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Celebrating 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 Mineff v. Egalet Corporation et al., Case No. 2:17-cv-00390-MMB. 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


Levi & Korsinsky appointed Lead Counsel by United States District Court District for the District of New Jersey in In re Ocean Power Technologies, Inc. Securities Litigation (Case No. 14-3799-FLW-LHG)

United States District Judge Freda F. Wolfson selected Levi & Korsinsky to serve as Lead Counsel in the class action securities lawsuit against Ocean Power Technologies, Inc. The firm approves its appointment as Lead Counsel and remains focused on achieving an optimal outcome for all class members.

Read more


A settlement has been reached in In re Pamrapo Bancorp Shareholder Litigation (Case No. L-3608-12) in the Superior Court of New Jersey, Hudson County Division

The Notice of Pendency and Settlement of Action can be viewed here.


Final approval of a settlement has been granted in Monson v. Friedman, et al., (Case No. 14-cv-01477) in the Northern District of Ohio

Serving as Lead Counsel in Monson v. Friedman, et al., Levi & Korsinsky received final approval of a settlement providing for the recession of 63,714 stock options that had been granted to the company’s chairman, president and CEO in excess of the company’s shareholder-approved equity compensation plan, a twelve-month moratorium on stock option grants to the company’s chairman, president and CEO, and other significant corporate governance reforms, including the creation of a committee of independent directors to review the company’s equity based compensation practices. The Stipulation of Settlement and Notice to Class Members can be viewed here.

The Stipulation of Settlement

Notice of Class Members


$9M recovery in Kleba v. Dees, et al., C.A. 3-1-13 (Tenn. Cir. Ct. Knox Cnty. 2014)

In Kleba v. Dees, et al., C.A. 3-1-13 (Tenn. Cir. Ct. Knox Cnty. 2014), Levi & Korsinsky recovered approximately $9 million in excess compensation given to insiders and caused the cancellation of millions of shares of stock options issued in violation of a shareholder-approved compensation plan. In addition, we obtained the adoption of formal corporate governance procedures designed to ensure that future compensation decisions are made independently and consistent with the plan.


A settlement has been reached in Stouffer v. Lee, et al., (Case No. 11 0C 00352 1B) in the First Judicial District Court for the State of Nevada, Carson City

The Stipulation of Settlement

Notice of Pendency


Levi & Korsinsky LLP named as one of 2013’s “top 50 plaintiffs’ law firms” by ISS Securities Class Action Services.

In the recently issued SCAS Top 50 Report for 2013, Levi & Korsinsky is listed as having recovered $42 million on behalf of shareholders in its securities class action litigation practice during 2013. The Securities Class Action Services (“SCAS”) 50 report is published by Institutional Shareholder Services which maintains an industry leading database on securities class action litigation.

The SCAS 50 report lists the top 50 plaintiffs’ law firms ranked by the dollar value of final class action settlements occurring in 2013 in which the law firm served as lead or co-lead counsel. The SCAS 50 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 2013. 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 Caribou Coffee Company, Inc. Shareholder Litigation.

Click here to view the Stipulation and Agreement of Compromise, Settlement and Release.

 

 


Kentucky Court Approves $7.4 Million Settlement of NTS Realty Holdings Limited Partnership Class Action Lawsuit

On April 24, 2014, Jefferson County Circuit Court of the Commonwealth of Kentucky approved the settlement of a class action against NTS Realty Holdings Limited Partnership (the “Company”) and its Board of Directors and certain of its executive officers. The action is captioned, Stephen J. Dannis, et al. v. J.D. Nichols, et al., Case No. 13-CI-00452. Levi Korsinsky LLP as co-lead counsel obtained a 23% increase in the merger consideration (from $7.50 to $9.25 per unit) for a total benefit of $7.4 million for the unit holders of the Company. The settlement was achieved after two years of hard fought litigation, challenging the entire fairness of the going-private squeeze-out merger by NTS’s controlling unitholder and Chairman, Defendant Jack Nichols. The unitholders bringing the action alleged that Nichols’ proposed transaction grossly undervalued NTS’s units. The 23% increase in merger consideration achieved by Levi Korsinsky LLP was a remarkable result given that on October 18, 2013, the Special Committee appointed by the Board of Director’s had terminated the existing merger agreement with Nichols. Through counsel’s tenacious efforts the transaction was resurrected and improved by 23%.