Faruqi & Faruqi LLP - newshttp://www.faruqilaw.com/newsFaruqi & Faruqi LLP - newsFaruqi & 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
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

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Wed, 26 Jul 2017 00:00:00Joshua Binder
Faruqi & Faruqi, LLP Announces Final Approval Of Settlement In In re InContact Shareholder Litigationhttp://www.faruqilaw.com/news/show/id/177 Faruqi & Faruqi is pleased to announce that at the final fairness hearing held on July 18, 2017, the Court approved the class action settlement in In re InContact Shareholder Litig., Case No. 160903695. F&F, as co-lead counsel, obtained significant equitable relief for InContact shareholders through the dissemination of an amendment to the proxy statement with additional material information for shareholders to consider prior the shareholder vote on the merger of InContact with NICE-Systems, Ltd.

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Fri, 21 Jul 2017 00:00:00Alex Coviello
Faruqi & Faruqi, LLP, Lead Counsel, Obtains Final Court Approval Of $6.25 Million Settlement In In re Geron Corporation Securities Litigationhttp://www.faruqilaw.com/news/show/id/178 On July 21, 2017, the Honorable Charles R. Breyer, United States District Judge for the Northern District of California, granted final approval of the settlement reached in In re Geron Corp. Sec. Litig., No: 3:14-CV-01224-CRB, for which Faruqi & Faruqi, LLP served as sole Lead Counsel on behalf of the Class. The settlement provides for a cash payment of $6.25 million in exchange for plaintiffs’ release of all claims alleged in the action.  This is an excellent recovery for the Class and constitutes a material percentage of the likely provable damages suffered by the Class.

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Fri, 21 Jul 2017 00:00:00Raul Mondragon
F&F Opens Atlanta Officehttp://www.faruqilaw.com/news/show/id/175 Faruqi & Faruqi is pleased to announce the opening of its new Atlanta, Georgia office. The Atlanta Office will be headed by Bob Killorin, who is now a partner with the Firm.

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Thu, 20 Jul 2017 00:00:00Alex Coviello
Atlanta lawyer, Robert Killorin, joins F&F as Partnerhttp://www.faruqilaw.com/news/show/id/176 Robert (Bob) Killorin, an established Atlanta trial lawyer, is now a member of the Firm.  Bob will continue to litigate securities matters and consumer class actions nationwide. 

Congratulations and best wishes to Bob!

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Thu, 20 Jul 2017 00:00:00Alex Coviello