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Notice of Dismissal Without Prejudice of Fogo de Chão, Inc. Litigation and Agreement Upon Attorneys’ Fees

NEW YORK, June 26, 2018 — Notice is hereby provided to all persons who held shares of Fogo de Chão, Inc. (“Fogo”) common stock at any time during the period from and including February 20, 2018 through April 5, 2018.

The purpose of this Notice is to inform you about developments with respect to the putative class action lawsuit captioned Pazral v. Fogo de Chão, Inc., et al., C.A. No. 2018-0202-JTL (the “Action”), including the effects of these developments on Fogo and its stockholders, the dismissal of the Action, and an agreement that has been reached for the payment of attorneys’ fees and expenses to counsel for Plaintiff Jan Pazral (“Plaintiff”) in the Action.

This matter concerned a February 20, 2018 merger agreement between Fogo and Prime Cut Intermediate Holdings, Inc. (“Prime Cut”). Pursuant to this agreement, Prime Cut ultimately acquired all outstanding shares of Fogo for the right to receive $15.75 per share in cash consideration (the “Merger” or the “Transaction”). Because Fogo’s controlling stockholder, Thomas H. Lee Partners, held approximately 60.7% of the voting common stock in the Company and provided its written consent to the Transaction, the Transaction was approved without a stockholder vote.

On March 16, 2018, Fogo filed a Definitive Information Statement (the “Information Statement”) with the United States Securities and Exchange Commission (the “SEC”) on Form DEFM14C that, among other things, described the background of the Transaction, the fairness opinion issued in connection with the Transaction, and certain financial projections generated by Fogo’s management.

On March 22, 2018, Plaintiff filed a Verified Class Action Complaint in the Court of Chancery of the State of Delaware related to the Transaction alleging that the individual defendants had breached their fiduciary duties by failing to disclose material information necessary for Fogo stockholders to determine whether to seek appraisal of their shares (the “Action”). Immediately thereafter, counsel for the Defendants informed counsel for the Plaintiff that Defendants intended to moot Plaintiff’s claims, and the parties negotiated the content of certain supplemental disclosures.

On April 2, 2018, Fogo filed a Form 8-K (the “Supplemental Disclosures”) (accessible on the United States Securities and Exchange Commission’s website at https://www.sec.gov/Archives/edgar/data/1627487/000095010318004191/dp89021_8k.htm). This form supplemented the original Information Statement to include certain additional information which mooted Plaintiff’s claims.

On April 6, 2018, the parties in the Action jointly submitted to the Court a Stipulated [Proposed] Order Dismissing Action as Moot and Retaining Jurisdiction to Determine Plaintiff’s Counsel’s Application for an Award of Attorneys’ Fees & Reimbursement of Expenses (the “Stipulation”). The next day, the Court granted the Stipulation and thereby dismissed the Action with prejudice as to Plaintiff, and without prejudice as to any absent members of the putative class. Pursuant to the Order, the Court retained jurisdiction solely for the purpose of determining Plaintiff’s counsel’s application for an award of attorneys’ fees and reimbursement of expenses.

Only after the Action was dismissed did the parties commence and engage in discussions regarding a resolution of Plaintiff’s counsel’s application for fees and expenses and the amount thereof. After negotiations, Defendants agreed to make an all-inclusive fee and expense payment to Plaintiff’s counsel in the Action in the amount of $75,000.00 to resolve any application for an award of attorneys’ fees and expenses to be made by counsel for Plaintiff in the Action. This amount will be paid by Fogo. The parties to the litigation have agreed that payment will be made within ten (10) days of final dismissal and closure of the Action.

CONTACT:
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Levi & Korsinsky appointed Co-Lead Counsel in Class Action Against Credit Suisse AG

On June 21, 2018, United States Magistrate Judge Sarah Netburn appointed Levi & Korsinsky, LLP to serve as Co-Lead Counsel in the class action lawsuit against Credit Suisse AG entitled Chahal Credit Suisse AG, 1:18-cv-02268-AT (S.D.N.Y.). The class action alleges that Credit Suisse made materially false and/or misleading statements regarding its Inverse VIX Short ETNs and their true economic value. In the Opinion, Judge Netburn noted the firm’s “extensive experience representing classes in securities actions.”

 


Levi & Korsinsky appointed Lead Counsel in Class Action Against Bitconnect

On June 19, 2018, United States District Court Judge Ronald M. Middlebrooks appointed Levi & Korsinsky, LLP to serve as Co-Lead Counsel in the consolidated class action lawsuit entitled In re Bitconnect Securities Litig., Case No. 9:18-cv-80086-DMM (S.D. Fla.).

The class action alleges that Bitconnect International PLC, Bitconnect Ltd., and Bitconnect Trading Ltd. (collectively, “Bitconnect”), a cryptocurrency startup, and certain of its executives and affiliate promoters operated fraudulent Ponzi/pyramid schemes in violation of numerous consumer protection laws and securities laws by offering and selling investment contract securities that were not registered with the U.S. Securities and Exchange Commission. The firm looks forward to representing those investors alleged to have been harmed by this conduct and achieving a positive result in this lawsuit on their behalf.

Levi & Korsinsky has been at the forefront of cryptocurrency-related securities litigation, including representing shareholders who suffered losses as a result of securities laws violations related to initial coin offerings and the issuance of unregistered securities, as well the issuance of misleading information to investors. On May 10, 2018 and April 11, 2018, respectively, the firm was appointed Lead Counsel in Davy v. Paragon Coin, Inc., 4:18-cv-00671-JSW (N.D. Cal.), and Rensel v. Centra Tech, Inc., 1:17-cv-24500-JLK-AMS (S.D. Fla.) to represent investors in Paragon Coin, Inc.’s and Centra Tech, Inc.’s allegedly unlawful offer and sale of unregistered securities in connection with their initial coin offerings.

For more information about the Bitconnect lawsuit, please contact Levi & Korsinsky attorneys Eduard Korsinsky, Rosemary M. Rivas, Donald J. Enright and John A. Carriel.


Levi & Korsinsky Attorneys Contribute to the ABA’s 2018 Survey of Federal Class Action Law

Partner Amy Miller and Associates William J. Fields and Christopher J. Kupka contributed to a chapter analyzing litigation in the Second Circuit in the American Bar Association’s 2018 Survey of Federal Class Action Law: A Circuit-by-Circuit Analysis.

The survey is a reference class action litigators, with case by case treatment of “how the holdings of the Supreme Court have played out and how the common law of class actions continues to develop, in the lower courts, as they apply both Supreme Court and Circuit-level decisions to emerging issues and particular circumstances.”

Ms. Miller’s practice focuses on representing investors in stockholder derivative lawsuits and class actions involving corporate governance matters.

Mr. Fields’ practice concerns stockholders in securities class actions, stockholder derivative lawsuits, and corporate governance matters.

Mr. Kupka represents victims of wrongdoing in employment, consumer, and securities class actions and stockholder derivative suits.

 


Levi & Korsinsky appointed Lead Counsel in Class Action Against Paragon Coin, Inc.

On May 10, 2018, United States District Court Judge Jeffrey S. White appointed Levi & Korsinsky, LLP to serve as Lead Counsel in the class action lawsuit against Paragon Coin, Inc. entitled Davy v. Paragon Coin, Inc., et al. 4:18-cv-00671-JSW (N.D. Cal.).

The class action alleges that Paragon Coin, a cryptocurrency startup, violated securities laws by not registering its initial coin offering with the U.S. Securities and Exchange Commission. The firm looks forward to representing those investors alleged to have been harmed by this conduct and achieving a positive result in this lawsuit on their behalf.

Levi & Korsinsky has been at the forefront of cryptocurrency-related securities litigation, including representing shareholders who suffered losses as a result of securities laws violations related to initial coin offerings and the issuance of unregistered securities, as well the issuance of misleading information to investors. On April 11, 2018 the firm was appointed Co-Lead in Rensel v. Centra Tech, Inc., 17-cv-24500-JLK (S.D. Fla. Apr. 11, 2018), representing investors allegedly misled by certain assertions made by Centra Tech and spokespersons hired by the company.

For more information about the Paragon Coin lawsuit, please contact Levi & Korsinsky attorneys Eduard Korsinsky, Rosemary M. Rivas, Donald J. Enright and John A. Carriel.


Partner Rosemary M. Rivas receives 'CLAY' Award

On March 20, 2018, the California Daily Journal honored Levi & Korsinsky, LLP Partner Rosemary M. Rivas with a California Lawyer Attorney of the Year (CLAY) Award based on her work in In re: Volkswagen “Clean Diesel” MDL, which resulted in unprecedented settlements exceeding $14 billion dollars.  The CLAY awards are given annually to outstanding California practitioners “whose extraordinary work and cases had a major impact on the law.”

The Daily Journal wrote that the Volkswagen litigation “involved a world-renowned auto company mired in scandal, a third-party technology company that helped orchestrate one of the largest regulation-evading fraud schemes in history, and thousands of consumers and car dealerships stuck with defective vehicles they could not drive without violating the law.” More than 95 percent of Class members participated in the buyback/repair programs as a result of the case and more than $9 billion in payments have been made.

Congratulations to Rosemary M. Rivas for her outstanding work on the Volkswagen litigation.


Levi & Korsinsky, LLP named one of 2017’s “top 50 plaintiffs’ law firms” by ISS Securities Class Action Services

ISS Securities Class Action Services (SCAS) released its annual Securities Class Action Services Top 50 report for the year 2017. The SCAS 50 lists the top 50 plaintiffs’ law firms ranked by the total dollar value of final securities class action settlements occurring in 2017 in which the law firm served as lead or co-lead counsel.

Levi & Korsinsky is pleased to announced that it is yet again included in the SCAS 50, creating millions of dollars in value for our clients nationwide and continuing its long history of obtaining precedent setting decisions.


Levi & Korsinsky Announces the Supreme Court Agrees with Respondents and Certain Investor Amici in Cyan

On Tuesday, March 20, 2018, the United States Supreme Court released its long-anticipated decision in Cyan, Inc. et al. v. Beaver County Employees Retirement Fund et al., No. 15-1439, unanimously affirming the findings of the California state courts en route to bringing much needed clarity regarding the jurisdictional bounds of claims brought under the Securities Act of 1933 (the “’33 Act”). View a copy of the decision here. View a copy of the amicus brief here.

As touched on by the Court, for more than a decade, plaintiffs and defendants have sparred across the country over one question: does the Securities Litigation Uniform Standard Act of 1998 (“SLUSA”) strip state courts of any jurisdiction to adjudicate actions alleging only ’33 Act violations? Justice Kagan, writing for the unanimous Court, resoundingly rejected petitioner Cyan’s strained interpretation of statutory text in favor of its own plain reading in favor of concurrent state court jurisdiction over these claims. The Court similarly found that the text of SLUSA does not arm defendants with a right of removal of ’33 Act claims brought in state court, a position put forth by the United States as amicus curiae, as reading the text to provide for such leads to an incongruous and untenable application of the law.

At the core of its decision, the Supreme Court rejected the invitation of Cyan and the Federal Government to read into the statute incongruous congressional intent and limitations that would otherwise render the law ineffective for its actually-stated purposes, or otherwise strip away clear, unambiguous meaning. In its opinion rejecting Cyan’s and the government’s interpretations of the statute, the Supreme Court echoed arguments made in an amicus curiae brief submitted by a group of institutional investors (the “Amici”), in support of the positions of respondents in the action, particularly with respect to the legislative history surrounding the enactment of SLUSA.

Levi & Korsinsky, LLP is proud to have been part of the legal team representing the Amici, alongside Scott + Scott, LLP and Kellogg, Hansen, Todd, Figel & Frederick, P.L.L.C. In praising the court’s decision, Levi & Korsinsky founding partner Eduard Korsinsky stated, “Today’s Supreme Court decision is a victory for all shareholders in every state, opening the courthouse doors across the country to investors seeking to hold corporate bad actors accountable.”

With the issue of state court concurrent jurisdiction over ’33 Act cases now settled law, plaintiff-investors have been afforded an additional arrow in their quiver for addressing corporate malfeasance with respect to securities offerings.


United Development Funding IV Shareholder Derivative Litigation Settlement Information

Levi & Korsinsky has received preliminary approval of a settlement in a shareholder derivative action concerning United Development Funding IV. The lawsuit, styled Evans v. Greenlaw, et al., No. 3:16-cv-00635-M (N.D. Tex.), alleges, among other claims, breach of fiduciary duty against UDF IV’s Trustees. A settlement hearing in the matter is scheduled for April 16, 2018. Additional information about the terms of the settlement can be found in the attached documents.

The Notice of  Pendency and Proposed Settlement of Derivative Litigation and Hearing is available here.

The Stipulation of Settlement is available here.


Levi & Korsinsky appointed Lead Counsel in Class Action Against Navient Corporation

On February 2, 2018, United States District Court Judge Robert B. Kugler appointed Levi & Korsinsky, LLP to serve as Lead Counsel in the class action lawsuit against Navient Corporation entitled In re Navient Corporation, 1:17-cv-08373-RBK-AMD (D.N.J.). The class action alleges that Navient issued materially false and misleading statements and/or failed to disclose that Navient had engaged in deceptive practices to facilitate the origination of subprime loans and steer student borrowers into payment plans that postponed bills.


Levi & Korsinsky appointed Lead Counsel in Class Action Against Depomed, Inc.

On December 18, 2017, United States District Court Judge Jon S. Tigar appointed Levi & Korsinsky, LLP to serve as Lead Counsel in the  class action lawsuit against Depomed, Inc. entitled Huang v. Depomed, Inc. et al,  3:17-cv-04830-JST (N.D. Cal.). In the order appointing Lead Counsel, Judge Tigar noted the firm’s experience as lead counsel in securities class action lawsuits, including lawsuits in the Northern District of California.

The class action alleges that Depomed issued materially false and misleading statements and/or failed to disclose that Depomed had engaged in questionable practices in connection with the sales and marketing of the Company’s opioid products.

 


Levi & Korsinsky Obtains Certification of Class of Resource Capital Corp. Investors

On November 22, 2017, U.S. District Judge Louis L. Stanton certified a class of investors in Resource Capital Corp. in the action Levin v. Resource Capital Corp., et al. (1:15-cv-07091-LLS)(SDNY). Judge Stanton certified a class consisting of all purchasers of Resource Capital common stock as well as Series B and Series C preferred shares during the period from October 31, 2012 to August 4, 2015. Judge Stanton also appointed Levi & Korsinsky as Class Counsel. The action seeks to recover damages associated with Resource Capital’s alleged issuance of materially false and/or misleading information about portions of its loan portfolio. The class alleges that Resource Capital’s misleading statements caused Resource Capital common and preferred stock to trade at artificially inflated prices and that the stock price declined when the truth about Resource Capital’s loan portfolio was revealed. Judge Stanton had previously denied Defendants’ motion to dismiss the allegations by an order dated October 5, 2016.

A copy of the Order certifying the class is available here. A copy of the Order denying the motion to dismiss is available here.


Levi & Korsinsky appointed Lead Counsel in Class Action Against Mattel Inc.

On September 29, 2017, United States District Court Chief Judge Virginia A. Phillips appointed Levi & Korsinsky, LLP to serve as Lead Counsel in the consolidated class action lawsuit against Mattel, Inc. entitled Waterford Township Police and Fire Retirement System v. Mattel, Inc. et al,  2:17-cv-04732 VAP (KSx) (C.D. Cal.). In the order appointing Lead Counsel, Judge Phillips noted that the firm’s attorneys have “experience litigating securities class action suits such as this one” and that the firm  “has litigated such actions successfully in the past.”

The class action alleges that Mattel issued materially false and misleading statements and/or failed to disclose that Mattel’s retail customers were loaded with extremely high levels of unsold Mattel product, and that as a result, Mattel was exposed to heightened risk that it would have to issue its retailers financial concessions to remove the excess inventory, as well as a heightened risk that Mattel would experience slower sales growth in future periods.

 


NovaBay Pharmaceuticals, Inc. Shareholders Litigation Settlement Information

A settlement has been proposed in the class action lawsuit Kozma v. Sieczkarek, No. 16-cv-01254-JFB, filed on behalf of certain NovaBay Pharmaceuticals, Inc. (NYSE American: NBY, formerly NYSE MKT: NBY) shareholders.  The settlement resolves, among other things, allegations concerning the Amendment to NovaBay’s 2007 Omnibus Shareholder Plan approved by stockholders on May 26, 2016.

If you held NovaBay  stock at any time between the close of business on April 7, 2016 and the close of business on April 21, 2017, your rights will be affected by this class action settlement.

The Notice of Proposed Settlement of Derivative and Class Action is available here.

The Stipulation of Settlement is available here.


Levi & Korsinsky appointed Lead Counsel in Class Action Against Gigamon Inc.

On July 26, 2017, United States District Court Judge Edward J. Davila appointed Levi & Korsinsky, LLP to serve as Lead Counsel in the class action lawsuit against Gigamon Inc., Rodriguez v. Gigamon Inc., 5:17-cv-00434-EJD (N.D. Cal. July 26, 2017) in the United States District Court for the Northern District of California.

The class action alleges that during the Class Period, among other allegations, Gigamon made materially false and/or misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and prospects.

Levi & Korsinsky looks forward to representing those shareholders alleged to have been harmed by this conduct and achieving a positive result in this lawsuit on their behalf.  For more information about this case, please contact Levi & Korsinsky attorneys Adam C. McCall, Adam M. Apton, or Nicholas I. Porritt.

A copy of the Order dated July 26, 2017 may be found here.


Levi & Korsinsky appointed Co-Lead Counsel in Class Action Against Argos Therapeutics, Inc.

On June 23, 2017, United States District Court Judge Thomas D. Schroeder appointed Levi & Korsinsky, LLP to serve as Co-Lead Counsel in the class action lawsuit against Argos Therapeutics, Inc., Maurer v. Argos Therapeutics, Inc. (Case No. 1:17-cv-00216) in the United States District Court for the Middle District of North Carolina.

The class action alleges that during the Class Period, among other allegations, Argos Therapeutics made materially false and/or misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and prospects.

Levi & Korsinsky looks forward to representing those shareholders alleged to have been harmed by this conduct and achieving a positive result in this lawsuit on their behalf.  For more information about this case, please contact Levi & Korsinsky attorney Shannon L. Hopkins.

A copy of the Order dated June 23, 2017 may be found here.


ATENÇÃO INVESTIDORES DA JBS S.A (JBSAY):  Levi & Korsinsky, LLP iniciou uma ação coletiva contra a JBS. O prazo final para investidores entrarem com pedido para serem representantes da classe é 21 de julho de 2017.

No dia 06 de julho de 2017 Levi & Korsinsky, LLP iniciou uma ação coletiva contra a JBSAY no Tribunal Distrital de Nova York (United States District Court for the Eastern District of New York).

A ação alega que, ao longo do período de 2015 a 2017, os réus emitiram declarações materialmente falsas e enganosas e / ou falharam em divulgar que: (1) Executivos da JBS subornaram agências reguladoras e políticos para subverter inspeções de alimentos em seus estabelecimentos e negligenciar práticas insalubres, como processamento de carne vencida e estabelecimentos com vestígios de salmonelas; (2) O presidente da JBS, Joesley Batista, estava fornecendo pagamentos mensais de suborno a um ex-funcionário do governo brasileiro e a um lobista; (3) houve irregularidades com os empréstimos da JBS recebidos do banco de desenvolvimento estatal brasileiro BNDES; (4) A JBS e outras entidades controladas pelo presidente da JBS Joesley Batista e CEO da JBS, Wesley Batista, fizeram negociações no mercado de ações com o uso de informações privilegiadas antes da revelação do acordo de delação premiada com os principais executivos da JBS; E (5), conseqüentemente, as declarações dos réus sobre os negócios, operações e perspectivas da JBS eram materialmente falsas e enganosas e / ou faltavam bases razoáveis.

Para maiores informações, por favor clique aqui e preencha um formulário de coleta de informações


Levi & Korsinsky appointed Lead Counsel in Class Action Against Agile Therapeutics, Inc.

On May 15, 2017, United States District Court Judge Anne E. Thompson appointed Levi & Korsinsky, LLP to serve as Lead Counsel in the class action lawsuit against Agile Therapeutics, Inc., In re Agile Therapeutics, Inc. Sec. Litig. (Case No. 3:17-cv-00119-AET-LHG) in the United States District Court for the District of New Jersey.

The class action alleges that during the Class Period, among other allegations, Agile Therapeutics made materially false and/or misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and prospects.

Levi & Korsinsky looks forward to representing those shareholders alleged to have been harmed by this conduct and achieving a positive result in this lawsuit on their behalf.  For more information about this case, please contact Levi & Korsinsky attorneys Adam Apton or Nicholas Porritt.

A copy of the Order dated May 15, 2017 may be found here.


Levi & Korsinsky appointed Lead Counsel in Class Action Against SITO Mobile, Ltd.

On May 8, 2017, United States District Court Judge Esther Salas appointed Levi & Korsinsky, LLP to serve as Lead Counsel in the class action lawsuit against SITO Mobile, Ltd., Roper v. SITO Mobile Ltd., et al. (Case No. 2:17-cv-01106-ES-MAH).

The class action alleges that during the Class Period, among other allegations, SITO made materially false and/or misleading statements and/or failed to disclose that SITO’s growth of bookings would not propel the Company’s fourth fiscal quarter 2016 media placement revenues and revenue growth to the level represented during the Class Period.

Levi & Korsinsky looks forward to representing those shareholders alleged to have been harmed by this conduct and achieving a positive result in this lawsuit on their behalf.  For more information about this case, please contact Levi & Korsinsky attorneys Adam Apton or Nicholas Porritt.

A copy of the Order dated May 8, 2017 may be found here.


Announcing the Opening of the Firm’s San Francisco Office

Levi & Korsinsky, LLP is pleased to announce that it has opened an office in San Francisco.  The Firm is headquartered in New York City and also has offices in Connecticut and Washington D.C.  The Firm enjoys a national practice in the areas of securities fraud, mergers and acquisitions, and consumer protection, and expects to grow its West Coast presence to meet the increasing demands of its clients. Partners Joseph E. Levi and Eduard Korsinsky founded the Firm in 2003 and are pleased to see their practice expand on both the East and West Coasts.

The Firm also welcomes Rosemary M. Rivas and Quentin A. Roberts. Ms. Rivas has joined Levi & Korsinsky as a Partner and will head the new San Francisco office. She brings more than 16 years of experience representing consumers in complex, class action litigation in both state and federal courts. She is one of the attorneys selected by Judge Charles R. Breyer to serve as a member of the Plaintiffs’ Steering Committee in In re: Volkswagen “Clean Diesel” Marketing, Sales Practices, & Prods. Liab. Litig., No. 15-md-2672 (N.D. Cal.), which to date has settled for more than $10 billion dollars on behalf of consumers. Ms. Rivas is a regular speaker on consumer protection issues, including false advertising and data privacy. Previously, Ms. Rivas was a partner at another class action firm.

Quentin Roberts has joined the Firm’s San Francisco office.  Mr. Roberts received his J.D. from the University of San Francisco School of Law where he graduated magna cum laude. He has worked closely with Ms. Rivas in approximately a dozen consumer cases, including In re: Volkswagen “Clean Diesel” MDL.  Before that, he clerked and worked for several other class action litigation firms.

The San Francisco office opening follows the Firm’s expansion in Connecticut and Washington, D.C. “With the expansion in Connecticut, Washington D.C. and now San Francisco, we are able to better serve our clients and work with our co-counsel,” said Partner Donald J. Enright, who manages the Firm’s D.C. office.  Partner Shannon L. Hopkins, who manages the Connecticut office, agrees: “Most complex litigation firms practice nationwide and it only makes sense to have offices in key cities.”

The expansion of the practice to California affirms the Firm’s commitment to representing and serving consumers and shareholders throughout the United States.


Levi & Korsinsky appointed Lead Counsel in Class Action Against Egalet Corporation

On May 1, 2017, Levi & Korsinsky, LLP was appointed to serve as Co-Lead Counsel by Judge Michael M. Baylson in the consolidated class action entitled In re Egalet Corporation Sec. Litig. (Case No. 2:17-cv-00617). This is a securities class action against Egalet Corporation pending in the United States District Court for the Eastern District of Pennsylvania. Levi & Korsinsky represents Lead Plaintiffs Joseph Spizzirri, Abdul Rahiman, and Kyle Kobold and other members of the class in the consolidated action.

 

The class action alleges that during the Class Period, among other allegations, Egalet made materially false and/or misleading statements concerning its lead product, ARYMO ER and the likelihood the product would receive its requested abuse-deterrent labeling.

 

Levi & Korsinsky looks forward to representing those shareholders alleged to have been harmed by this conduct and achieving a positive result in this lawsuit on their behalf.  For more information about this case, please contact Levi & Korsinsky attorneys Adam Apton or Nicholas Porritt.

A copy of the Order dated May 1, 2017 may be found here.

 


Levi & Korsinsky, LLP named one of the “top 50 plaintiffs’ law firms” by ISS Securities Class Action Services for fourth year in a row

In the recently-issued report “ISS Securities Class Action Services 50,” Levi & Korsinsky is listed as having recovered over $53 million on behalf of shareholders in its securities class action litigation practice in 2016. This report is issued by Institutional Shareholder Services (ISS), which maintains a database of industry leaders in the field of securities class action litigation. The report lists the top 50 plaintiffs’ law firms ranked by the dollar value of final class action settlements occurring in 2016 in which the firm served as lead or co-lead counsel. The report does not include data on derivative or merger lawsuits for which Levi & Korsinsky is an industry leader, having recovered millions of dollars on behalf of investors in 2016. Our firm is proud to be honored with this distinction and will continue to aggressively advocate on behalf of our clients nationwide.

 


Amended Complaint Filed on Behalf of Patriot National, Inc. Shareholders

Levi & Korsinsky, LLP announces it has filed an amended complaint on behalf of Patriot National, Inc. (NYSE: PN) shareholders who purchased or otherwise acquired Patriot shares since its initial public offering on January 16, 2015.

The complaint alleges that Steven M. Mariano—Chairman, President, CEO, Board member, and majority stockholder of the Company—has engaged in a series of behaviors to benefit himself and to the detriment of shareholders, often without the knowledge or approval of other Board members. In particular, the complaint alleges that, among other allegations, Mariano: (1) engaged in a series of post-IPO related-party transactions to enrich himself and other insiders; (2) arranged a private placement for $50 million of Company stock to a group of hedge funds in order to bail out himself and his other entities from a personal liquidity crisis; (3) renegotiated the private placement to provide the Company with no consideration after the market punished the disloyalty of said placement while still sending $30 million to himself; and (4) secretly engaged a second parallel set of advisors in the Company’s name without Board knowledge or approval to shop the Company in search of the best deal for himself; and (5) forced the Board to approve a leveraged recapitalization, over the objection of an independent director, who had resigned in protest.  These disloyal acts have cost the Company and its minority stockholders hundreds of millions of dollars.


Levi & Korsinsky appointed Lead Counsel in Class Action Against Arrowhead Pharmaceuticals

On March 8, 2017, Levi & Korsinsky, LLP was appointed to serve as Lead Counsel by Judge Philip S. Gutierrez in the consolidated class action entitled In re Arrowhead Pharmaceuticals, Inc., Case No. 2:16-cv-08505-PSG-PJW. This is a securities class action against Arrowhead Pharmaceuticals, Inc. pending in the United States District Court Central District of California. Levi & Korsinsky represents Plaintiff Joel Kuhn and other members of the class in the consolidated action.

Arrowhead develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep and durable knockdown of target genes. The Company was developing and testing ARC-520, an RNAi-based therapeutic to treat hepatitis B.

The class action alleges that during the Class Period, Arrowhead made false and misleading statements that failed to disclose that its drug candidate, ARC-520, was fatal at certain doses, and due to this, the U.S. Food & Drug Administration was unlikely to approve ARC-520 as a hepatitis B treatment. Additionally, the company overstated the approval prospects and commercial viability of ARC-520. Consequently, Arrowhead announced it would discontinue the development of 3 hepatitis treatments, and trim its workforce by 30 percent.

Levi & Korsinsky looks forward to representing those shareholders alleged to have been harmed by this conduct and achieving a positive result in this lawsuit on their behalf.  For more information about this case, please contact Levi & Korsinsky attorney(s), Alexander Krot, Adam M. Apton, or Nicholas Porritt.

Copies of the Memorandum Order dated March 8, 2017 can be found here.

 


Levi & Korsinsky, LLP Appointed Lead Counsel in Class Action Against L’Oreal U.S.A, Inc. and SoftSheen Carson LLC

On March 8, 2017, Levi & Korsinsky, LLP was appointed to serve as Co-Lead Counsel by Judge Jed S. Rakoff in the consolidated class action entitled In re: Amla Litig., Case No. 1:16-cv-06593 (S.D.N.Y).  This is a consumer class action against L’Oreal U.S.A., Inc. and SoftSheen Carson LLC pending in the Southern District of New York.  Levi & Korsinsky represents Plaintiffs Sharon Manier and Dorothy Riles in the consolidated action (Case No. 17-cv-111) (JSR).

L’Oréal U.S.A. is the world’s largest cosmetics company and has developed activities in the field of cosmetics, concentrating on hair color, skin care, sun protection, make-up, perfume and hair care. In 1998, L’Orèal acquired Soft-Sheen Products Inc., making the company a leading manufacturer in marketing and selling beauty products to consumers of hair relaxers.

The class action alleges that Defendants misrepresented the qualities and capabilities of its Amla hair relaxer and, further, that the Amla hair relaxer is not safe or effective as a hair relaxer even when used as directed.  It is also alleges that Defendants falsely market Amla as an oil-based product that can nourish and condition the scalp with vitamins and minerals.

Defendants moved to dismiss the claims plead in In re Amla Litig., and in the Manier action. Judge Rakoff largely sustained the claims plead in both actions with leave to replead.  A Consolidated Amended Complaint will be filed by the newly-appointed Co-Lead Counsel.

Levi & Korsinsky attorneys, Lori G. Feldman and Andrea Clisura, diligently devoted themselves to obtaining Co-Lead Counsel on this case, and did so successfully. Notably, Levi & Korsinsky’s motion was contested by a competing motion made by three different law firms. The competing motion was supported by eight additional law firms, but was denied by Judge Rakoff.

The Levi & Korsinsky team looks forward to vigorously litigating this case with its Co-Lead Counsel, Geragos & Geragos APC, on behalf of all consumers harmed by L’Oréal U.S.A., Inc. and SoftSheen Carson LLC.

Copies of the Memorandum Order dated March 8, 2017 can be found here.

 

 


United States District Court Denies Motion to Dismiss and Upholds Complaint in Natural Health Trends Lawsuit

Levi & Korsinsky secured a significant victory on December 5, 2016, when Senior United States District Judge Terry J. Hatter, Jr. of the United States District Court for the Central District of California denied Defendants’ Motion to Dismiss in Ford v. Natural Health Trends Corporation (2:16-cv-00255-TJH-AFM).  A copy of the Memorandum Opinion is available here.

The lawsuit seeks to recover damages associated with Natural Health Trends Corporation’s alleged omission in statements and disclosures regarding its compliance with Chinese law. Judge Hatter’s decision confirms the merit of Plaintiff’s allegations and allows the case to proceed to discovery. With this significant accomplishment, Levi & Korsinsky will continue to dedicate its efforts towards the successful prosecution of this lawsuit.


Levi & Korsinsky appointed Lead Counsel by the United States District Court for the Northern District of Illinois in Rossbach v. VASCO Data Security International Incorporated, et al. (Case No. 1:15-cv-06605)

On December 1, 2016, United States District Judge Andrea R. Wood selected Levi & Korsinsky LLP to serve as Lead Counsel in a class action securities lawsuit against VASCO Data Security International Incorporated (Case No. 1:16-cv-02220).

Levi & Korsinsky is pleased that the court has appointed the firm to lead this case, and looks forward to vigorously litigating this case on behalf of shareholders of VASCO Data Security International Incorporated.


Levi & Korsinsky, LLP Notifies Shareholders of Spectra Energy Corp. of a Class Action Lawsuit and a Lead Plaintiff Deadline of January 31, 2017 – SE

Levi & Korsinsky, LLP has filed a class action lawsuit in the United States District Court for Southern District of Texas on behalf of current stockholders of Spectra Energy Corp. (NYSE:SE) in connection with the planned acquisition of the company by Enbridge and its wholly owned subsidiary Sand Merger Sub, Inc. The lawsuit, entitled Lincoln v. Spectra Energy Corp., Index No. 4:16-cv-03019, alleges, among other things, that the defendants violated Section 14(a) of the Securities Exchange Act of 1934 and corresponding Rule 14a-9. In particular, the complaint alleges that the defendants have issued materially false or misleading statements regarding the proposed acquisition.

If you wish to serve as lead plaintiff, you must move the Court no later than January 31, 2017. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Joseph E. Levi, at Levi & Korsinsky, LLP, (212) 363-7500 or, or via e-mail at jlevi@zlk.com. A copy of the complaint is available online here. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member.

A CLASS HAS NOT BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE.

 


FirstMerit Corporation Shareholders Litigation Settlement Information

A settlement has been proposed in a class action lawsuit related to the acquisition of FirstMerit Corp. (NASDAQ: FMER) by Huntington.  The settlement resolves, among other things, allegations about the adequacy of the disclosures in a joint proxy statement filed by FirstMerit and Huntington with the SEC.  If you held FirstMerit stock between January 26, 2016 and August 16, 2016, your rights will be affected by this class action settlement.

The following documents pertain to the terms of the settlement in In re FirstMerit Corporation Shareholder Litigation, Case. No. 5:16-CV-00461:


Levi & Korsinsky prevails in Motion to Compel in Chan v. Fresh & Easy, LLC, et al.

On October 11, 2016, Levi & Korsinsky prevailed in the United States Bankruptcy Court for the District of Delaware when Judge Brendan Linehan Shannon ruled that an arbitration agreement was unenforceable under the National Labor Relations Act because it contained a class-action waiver provision. Though the Debtor-Defendant has filed a notice of appeal, the adversary proceeding is currently moving forward in a class capacity.

Parties interested in learning about the potential impact of this ruling may see a Research Alert entitled “Turning Tides For Employee Arbitration Agreements,” co-written by Levi & Korsinsky attorneys Lori G. Feldman and Christopher J. Kupka and recently featured on Law360.com. The full text of this Note is available by clicking here.


Levi & Korsinsky appointed Lead Counsel by the United States District Court for the District of Arizona in Magro v. Freeport-McMoran Incorporated, et al. (Case No. 2:16-cv-00186)

On August 19, 2016, United States District Judge Diane Humetewa selected Levi & Korsinsky LLP to serve as Lead Counsel in a class action securities lawsuit against Freeport-McMoran Incorporated (Case No. 2:16-cv-00186).

Levi & Korsinsky is pleased that the court has appointed the firm to lead this case, and looks forward to vigorously litigating this case on behalf of shareholders of Freeport-McMoran Incorporated.


Notice to Former ADT Stockholders Regarding Litigation Challenging the Merger with Protection 1

A notice has now been issued to former ADT Corporation shareholders, and may be viewed here.


Levi & Korsinsky appointed Lead Counsel by the United States District Court for the Southern District of New York in Margolis v. Fly Leasing Limited (Case No. 1:16-cv-02220)

On July 20, 2016, United States District Judge William H. Pauley III selected Levi & Korsinsky LLP to serve as Lead Counsel in a class action securities lawsuit against Fly Leasing Limited (Case No. 1:16-cv-02220). Levi & Korsinsky is pleased that the court has appointed the firm to lead this case, and looks forward to vigorously litigating this case on behalf of shareholders of Fly Leasing Limited.


Levi & Korsinsky appointed Lead Counsel by the United States District Court for the Southern District of New York in Gormley v. magicJack VocalTec Ltd. (Case No. 1:16-cv-01869)

On July 12, 2016, United States District Judge Victor Marrero selected Levi & Korsinsky LLP to serve as Lead Counsel in a class action securities lawsuit against magicJack VocalTec Ltd. (Case No. 1:16-cv-01869). Levi & Korsinsky is pleased that the court has appointed the firm to lead this case, and looks forward to vigorously litigating this case on behalf of shareholders of magicJack VocalTec Ltd.


Levi & Korsinsky appointed Lead Counsel by the United States District Court for the Southern District of Florida in Dillard v. Platform Specialty Products Corporation, et al. (Case No. 9:16-cv-80490)

On June 29, 2016, United States District Judge Donald M. Middlebrooks selected Levi & Korsinsky LLP to serve as Lead Counsel in a class action securities lawsuit against Platform Specialty Products Corp. (Case No. 9:16-cv-80490). Levi & Korsinsky is pleased that the court has appointed the firm to lead this case, and looks forward to vigorously litigating this case on behalf of shareholders of Platform Specialty Products Corp.


Levi & Korsinsky appointed Co-Lead Counsel by the United States District Court for the Southern District of California in Plumley v. Sempra Energy, et al. (Case No. 3:16-cv-00512)

On June 6, 2016, United States District Judge Roger T. Benitez selected Levi & Korsinsky LLP to serve as Co-Lead Counsel in a class action securities lawsuit against Sempra Energy, Inc. (Case No. 3:16-cv-00512). Levi & Korsinsky is pleased that the court has appointed the firm to lead this case, and looks forward to vigorously litigating this case on behalf of shareholders of Sempra Energy, Inc.


Levi & Korsinsky appointed Lead Counsel by the United States District Court for the Southern District of California in In re Vital Therapies, Inc. Securities Litigation (Case No. 3:15-cv-02700)

On May 2, 2016, United States District Judge Janis L. Sammartino selected Levi & Korsinsky LLP to serve as Lead Counsel in a class action securities lawsuit against Vital Therapies, Inc. The firm approves its appointment as Lead Counsel and will remain dedicated to achieving an optimal outcome for all class members.


Levi & Korsinsky achieves $35 million settlement in Chen v. Howard-Anderson, et al. (C.A. No. 5878-VCL) (Occam Merger Stockholder Litigation)

After more than five years of litigation, Levi & Korsinsky and co-counsel brought to trial before the Delaware Court of Chancery the class action litigation Chen v. Howard-Anderson, et al. (C.A. No. 5878-VCL), and, on April 14, 2016, obtained a $35 million settlement.

The suit began in October 2010 on behalf of the stockholders of Occam Networks, Inc., alleging that the Company was being sold to Calix, Inc. in breach of insiders’ fiduciary duties pursuant to an unfair process and for an unfair price, which at the time of the merger agreement amounted to approximately $171 million.  Prior to the February 2011 close of the deal, we obtained a preliminary injunction due to material misrepresentations and omissions in the proxy statement by which Occam’s stockholders were solicited to vote, requiring the issuance of corrective disclosures.  We then continued to vigorously prosecute this litigation in a dedicated effort to recover money damages for Occam’s former stockholders.

We conducted an aggressive discovery program and largely prevailed in motion practice, enabling us to bring this case to trial on a strong record.  On April 11, 2016, trial began, and after three days of testimony, we successfully resolved the case in its entirety.  Pursuant to the proposed settlement, which is pending Court approval, $35 million cash will be paid on behalf of defendants for the benefit of Occam’s former stockholders.


Levi & Korsinsky appointed Co-Lead Counsel by the United States District Court for the District of New Jersey in De Vito v. Liquid Holdings Group, Inc., et al. (Case. No. 2:15-cv-06969)

On April 7, 2016, United States District Judge Kevin McNulty selected Levi & Korsinsky LLP to serve as Co-Lead Counsel in a class action securities lawsuit against Liquid Holdings Group, Inc. The firm approves its appointment as Co-Lead Counsel and will remain dedicated to achieving an optimal outcome for all class members.


Levi & Korsinsky appointed Lead Counsel by United States District Court for the Southern District of New York in Cortina v. Anavex Life Sciences Corp., et al. (Case No. 1:15-cv-10162)

On April 5, 2016, United States District Judge Jesse M. Furman selected Levi & Korsinsky LLP to serve as Lead Counsel in a class action securities lawsuit against Anavex Life Sciences Corp. The firm approves its appointment as Lead Counsel and will remain dedicated to achieving an optimal outcome for all class members. Read More.


Levi & Korsinsky appointed Co-Lead Counsel by United States District Court for the Central District of California in Ford v. Natural Health Trends Corp., et al. (Case No. 2:16-cv-00255)

On March 29, 2016, United States District Judge Terry J. Hatter, Jr. selected Levi & Korsinsky LLP to serve as Co-Lead Counsel in a class action securities lawsuit against Natural Health Trends Corp. The firm approves its appointment as Co-Lead Counsel and will remain dedicated to achieving an optimal outcome for all class members. Read More.


Levi & Korsinsky appointed Co-Lead Counsel by United States District Court for the Northern District of Ohio in Bai v. TCP International Holdings Ltd., et al. (Case No. 1:16-cv-00102)

On March 18, 2016, United States District Judge Donald C. Nugent selected Levi & Korsinsky LLP to serve as Co-Lead Counsel in a class action securities lawsuit against TCP International Holdings Ltd. The firm approves its appointment as Co-Lead Counsel and will remain dedicated to achieving an optimal outcome for all class members.


Levi & Korsinsky appointed Lead Counsel by United States District Court for the District of New Jersey in Meier v. Checkpoint Systems, Inc., et al. (Case No. 1:15-cv-08007).

United States Magistrate Judge Karen M. Williams approved Levi & Korsinsky LLP to serve as Lead Counsel in a class action securities lawsuit against Checkpoint Systems, Inc.  The firm’s efforts to secure a victory for shareholders are already underway.  Levi & Korsinsky will remain dedicated to achieving an optimal outcome for all class members. Read more.


Delaware Chancery Court Denies Motion to Dismiss and Upholds Complaint in EZCORP Lawsuit

Levi & Korsinsky LLP secured a significant victory on January 25, 2016, when Vice Chancellor J. Travis Laster of the Court of Chancery of the State of Delaware denied in part Defendants’ Motion to Dismiss in In re EZCORP Inc. Consulting Agreement Derivative Litigation (C.A. No. 9962-VCL).  A copy of the Memorandum Opinion is available here.

 

The lawsuit seeks to recover damages associated with EZCORP’s improper and unlawful retention of outside managerial services from entities owned by the Company’s controlling stockholder, Phillip Ean Cohen.  For years, Mr. Cohen has been profiting from these managerial services agreements at the expense of the Company and its common stockholders.  Plaintiff’s Complaint alleges several claims against EZCORP’s Board of Directors and Mr. Cohen, including breach of fiduciary duty.  Vice Chancellor Laster’s decision confirms the merit of Plaintiff’s allegations and allows the case to proceed to discovery.  With this significant accomplishment, Levi & Korsinsky LLP will continue to dedicate its efforts towards the successful prosecution of this lawsuit.


Court Certifies Class in Buffalo Bills Cheerleaders Wage Theft Lawsuit, Appoints Levi & Korsinsky, LLP Co-Lead Class Counsel

On January 5, 2016, the Honorable Timothy J. Drury, Erie County, NY, Supreme Court Judge, issued a decision granting the motion of four former Buffalo Bills Cheerleaders (“the Jills”) to certify a class of all Buffalo Bills cheerleaders and ambassadors since April 2008, and appointing plaintiffs as representatives for the class.

 

Judge Drury also appointed plaintiffs’ counsel, Levi & Korsinsky, LLP, Marlborough Law Firm, P.C.,  and Dolce Panepinto as co-lead counsel for the class, noting, the firms have “pursued the instant litigation vigorously and with skill and would be expected to continue to do so.”

 

The Court certified the class with respect to plaintiffs’ statutory wage and common law claims. In connection with his certification of the statutory wage claims, Judge Drury noted:

Plaintiffs have submitted evidence … that the members of the Jills cheerleader squad were required to work for the defendants not as employees, but rather as independent contractors and not paid by the Bills or the other defendants, when in fact they were employees of defendants. Given the above, the defendants would be in violation of the various causes of action the plaintiffs have alleged dealing with their wage claims. The Bills would be responsible for requiring the other employer defendants to misclassify the Jills and the NFL would be responsible for affirmatively approving the unlawful practice.

Similarly, the Court determined that plaintiffs’ common law fraud claim was appropriate for class treatment. With respect to its certification of that claim, the court stated that:

[E]ach Jill was subject to the same misrepresentation [misclassifying them as independent contractors] set forth in the Cheerleading Agreement which they were required to sign. The falsity of this Agreement is evident in the strictures of the Code of Conduct that bound them which treated them as employees.

Finally, … the cheerleaders would not have agreed to the misrepresentation if they had known that they were participating in the commission of a crime by agreeing to serve as Bills cheerleaders.

With respect to plaintiffs’ retaliation claim based on the filing of the Buffalo Bills filing of an allegedly retaliatory counterclaim against plaintiffs and unnamed class members, the Court noted that class treatment was not appropriate because some members of the class may not have been aware that a counterclaim was filed against them.

 

The case is currently in the discovery phase. Pursuant to the Court’s decision, notice to class members of their rights with respect to the action will issue promptly.


Achieved a $36.5M recovery in In re Bluegreen Corp. Shareholder Litigation, (Case No. 502011CA018111)

We achieved a $36.5 million common fund settlement for former shareholders of Bluegreen Corp. in the wake of a majority shareholder buyout, representing a 25% increase in total consideration to the minority shareholders.


Levi & Korsinsky appointed Lead Counsel by United States District Court for the Central District of California in Paggos v. Resonant, Inc., et al., (Case No. 2:15-cv-01970)

United States District Judge S. James Otero selected Levi & Korsinsky LLP to serve as Co-Lead Counsel in a class action securities lawsuit against Resonant, Inc. The firm approves its appointment as Co-Lead Counsel and will remain dedicated to achieving an optimal outcome for all class members.


Levi & Korsinsky appointed Lead Counsel by United States District Court for the Central District of California in Fragala v. 500.com Ltd. et al., (Case No. 2:15-cv-01463)

United States District Judge Margaret M. Morrow selected Levi & Korsinsky to serve as Lead Counsel in the class action lawsuit against 500.com Ltd. Judge Morrow’s opinion noted that the firm has “extensive experience litigating complex securities fraud class actions as lead counsel on behalf of individual investors throughout the United States.”

Read more


Levi & Korsinsky named once again as one of the “top 50 plaintiffs’ law firms” in the country in 2014 by ISS Securities Class Action Services

In the recently-issued report “ISS Securities Class Action Services 50,” Levi & Korsinsky is listed as having recovered over $40 million on behalf of shareholders in its securities class action litigation practice in 2014. This report is issued by Institutional Shareholder Services (ISS), which maintains a database of industry leaders in the field of securities class action litigation. The report lists the top 50 plaintiffs’ law firms ranked by the dollar value of final class action settlements occurring in 2014 in which the firm served as lead or co-lead counsel. The report does not include data on derivative or merger lawsuits for which Levi & Korsinsky is an industry leader, having recovered many millions of dollars on behalf of investors in 2014. Our firm is proud to be honored with this distinction and will continue to aggressively advocate on behalf of its clients nationwide.

 


A settlement has been reached in In re OCZ Technology Group, Inc. Securities Litigation, (Case No. 3:12-cv-05265-RS)

On April 15, 2015, United States District Judge Richard Seeborg granted preliminary approval of the class settlement. Judge Seeborg’s order and the class settlement agreement can be viewed here.

Preliminary Approval Order

OCZ Amended Stipulation of Settlement