Faruqi & Faruqi LLP - newshttp://www.faruqilaw.com/newsFaruqi & Faruqi LLP - newsFaruqi & Faruqi, LLP, Wins Appeal in Caraco M&A Litigationhttp://www.faruqilaw.com/news/show/id/173 Faruqi & Faruqi, as co-lead counsel, is pleased to announce that the Michigan Appeals Court reversed and remanded the trial court’s decision dismissing the complaint in In re Caraco Pharmaceutical Laboratories Shareholder Litigation. This is a great victory for plaintiffs considering that Michigan law sets a higher bar than Delaware law does for pleading a breach of fiduciary duty in the context of a merger and acquisition involving a controlling shareholder taking a company private. The Michigan Appeals Court decision is attached.

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Tue, 13 Jun 2017 00:00:00Raul Mondragon
Faruqi & Faruqi, LLP Announces Preliminary Approval Of Settlement In Rihn v. ACADIA Pharmaceuticals Inc.http://www.faruqilaw.com/news/show/id/172 Faruqi & Faruqi, LLP, sole lead counsel,  is pleased to announce that the Court has preliminarily approved a settlement in Rihn v. ACADIA Pharmaceuticals Inc., Case No.: 15-CV-00575-BTM-DHB.  The settlement provides for a cash payment of $2.925 million in exchange for the release of all claims alleged in the action.  As a result, notice will be sent to class members to advise them of their rights to participate in, object to, or seek exclusion from the settlement.  The final fairness hearing is scheduled for October 3, 2017.

If you purchased ACADIA common stock and/or call options between November 10, 2014 and March 11, 2015, both dates 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, 12 Jun 2017 00:00:00Alex Coviello
In re Lidoderm Antitrust Litigation, No. 14-md-2521-WHO (N.D. Cal.)http://www.faruqilaw.com/news/show/id/171 Important information for direct purchasers of Lidoderm about class certification. Click here for more information.

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Mon, 8 May 2017 00:00:00Raul Mondragon
Faruqi & Faruqi Achieves Historic Settlement in In re The Home Depot, Inc. Shareholder Derivative Litigationhttp://www.faruqilaw.com/news/show/id/170 Faruqi & Faruqi, as co-lead counsel, achieved the first settlement ever in a data breach shareholder derivative lawsuit.  On April 21, 2017, Plaintiffs Cora Frohman and Mary Lou Bennek, on behalf of nominal defendant, The Home Depot (the “Home Depot” or the “Company”), reached an agreement-in-principle with the defendants named in the action, whereby Home Depot agreed to adopt and/or maintain various corporate governance reforms pertaining to data security.  The parties, with the assistance and input from renowned data security experts and representatives from Home Depot, including the Company’s Chief Information Security Officer, the Company’s Senior Director of Information Security and the Company’s Director of Information Security, worked together to reach an amicable conclusion to this action and devise state of the art corporate governance reforms intended to enhance the Company’s existing cybersecurity policies and procedures. The proposed settlement is subject to court approval.

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Tue, 2 May 2017 00:00:00Alex Coviello
Ninth Circuit Lowers the Pleading Bar for “Fake Sale” Caseshttp://www.faruqilaw.com/news/show/id/169 Earlier this week, the Ninth Circuit Court of Appeals reversed a lower court’s decision dismissing a “fake sale” suit for lack of specificity. The class action suit brought by a California consumer alleges that defendant Neiman Marcus engaged in deceptive conduct by selling products at its “Last Call Store” with artificial “Compared to” price tags, when those products were never offered for sale at any point in any traditional Neiman Marcus store. Instead, the products were manufactured strictly for sale at the Last Call Stores, according to the complaint. While the lower court had dismissed the case, reasoning that plaintiff had not provided “evidence that [defendant] advertised that its ‘Last Call’ stores sold merchandise previously for sale at the flagship stores.”  The Ninth Circuit disagreed, noting that “[w]ithout an opportunity to conduct any discovery, [plaintiff] cannot reasonably be expected to have detailed personal knowledge of Neiman Marcus's internal pricing policies.” The Ninth Circuit remanded the case, holding that plaintiff “need not specifically plead facts to which she cannot ‘reasonably be expected to have access.’”

The full decision can be found at:
https://cdn.ca9.uscourts.gov/datastore/memoranda/2017/04/18/15-55890.pdf

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Fri, 21 Apr 2017 00:00:00Alex Coviello
California’s Supreme Court pushes back on Concepcionhttp://www.faruqilaw.com/news/show/id/168 In a unanimous ruling earlier this month, the Supreme Court of California held that an arbitration agreement waiving the public’s right to seek class-wide injunctive relief violates public policy and is therefore unenforceable. The landmark decision in McGill v. Citibank, N.A., pushes back on the U.S. Supreme Court’s decision in AT&T Mobility LLC v. Concepcion, which permits companies to force consumers’ class action claims, whether for damages or injunctive relief, into private arbitration. “A provision in any contract ... that purports to waive ... the statutory right to seek public injunctive relief under the UCL, the CLRA, or the False Advertising Law is invalid and unenforceable under California law,” wrote the California Supreme Court.

For more information on the recent decision, please visit https://dlbjbjzgnk95t.cloudfront.net/0910000/910792/decision.pdf

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Mon, 17 Apr 2017 00:00:00Alex Coviello
Faruqi & Faruqi, Llp Announces Preliminary Approval Of Settlement In In Re Geron Corporation Securities Litigationhttp://www.faruqilaw.com/news/show/id/167 Faruqi & Faruqi LLP is pleased to announce that the Court has preliminarily approved a settlement in In re Geron Corp. Sec. Litig., Case No: 3:14-CV-01224-CRB.  The settlement provides for a cash payment of $6.25 million in exchange for the release of all claims alleged in the action.  As a result, notice will be sent to class members to advise them of their rights to participate in, object to, or seek exclusion from the settlement.  For more information regarding the settlement, please visit www.GeronCorporationSecuritiesLitigation.com.  The final fairness hearing is scheduled for July 21, 2017.

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Mon, 10 Apr 2017 00:00:00Raul Mondragon
Faruqi & Faruqi Reaches Settlement On Behalf Of Shareholders Of Avalanche Biotechnologies, Inc.http://www.faruqilaw.com/news/show/id/166 Faruqi & Faruqi is pleased to announce that on March 16, 2017, Plaintiffs, on behalf of themselves and a class of all persons who purchased the common stock of Avalanche Biotechnologies, Inc. (“Avalanche) traceable to the Avalanche IPO seeking to pursue remedies under the Securities Act of 1933 and/or purchased Avalanche common stock between July 31, 2014 and June 15, 2015, inclusive, seeking to pursue remedies under the Securities Exchange Act of 1934, reached a settlement in principle with the defendants named in this action, whereby the defendants will pay $13,000,000 in cash to shareholders in exchange for a release of the claims alleged against them in Plaintiffs’ lawsuit pending in the U.S. District Court for the Northern District of California and the lawsuit pending in the Superior Court of the State of California for the County of San Mateo filed by Beaver County Employees Retirement Fund (“Beaver County”).  Plaintiffs and Beaver County intend to seek approval of the settlement in state court.  If the court preliminarily approves the settlement, notice will be sent to class members to advise them of their rights to participate in, object to, or seek exclusion from the settlement.

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Wed, 22 Mar 2017 00:00:00Alex Coviello
Faruqi & Faruqi recognized as one of the Top Law Firms representing plaintiffs (2009-2016), Lex Machina Securities Litigation Report 2017http://www.faruqilaw.com/news/show/id/165 Faruqi & Faruqi recognized as one of the Top Law Firms representing plaintiffs (2009-2016), Lex Machina Securities Litigation Report 2017


Click here to read the Law360 article.

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Thu, 16 Mar 2017 00:00:00Alex Coviello
Faruqi & Faruqi Obtains Significant Victory On Behalf of Consumers in Becerra et al. v. General Motors LLChttp://www.faruqilaw.com/news/show/id/164 On March 10, 2017, the Honorable William Q. Hayes of the United States District Court for the Southern District of California denied, in part, Defendant’s Motion to Dismiss in Becerra et al. v. General Motors LLC, No. 15-cv-02365.  Judge Hayes found that Plaintiffs had sufficiently pled claims against General Motors for manufacturing and selling trucks with inadequate headlights that failed to sufficiently illuminate the road for safe night-time driving conditions.  Faruqi & Faruqi, as co-lead counsel, represents the Plaintiffs and a class of similarly-situated consumers who purchased the 2014 – 2015 model year GMC Sierra vehicles.  Innessa Melamed heads the litigation on behalf of Faruqi & Faruqi.

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Wed, 15 Mar 2017 00:00:00Alex Coviello