against Intercept Pharmaceuticals, Inc.http://www.faruqilaw.com/news/show/id/206 On June 1, 2018, United States District Judge Lewis A. Kaplan of the United States District Court for the Southern District of New York appointed Faruqi & Faruqi, LLP to serve as Lead Counsel in DeSmet v. Intercept Pharmaceuticals, Inc., et al., No. 1:17-cv-07371-LAK.

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

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

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Fri, 1 Jun 2018 00:00:00Ian Berkelaar
Court Appoints Faruqi & Faruqi, LLP Lead Counsel In Securities Class Action Against Ohr Pharmaceutical, Inc.http://www.faruqilaw.com/news/show/id/203 On May 31, 2018, Senior Judge Loretta A. Preska of the United States District Court for the Southern District of New York appointed Faruqi & Faruqi, LLP to serve as Lead Counsel in Khanna v. Ohr Pharmaceutical, Inc. et al, No. 1:18-cv-01284-LAP.

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

A copy of Judge Preska’s Order is below.

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Thu, 31 May 2018 00:00:00Ian Berkelaar
Supreme Court Denies Barclays’ Petition for Certiorari In Dark Pool Casehttp://www.faruqilaw.com/news/show/id/201 On Monday, April 30, 2018, the Supreme Court denied Barclays PLC’s (“Barclays”) petition for certiorari seeking review of the Second Circuit’s decision in Waggoner v. Barclays PLC, 875 F.3d 79 (2d Cir. 2017), affirming certification of a class of investors who sued Barclays for securities fraud tied to Barclays’ dark pool trading platform.  See Dunstan Prial, Supreme Court Won’t Hear Barclays Dark Pool Cert Appeal, Law360 (Apr. 30, 2018).  Barclays sought the U.S. Supreme Court’s review of two issues, including “[w]hether plaintiffs may invoke the fraud on the market presumption [of reliance] without direct evidence that the price of the security responded to new, material information during the class period.”  Petition for Writ of Certiorari at i, Barclays PLC, et al., v. Waggoner, et al. (Feb. 28, 2018) (No. 17-1209).  The Supreme Court’s denial of certiorari leaves the Second Circuit’s decision intact, which held, inter alia, that plaintiffs seeking class certification under the fraud on the market presumption need not always offer direct evidence of price impact in order to demonstrate market efficiency.  Waggoner, 875 F.3d at 106.

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Tue, 1 May 2018 00:00:00Raul Mondragon
Faruqi & Faruqi Defeats Motion to Dismiss in Consumer Class Action Against Canada Dry Ginger Alehttp://www.faruqilaw.com/news/show/id/200 On April 25, 2018, Judge Roseann A. Ketchmark of the Western District of Missouri denied Dr Pepper/Seven Up, Inc. and Dr Pepper Snapple Group, Inc.’s motion to dismiss in its entirety. The Court sustained plaintiff’s allegations that Defendants mislead consumers into believing their Canada Dry Ginger Ale soft drinks are “Made from Real Ginger.” A copy of the Court’s order can be found here. Partners Timothy J. Peter and Ben Heikali of Faruqi & Faruqi, LLP are heading this litigation.

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Wed, 25 Apr 2018 00:00:00Alex Coviello