Faruqi & Faruqi LLP - newshttp://www.faruqilaw.com/newsFaruqi & Faruqi LLP - newsFaruqi & Faruqi Defeats Motion to Dismiss in Consumer Class Action Against Asahi Beer U.S.A., Inc.http://www.faruqilaw.com/news/show/id/189 On October 16, 2017, United States District Court Judge John A. Kronstadt of the Central District of California denied in its entirety Asahi Beer U.S.A.’s motion to dismiss. The Court sustained plaintiffs’ claims alleging that Asahi Beer misleads consumers into believing its Asahi Super Dry beer is brewed in Japan when the beer is in fact brewed in Canada. F&F’s victory follows its recent success on a motion to dismiss against Craft Brew Alliance, Inc., in which plaintiffs asserted that Kona beer is falsely advertised as brewed in Hawaii when in fact it is brewed on the mainland.   Partners Tim Peter and Ben Heikali are heading this litigation.

]]>
Mon, 16 Oct 2017 00:00:00Alex Coviello
Faruqi & Faruqi, Co-Lead Counsel, Announce Final Approval of a $5.6 Million Settlement in the CPA Global Class Actionhttp://www.faruqilaw.com/news/show/id/188 Honorable T.S. Ellis, III of the United States District Court for the Eastern District of Virginia granted Final Approval of the Class Action Settlement in Run Them Sweet, LLC et al. v. CPA Global, Ltd. et al., No. 16-cv-1347.  Faruqi & Faruqi, as co-lead counsel, represent the Plaintiff and a class of 2,917 similarly-situated current and former CPA Global patent-holder clients located throughout the United States in a settlement valued at $5.6 million.  The settlement provides reimbursement to the patent-holder clients of CPA Global for challenged fees associated with their patent renewals.  In addition to monetary relief, the settlement also provides for increased transparency in the invoices that clients will receive from CPA Global in the future.  F&F’s Innessa Melamed Huot was lead attorney on this matter.

]]>
Wed, 11 Oct 2017 00:00:00Alex Coviello
Faruqi & Faruqi, Lead-Counsel, Announces Final Approval of Settlement on Behalf of Sales Agents in the Safe Auto Wage & Hour Class Actionhttp://www.faruqilaw.com/news/show/id/186 Faruqi & Faruqi is pleased to announce final approval of the hard-fought settlement in Strong et al. v. Safe Auto Insurance Group, Inc. et al., No. 16-cv-765, in the United States District Court for the Southern District of Ohio.  The class action settlement represents a remarkable 82% recovery of the unpaid overtime and statutory damages claimed by more than 160 current and former Safe Auto sales agents from Kentucky and Ohio.  Innessa Melamed Huot, who heads Faruqi’s Employment Practice Group, was lead-counsel for Plaintiffs and the Class.

]]>
Wed, 4 Oct 2017 00:00:00Alex Coviello
Faruqi & Faruqi, Co-Lead Counsel, Obtains Final Court Approval of Historic Data Breach Shareholder Derivative Case, In re The Home Depot Shareholder Derivative Litigationhttp://www.faruqilaw.com/news/show/id/187 On October 2, 2017, the Honorable Thomas W. Thrash, Jr., Chief Judge of the United States District Court for the Northern District of Georgia, granted final approval of the proposed settlement in In re The Home Depot, Inc., Shareholder Derivative Litigation, Lead Case No. 1:15-CV-2999-TWT. F&F, as co-lead counsel, represent stockholders of The Home Depot, Inc. as of  April 21, 2017 in connection with the well-publicized data breach previously disclosed in September 2014. The Settlement provides for extensive corporate governance reforms directly connected to the cyber security issues raised in the Consolidated Amended Complaint and intended to enhance protection, deterrence,  and detection against future data breaches, and mitigate any ensuing damages as a result of such data breach. This is the first ever settlement of a shareholder derivative law suit based on  a company suffering a data breach.  Partner Stuart Guber and Senior Associate Nina Varindani headed the successful litigation.

]]>
Tue, 3 Oct 2017 00:00:00Alex Coviello
Faruqi & Faruqi, LLP, Co-Lead Counsel, Obtains Final Court Approval of $5.9 Million Settlement on Behalf of Comverge, Inc. Shareholdershttp://www.faruqilaw.com/news/show/id/184 On September 8, 2017, the Honorable Tamika Montgomery-Reeves, Vice Chancellor of the Delaware Court of Chancery, granted final approval of the proposed settlement in In re Comverge Shareholders Litigation, C.A. No. 7368-VCMR.  F&F, as co-lead counsel, represent stockholders who held Comverge, Inc. (“Comverge”) common stock (the “Class”) at the time Comverge was acquired by an affiliate of HIG Capital, LLC (“HIG”) for $1.75 per share (the “Merger”) in 2012.  The Settlement provides for a $5.9 million common fund (the “Common Fund”) in exchange for a release of claims against former directors of Comverge in connection with the Merger.  The Common Fund represents a $0.25 per share increase to the consideration Comverge stockholders received in the Merger and is an excellent recovery for the Class.

]]>
Fri, 15 Sep 2017 00:00:00Alex Coviello
Faruqi & Faruqi, LLP, Lead Counsel, Secures Preliminary Approval of a $13 Million Settlement in In re Avalanche Biotechnologies, Inc. Shareholder Litigationhttp://www.faruqilaw.com/news/show/id/185 Faruqi & Faruqi, LLP is pleased to announce that the Court has preliminarily approved a settlement in In re Avalanche Biotechnologies, Inc. Shareholder Litigation.  The settlement provides for a cash payment of $13 million in exchange for the release of the claims alleged in the federal securities class action pending in the U.S. District Court for the Northern District of California, for which Faruqi & Faruqi, LLP serves as sole Lead Counsel, 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.  A final approval hearing on the settlement is scheduled for January 19, 2018, at 9:00 a.m., at the Superior Court of the State of California for the County of San Mateo.  Notice will be sent to class members to advise them of their rights to participate in, object to, or seek exclusion from the settlement.  In the meantime, a copy of the Court’s order preliminarily approving the settlement can be found at the link below.

 

 

]]>
Fri, 15 Sep 2017 00:00:00Alex Coviello
Faruqi & Faruqi Is Appointed Lead Counsel to Represent Genworth Investors for False and Misleading Statements Regarding $2.7 Billion Sale of Companyhttp://www.faruqilaw.com/news/show/id/183 After a protracted and closely watched lead plaintiff fight, Faruqi & Faruqi LLP prevailed, and, along with its co-counsel, Kahn Swick & Foti LLC, was appointed lead counsel in the case of Rice et al. v. Genworth Financial Inc. et al., case number 3:17-cv-00059, pending in United States District Court the Eastern District of Virginia before Judge Robert Payne.

Faruqi & Faruqi represents investors Brian James and Alexander Rice, known as the James/Rice Investor Group, in their challenge to the insurer’s $2.7 billion sale.  While the James/Rice Investor Group did not have the largest losses of the competing movants, F&F argued that Scott + Scott LLP and Johnson & Weaver LLP should not be named lead counsel because they suffered from numerous incurable conflicts of interest stemming from their simultaneous prosecution of two related actions in Delaware court- a derivative action filed on behalf of Genworth itself, and a books and records case seeking privileged and confidential information from Genworth.

“The conflict of interest between the Delaware actions and the instant action has not, and cannot, be cured,” the Rice group said.  After the filing of six briefs by the James/Rice Investor Group, two hearings handled by James Wilson of Faruqi & Faruqi, and several letters to the Court from both sides, the Court appointed the James/Rice Investor Group to be Lead Plaintiffs and their counsel, Faruqi & Faruqi and Kahn Swick & Foti LLC, to be Lead Counsel.

]]>
Sat, 26 Aug 2017 00:00:00Alex Coviello
Faruqi & Faruqi Defeats Motion To Dismiss in Consumer Class Action against Craft Brew Alliance, Inc.http://www.faruqilaw.com/news/show/id/182 On August 3, 2017, United States District Court Judge Beth Labson Freeman of the Northern District of California largely denied a motion to dismiss filed by Craft Brew Alliance, Inc (“CBA”). The Court sustained a number of claims alleging that CBA mislead consumers into believing that its Kona Brewing Co. bottled beers were brewed in Hawaii when in fact they were brewed on the mainland. The motion to dismiss was argued by Benjamin Heikali of Faruqi & Faruqi.

]]>
Thu, 3 Aug 2017 00:00:00Alex Coviello
Faruqi & Faruqi Defeats Motion To Dismiss in Securities Action against GoPro, Inc.http://www.faruqilaw.com/news/show/id/181 On July 26, 2017, United States District Court Judge Claudia Wilken of the Northern District of California denied a motion to dismiss filed by GoPro, Inc. (“GoPro”) and certain of its executive officers and directors.  The Court sustained claims alleging that the defendants violated the federal securities laws by making materially false and misleading statements regarding, inter alia, GoPro’s revenue guidance and its Karma® drone.  This victory is particularly significant in light of the demanding pleading requirements that the Private Securities Litigation Reform Act of 1995 imposes on actions alleging securities fraud.  A copy of the Court’s decision is available below.

If you purchased GoPro common stock between September 19, 2016 and November 8, 2016, 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 email to rgonnello@faruqilaw.com.

]]>
Fri, 28 Jul 2017 00:00:00Alex Coviello
Notice of Dismissal Without Prejudice of In Re Harman International Industries, Incorporated Stockholders Litigation Putative Class Action and Agreement Upon Attorneys’ Feeshttp://www.faruqilaw.com/news/show/id/180 If you held shares of Harman International Industries, Incorporated between November 14, 2016 and March 10, 2017 this Notice contains important information regarding the dismissal of a putative class action concerning the acquisition of Harman International Industries, Incorporated, and an agreement to pay attorneys’ fees and expenses to counsel for Co-Lead Plaintiffs in that action.

The purpose of this notice is to inform former stockholders of Harman International Industries, Incorporated (“Harman”) about developments with respect to the litigation in the Delaware Court of Chancery styled In Re Harman International Industries, Incorporated Stockholders Litigation, Consol. C.A. No. 13001-CB (the “Action”).

On November 14, 2016, Harman announced that it had entered into an agreement and plan of merger with Samsung Electronics Co., Ltd. (“Samsung”). As a result of the Transaction, Harman stockholders received $112.00 per share in cash in exchange for each share of Harman they owned.

On December 12, 2016, Harman filed a Preliminary Proxy Statement on Schedule 14A (the “Preliminary Proxy”) with the United States Securities and Exchange Commission (“SEC”) in connection with the Transaction.

On December 22, 2016, Plaintiff Harinath Nampally filed a verified Class Action Complaint against Harman’s Board of Directors (the “Board”) for breach of fiduciary duty (the “Nampally Complaint”).

On December 29, 2016, Plaintiff Nampally filed a Motion for Expedited Proceedings and Discovery and a Motion for Preliminary Injunction to enjoin the shareholder vote on the merger agreement until Defendants cured certain alleged disclosure violations (the “Motions”).

On January 3, 2017, Plaintiff Robert Fine filed a verified Class Action Complaint against the Board with substantively similar allegations (the “Fine Complaint”) (collectively, with the Nampally Complaint, the “Actions”).

On January 6, 2017, Defendants provided Plaintiffs’ counsel with certain limited documents pursuant to a confidentiality agreement.

On January 12, 2017, the Court consolidated the Actions and appointed Plaintiffs Nampally and Fine Co-Lead Plaintiffs.

On January 12, 2017, Co-Lead Plaintiffs sent a letter to Defendants demanding disclosure of additional information Co-Lead Plaintiffs claimed to be material to the decision whether to approve the Transaction.

On January 12, 2017, the parties agreed on categories of disclosures Harman would provide to moot the Motions.

On January 13, 2017, the parties agreed on a draft of additional disclosures to be filed with the SEC that would resolve the Motions (the “Additional Disclosures”);

On January 18, 2017, the Court granted a stipulation between the parties to withdraw the Motions as moot.

On January 20, 2017, Harman filed a Definitive Proxy Statement on Schedule 14A (the “Definitive Proxy”) with the SEC that incorporated the Additional Disclosures.

On February 17, 2017, a special meeting of Harman stockholders was held and the Transaction was approved. On March 10, 2017, the Transaction was completed.

On April 7, 2017, the Delaware Court of Chancery entered a Stipulation and Order dismissing the Action with prejudice as to Co-Lead Plaintiffs, and without prejudice as to any other putative class member, and retaining jurisdiction solely for the purpose to determine Co-Lead Plaintiffs’ counsel’s anticipated application for an award of attorneys’ fees and reimbursement of expenses based upon the alleged benefits provided by certain supplemental disclosures set forth in the supplement to the Proxy Statement (the “Fee and Expense Application”).

After negotiations, Harman has agreed to make a fee and expense payment to Plaintiff’s counsel in the Action in the amount of $195,000 to resolve the Fee and Expense Application. The Delaware Court of Chancery has not been asked to review, and will pass no judgment on, this payment of fees and expenses or its reasonableness.

If you have any questions regarding the Action, please contact the attorneys below:

MONTEVERDE & ASSOCIATES PC
Juan E. Monteverde
The Empire State Building
350 Fifth Avenue, Suite 4405
New York, NY 10118
Tel: (212) 971-1341
Fax: (212) 601-2610

LEVI & KORSINSKY LLP
Shannon L. Hopkins
Sebastian Tornatore
733 Summer Street, Suite 304
Stamford, CT 06901
Tel.: (203) 992-4523
Fax: (212) 363-7171

Co-Lead Counsel for Plaintiffs

WACHTELL, LIPTON, ROSEN & KATZ
Ryan A. McLeod
51 West 52nd Street
New York, NY 10019
Tel: (212) 403-1000
Fax: (212) 403-2000

Counsel for Defendants

]]>
Wed, 26 Jul 2017 00:00:00Joshua Binder