Faruqi & Faruqi LLP - newshttp://www.faruqilaw.com/newsFaruqi & Faruqi LLP - newsInnessa M. Huot made Partner with the Firmhttp://www.faruqilaw.com/news/show/id/190 Faruqi & Faruqi is proud to announce that Innessa Melamed Huot is now a partner with the Firm.  Innessa heads the employment practice group and represents employees across the country in individual and wage and hour class action litigation.

Congratulations Innessa!

 

 

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Wed, 25 Oct 2017 00:00:00Alex Coviello
Faruqi & 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.

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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.

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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.

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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.

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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.

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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.

 

 

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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.

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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.

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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.

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Fri, 28 Jul 2017 00:00:00Alex Coviello