Securities & Investment Fraud

Indivior PLC Securities Class Litigation

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Introduction

Securities fraud class action litigation has been filed on behalf of investors in the securities of Indivior PLC (“Indivior” or the “Company”) (INVVY). If you purchased or otherwise acquired the securities of Indivior between March 10, 2015 and April 9, 2019, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than June 24, 2019.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

Indivior investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the Indivior Securities Class Litigation

Indivior, incorporated and headquartered in the United Kingdom, together with its subsidiaries, develops, manufactures, and sells buprenorphine-based prescription drugs for the treatment of opioid dependence.

The action alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Indivior and its executives engaged in an illicit nationwide scheme to increase prescriptions of Suboxone Film; (2) the Company illegally obtained billions of dollars in revenue from Suboxone Film prescriptions by deceiving health care providers and health care benefit programs; (3) Indivior would face felony charges as a consequence of the above misconduct; and (4) due to the foregoing, defendants’ statements about the Company’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On April 9, 2019, the United States Department of Justice filed an indictment asserting criminal charges against Indivior related to the Company’s conduct in the course of marketing Suboxone Film. The indictment extensively detailed the fraudulent marketing scheme, incorporating numerous examples of misconduct, including one count of conspiracy to commit mail, wire, and health care fraud, one count of health care fraud, four counts of mail fraud, and twenty-two counts of wire fraud. On this news, the price of Indivior American Depositary Receipts (“ADR”) dropped $4.48, 66.1% from the previous closing price of $6.78, to close at $2.30 per ADR on April 10, 2019, on extremely elevated trading volume.

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II. TRANSACTIONS IN INDIVIOR SECURITIES

Number of shares of Indivior held immediately before the start of the Class Period on March 10, 2015:

From March 10, 2015 through April 9, 2019, inclusive, I made the following transactions in Indivior securities:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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During the 90 days after April 9, 2019, I made the following transactions in Indivior securities:

SALES

Date
No. of Shares
Price

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Comments & questions:

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About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

The Boeing Company Securities Class Litigation

Securities and Financial Fraud

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the securities of The Boeing Company (“Boeing” or the “Company”) (NYSE: BA). If you purchased or otherwise acquired the securities of Boeing between January 8, 2019 and March 21, 2019, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than June 10, 2019.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

Boeing investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the Boeing Securities Class Litigation

Boeing is incorporated in Delaware with its principal executive offices located in Chicago, Illinois.

During this Class Period, Plaintiffs allege that Boeing falsely claimed in its February 2019 10-K that it is “committed to being the leader in commercial aviation by offering airplanes and services that deliver superior design, efficiency and value to customers around the world.” Boeing likewise issued press releases during the Class Period about the sale of its 737 MAX planes that failed to disclose that safety features did not come with the plane unless bought as “extra” features.

On October 29, 2018, shortly after takeoff, Boeing 747 Max airplane flying Lion Air Flight 610 crashed. On March 10, 2019, a second Boeing 747 MAX crashed. Ethiopian Airlines Flight 302 went down a few minutes after takeoff with 157 passengers and crew on board. The next day, Ethiopian Airlines grounded its 737 MAX 8. Similarly, the China Civil Aviation Administration grounded the 737 MAX 8. On this news, the price of Boeing common stock fell $47.13 per share, or 11.2%, during the following two trading days, closing at $375.41 on March 12, 2019.

On March 17, 2019, The Seattle Times released an investigative report that the original safety analysis for the Boeing 747 MAX that Boeing sent to the FAA had several crucial flaws and that the FAA had given Boeing increasing authority to certify the safety of its own airplanes. On March 18, 2019, Bloomberg reported that U.S. federal authorities had begun exploring a criminal investigation into how Boeing’s 737 MAX was certified to fly passengers before the Ethiopian crash. Following these press reports, the price of Boeing stock fell $6.71 per share on March 18, 2019.

On March 21, 2019, The New York Times reported in an article entitled, “Doomed Boeing Jets Lacked 2 Safety Features That Company Sold Only as Extras,” that Boeing hid from investors, pilots, and passengers, the fact that the software system that could have fixed the issue that led to the crashes was not a standard feature but that airlines had to pay more for this “extra” or “optional feature” as a way for Boeing to decrease the purchase price of the airplane. Following this news, of the price of Boeing stock fell $10.53 per share, or 3%, to close at $362.17 on March 22, 2019.

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II. TRANSACTIONS IN BOEING SECURITIES

Number of shares of Boeing held immediately before the start of the Class Period on January 7, 2019:

From January 7, 2019 through March 21, 2019, inclusive, I made the following transactions in Boeing securities:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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During the 90 days after March 21, 2019, I made the following transactions in Boeing securities:

SALES

Date
No. of Shares
Price

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Comments & questions:

Please sign me up for your Consumer Law newsletter. Yes


About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

Healthcare Services Group, Inc. Securities Class Litigation

Securities and Financial Fraud

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the securities of Healthcare Services Group, Inc. (“Healthcare Services Group” or the “Company”) (Nasdaq: HCSG). If you purchased or otherwise acquired the securities of Healthcare Services Group between April 11, 2017 and March 4, 2019, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than May 21, 2019.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the litigation. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

Healthcare Services Group investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the Healthcare Services Group Securities Class Litigation

Healthcare Services Group, based in Bensalem, Pennsylvania, engages in the
management, administrative, and operating services to the housekeeping, laundry, linen, facility maintenance, and dietary service departments to nursing homes, retirement complexes, rehabilitation centers, and hospitals in the United States.

The complaint alleges that throughout the Class Period, Defendants failed to disclose that (1) Healthcare Services Group was strategically rounding its quarterly earnings per share (“EPS”) upward for more than a decade, thus misrepresenting the Company’s financial condition throughout the Class Period; (2) the Securities and Exchange Commission (“SEC”) had written to the Company in November 2017 to inquire into its EPS rounding practices; and (3) the SEC delivered a subpoena to the Company in March 2018 to produce documents in connection with its calculation of EPS.

On March 4, 2019, in a Form 8-K filed with the SEC, Healthcare Services Group disclosed it had received a letter in November 2017 from the SEC regarding an inquiry into the Company’s EPS calculation practices and requesting that the Company voluntarily provide certain information and documents relating to its EPS rounding and reporting practices. The Company further disclosed it also had received a subpoena in March 2018 from the SEC in connection with those matters and had been providing information and documents to the SEC.

Following those disclosures, the Company’s stock price fell $4.96 per share, or 13.14%, to close at $32.78 on March 4, 2019.

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II. TRANSACTIONS IN HEALTHCARE SERVICES GROUP SECURITIES

Number of shares of Healthcare Services Group held immediately before the start of the Class Period on April 10, 2017:

From April 10, 2017 through March 4, 2019, inclusive, I made the following transactions in Healthcare Services Group securities:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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During the 90 days after March 4, 2019, I made the following transactions in Healthcare Services Group securities:

SALES

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Price

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Comments & questions:

Please sign me up for your Consumer Law newsletter. Yes


About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

Nutanix, Inc. Securities Class Litigation

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the securities of Nutanix, Inc. (“Nutanix” or the “Company”) (Nasdaq: NTNX).  If you purchased or otherwise acquired the securities of Nutanix between March 2, 2018 and February 28, 2019, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than May 28, 2019.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions.  Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market.  We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

Nutanix investors may choose to have Lieff Cabraser review their claim by completing the contact form below.  You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the Nutanix Securities Class Litigation

Nutanix, incorporated in Delaware and headquartered in San Jose, California, is a cloud-computing software company that provides information technology infrastructure solutions for corporate and governmental clients.  Nutanix’s software includes an information technology platform that integrates enterprise-level access to both private and public clouds.

The action alleges that from March 2, 2018 through February 28, 2019, inclusive (the “Class Period”), Defendants made repeated statements that the Company was investing heavily in growth and increasing its sales and marketing activities while maintaining high profit margins.  Recent disclosures revealed that Defendants’ statements were false and/or misleading, and/or that Defendants failed to disclose that: (i) Defendants did not increase Nutanix’s lead generation spending during the Class Period, and in fact decreased such spending; and (ii) as a result, the growth of the Company’s business was unsustainable and its financial earnings projections were misleading.

After the market closed on February 28, 2019, Nutanix issued a press release and held a conference call announcing its financial results for the second fiscal quarter of 2019 and guidance for the third quarter. On the call, the Company’s founder and Chief Executive Officer Dheeraj Pandey and its Chief Financial Officer Duston M. Williams revealed that despite earlier statements that Nutanix was investing in sales and marketing and growing the business, the Company had held flat or decreased spending on lead generation—a “key component” to developing its sales pipeline.

On this news, the price of Nutanix’s stock fell $16.39 per share, or 32.7%, from a closing price of $50.09 per share on February 28, 2019, to close at $33.70 per share on March 1, 2019, on extremely elevated trading volume.

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II. TRANSACTIONS IN NUTANIX SECURITIES

Number of shares of Nutanix held immediately before the start of the Class Period on March 1, 2018:

From March 2, 2018 through February 28, 2019, inclusive, I made the following transactions in Nutanix securities:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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During the 90 days after February 28, 2019, I made the following transactions in Nutanix securities:

SALES

Date
No. of Shares
Price

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Comments & questions:

Please sign me up for your Consumer Law newsletter. Yes


About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years.  In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.”  Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.”  In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

Inogen, Inc. Securities Class Litigation

Securities and Financial Fraud

Introduction

Securities fraud class action litigation has been filed on behalf of investors in the securities of Inogen, Inc. (“Inogen” or the “Company”) (Nasdaq: INGN).  If you purchased or otherwise acquired the securities of Inogen between November 8, 2017 and February 26, 2019, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than May 6, 2019.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions.  Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market.  We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

Inogen investors may choose to have Lieff Cabraser review their claim by completing the contact form below.  You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the Inogen Securities Class Litigation

Inogen is a Goleta, California-based medical technology company that develops and manufactures portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to people with chronic respiratory conditions.

The action alleges that, throughout the Class Period, Inogen and certain of its senior executives made materially false and misleading statements regarding the strength of Company’s business to inflate its stock price, including the size of Inogen’s total addressable market (“TAM”) and the growth of the oxygen therapy market in general.

On February 8, 2019, stock research analyst and short-seller Carson Block of Muddy Waters published a detailed report challenging Inogen’s TAM, arguing that it was far smaller than Inogen claimed, and that Inogen’s TAM was shrinking.

On February 26, 2019, Inogen issued a press release announcing its fourth quarter and fiscal year 2018 financial results, which significantly reduced its previously provided fiscal 2019 net income guidance.  During a conference call discussing the results, Inogen Chief Executive Officer Scott Wilkinson backtracked on the Company’s prior TAM estimates.  On this news, the price of Inogen stock declined by $33.78 over the next trading day, or 24.11% from its previous close, to close at $106.28 per share on February 27, 2019, on extremely high trading volume.

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II. TRANSACTIONS IN INOGEN SECURITIES

Number of shares of Inogen held immediately before the start of the Class Period on November 8, 2017:

From November 8, 2017 through February 26, 2019, inclusive, I made the following transactions in Inogen securities:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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During the 90 days after February 26, 2019, I made the following transactions in Inogen securities:

SALES

Date
No. of Shares
Price

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Comments & questions:

Please sign me up for your Consumer Law newsletter. Yes


About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

Gatekeepers CII Spring 2018 Registration

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“Where are the Gatekeepers?”

A presentation on Tuesday, March 13, 2018 at the CII Spring 2018 Conference in Washington, D.C. by Lieff Cabraser partner Bruce W. Leppla, sponsored by Lieff Cabraser.

Use the form below to register for “Where Are the Gatekeepers?”, a discussion on the role investment funds play in the effort to curtail corporate misconduct and fraud set for Tuesday, March 13, 2018 at 4:30 p.m. Hosted by Lieff Cabraser.


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Wells Fargo & Company Shareholder Derivative Litigation

Securities and Financial Fraud

Lieff Cabraser serves as Co-Lead Counsel for Co-Lead Plaintiffs Fire and Police Pension Association of Colorado and The City of Birmingham Retirement and Relief System in this consolidated shareholder derivative action alleging that, since at least 2011, the Board and executive management of Wells Fargo & Company (“Wells Fargo”) knew or consciously disregarded that Wells Fargo employees were illicitly creating millions of deposit and credit card accounts for their customers, without those customers’ consent, in an attempt to drive up “cross-selling,” i.e., selling complementary Wells Fargo banking products to prospective or existing customers.

Revelations regarding the scheme, and the defendants’ knowledge or blatant disregard of it, have deeply damaged Wells Fargo’s reputation and cost it millions of dollars in regulatory fines and lost business. In May 2017, the court largely denied defendants’ motion to dismiss plaintiff’s amended complaint.

The case is In re Wells Fargo & Company Shareholder Derivative Litigation, No. 3:16-cv-05541 (N.D. Cal.).

Navient Corporation Securities Class Litigation

Securities and Financial Fraud

Lieff Cabraser serves as lead counsel for the court-appointed lead plaintiff, a group of Lord Abbett funds, in Lord Abbett Affiliated Fund, Inc., et al. v. Navient Corporation, et al., No. 1:16-cv-112-GMS (D. Del.), a securities fraud class action arising under the PSLRA against Navient, certain of Navient’s senior officers and directors, and the underwriters of certain of Navient’s public debt offerings.

The consolidated actions allege that defendants misrepresented or failed to disclose that (i) Navient’s loan-servicing practices violated applicable federal regulations and jeopardized a contingency collection contract with the U.S. Department of Education (“DOE”); (ii) the Company had an increased number of higher-risk borrowers who were not repaying their loans and Navient failed to properly account for this increased risk of loss in its reported financial results; (iii) Navient’s operating structure was inefficient as a result of its spin-off from Sallie Mae; and (iv) a significant portion of the Company’s low-rate credit facilities were at risk of being reduced or eliminated.

A consolidated amended class action complaint was filed in September 2016 and the parties have since fully briefed defendants’ motion to dismiss.

BofI Holding, Inc. Securities Class Litigation

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Lieff Cabraser serves as lead counsel for court-appointed lead plaintiff, Houston Municipal Employees Pension System (“HMEPS”), in this securities fraud class action against BofI Holding, Inc. and certain of its senior officers. The action charges defendants with issuing materially false and misleading statements and failing to disclose material adverse facts about BofI’s business, operations, and performance.

In September 2016, the court largely denied defendants’ motion to dismiss the consolidated amended complaint. Plaintiff filed a second amended complaint in November 2016 in order to remedy the few claims that had been dismissed. In May 2017, the court denied in significant part defendants’ motion to dismiss that complaint.

The case is Houston Municipal Employees Pension System v. BofI Holding, Inc., et al., No. 3:15-cv-02324 (S.D. Cal.). A copy of the consolidated amended complaint is available here.

If you would like more information about the litigation, or have information relevant to the lawsuit, please use the form below or contact Richard Texier of Lieff Cabraser toll-free at 1-800-541-7358 or at rtexier@lchb.com.

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We produce a free e-mail Civil Justice Newsletter three to four times a year, and distribute it to persons who have contacted us and wish to receive the newsletter.

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About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News named Lieff Cabraser as a “Law Firm of the Year” for 2016, and Benchmark Litigation included our firm in its 2016 “Top 10 Plaintiffs Firms” listing.

Petrobras Securities Litigation

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Janus Overseas Fund, et al. v. Petróleo Brasileiro S.A. – Petrobras, et al., No. 1:15-cv-10086-JSR (S.D.N.Y.); Dodge & Cox Global Stock Fund, et al. v. Petróleo Brasileiro S.A. – Petrobras, et al., No. 1:15-cv-10111-JSR (S.D.N.Y.).

Lieff Cabraser represented several funds managed by Janus and several funds managed by Dodge & Cox in individual securities cases arising from the massive fraud at Petrobras, a state-run semi-public energy and oil-production company headquartered in Rio de Janeiro, Brazil. Plaintiffs sought recovery under the federal securities laws for damages they suffered on transactions in Petrobras securities during the period December 29, 2010 through July 28, 2015 (the “Relevant Period”), due to a pervasive and long-running scheme of bribery and corruption at Petrobras.

Plaintiffs alleged that beginning around 2005 and continuing through the Relevant Period, the Company engaged in a scheme whereby contractors paid bribes to Petrobras executives and others in exchange for the award of lucrative oil and gas construction contracts. Some of the bribes were passed on to Brazilian politicians and political parties. The Company then paid the contractors inflated amounts under the contracts in order to repay them for the bribes. When the fraud was finally revealed beginning in May 2014, it sent shockwaves through the Brazilian government and economy, and caused Petrobras’s market capitalization to plummet. Authorities estimate the scheme has diverted up to, or more than, $28 billion from the Company’s coffers.

Lieff Cabraser’s cases were part of consolidated proceedings before Judge Jed S. Rakoff in the Southern District of New York. The parties reached settlements in the cases in October of 2016.

Flotek Industries, Inc. Securities Class Litigation

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Introduction

Securities fraud class action litigation has been filed on behalf of investors in Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK). If you purchased or otherwise acquired the securities of Flotek between October 23, 2014 and November 19, 2015, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than January 11, 2016.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.

Flotek investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.

Background on the Flotek Class Litigation

Flotek is a global diversified, technology-driven company that develops and supplies oilfield products, services and equipment to the oil, gas and mining industries, and other products that are sold in consumer and industrial markets.

The actions allege that, throughout the Class Period, defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Flotek’s proprietary software application FracMax had data and process errors; (2) the reported production data from FracMax for three of the wells in the Company’s New York City Investor Presentation on September 11, 2015 were inaccurate; and (3) an application from the Company claiming to be FracMax available in the Apple iTunes Store does not work.

On November 9, 2015, the firm Bronte Capital published a report on Flotek asserting, among other things, that: (1) the production data of four proximate wells in Texas set forth in Flotek’s September 11, 2015 presentation to investors did not match the data of the Texas Railroad Commission; and (2) a version of FracMax available in the Apple iTunes Store does not work. On this news, the price of Flotek shares fell $3.50 per share, or 19.34%, from its closing price on November 6, 2015 to close at $14.60 per share on the next trading day, November 9, 2015, on extremely heavy trading volume.

On November 10, 2015, the Company issued a press release acknowledging data and process errors in its FracMax database and the understatement of production data in Company’s presentation on September 11, 2015. On this news, the price of Flotek shares fell $5.56 per share, or 38.1%, from its closing price on November 9, 2015, to close at $9.04 per share on November 10, 2015, on extremely heavy trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for thirteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.

National Century Financial Enterprises Financial Fraud

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Result: Settlements valued at over 70% of client’s $89 million in losses
Year: 2011

In re National Century Financial Enterprises, Inc. Investment Fraud Litigation

Lieff Cabraser attorneys Steven E. Fineman and Michael J. Miarmi served as outside counsel for the New York City Employees’ Retirement System, Teachers’ Retirement System for the City of New York, New York City Police Pension Fund, and New York City Fire Department Pension Fund in this multidistrict litigation arising from fraud in connection with NCFE’s issuance of notes backed by healthcare receivables.

The New York City Pension Funds suffered approximately $89 million in losses resulting from the massive NCFE fraud. Having successfully resolved their claims against numerous parties, the Funds maintain claims against several NCFE founders. To date, the Funds have recovered approximately 70% of their losses, primarily through settlements achieved on their behalf by Lieff Cabraser.

Qwest Communications International Direct Securities Fraud Litigation

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Result: Recoveries for clients in direct action were 13 times what they would have received in class case
Year: 2007

In re Qwest Communications International, Inc. Securities Fraud and “ERISA” Litigation (No. II)

Lieff Cabraser represented the New York State Common Retirement Fund, Fire and Police Pension Association of Colorado, Denver Employees’ Retirement Plan, San Francisco Employees’ Retirement System, and over thirty BlackRock managed mutual funds in individual securities fraud actions (“opt out” cases) against Qwest Communications International, Inc., Philip F. Anschutz, former co-chairman of the Qwest board of directors, and other senior executives at Qwest.

In each action, the plaintiffs charged defendants with massively overstating Qwest’s publicly-reported growth, revenues, earnings, and earnings per share from 1999 through 2002. The cases were filed in the wake of a $400 million settlement of a securities fraud class action against Qwest that was announced in early 2006.

The cases brought by Lieff Cabraser’s clients settled in October 2007 for recoveries totaling more than $85 million, or more than 13 times what the clients would have received had they remained in the class.

Alex Brown Management Services Securities Fraud Lawsuits

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Result: Confidential settlement
Year: 2006

Albert, et al. v. Alex. Brown Management Services, Inc., et al.; Baker, et al. v. Alex. Brown Management Services, Inc., et al. Securities Fraud Litigation

In May 2004, on behalf of investors in two investment funds controlled, managed and operated by Deutsche Bank and advised by DC Investment Partners, Lieff Cabraser filed lawsuits for alleged fraudulent conduct that resulted in an aggregate loss of hundreds of millions of dollars.

The suits named as defendants Deutsche Bank and its subsidiaries Alex Brown Management Services and Deutsche Bank Securities, members of the funds’ management committee, as well as DC Investments Partners and two of its principals. Among the plaintiff-investors were 70 high net worth individuals. In the fall of 2006, the cases settled by confidential agreement.

Bank of America Merrill Lynch Merger Securities Cases

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Result: Confidential settlement
Year: 2013

In two cases — DiNapoli, et al. v. Bank of America Corp., No. 10 CV 5563 (S.D.N.Y.) and Schwab S&P 500 Index Fund, et al. v. Bank of America Corp., et al., No. 11-cv- 07779 PKC (S.D.N.Y.) — Lieff Cabraser sought recovery on a direct, non-class basis for losses that a number of public pension funds and mutual funds incurred as a result of Bank of America’s alleged misrepresentations and concealment of material facts in connection with its acquisition of Merrill Lynch & Co., Inc.

Lieff Cabraser represented the New York State Common Retirement Fund, the New York State Teachers’ Retirement System, the Public Employees’ Retirement Association of Colorado, and fourteen mutual funds managed by Charles Schwab Investment Management. Both cases settled in 2013 on confidential terms favorable for our clients.

AOL Time Warner Alaska Attorney General Securities Fraud Class Action

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Result: Clients recovered 50 times what they would have received in a class case
Year: 2006

Alaska State Department of Revenue, et al. v. America Online, Inc., et al. Securities Fraud Litigation

In December 2006, a $50 million settlement was reached in a securities fraud action brought by the Alaska State Department of Revenue, Alaska State Pension Investment Board and Alaska Permanent Fund Corporation against defendants America Online, Inc. (“AOL”), Time Warner Inc. (formerly known as AOL Time Warner (“AOLTW”)), and Historic TW Inc. When the action was filed, the Alaska Attorney General estimated total losses at $70 million.

The recovery on behalf of Alaska was approximately 50 times what the state would have received as a member of the class in the federal securities class action settlement. The lawsuit, filed in 2004 in Alaska State Court, alleged that defendants misrepresented advertising revenues and growth of AOL and AOLTW along with the number of AOL subscribers, which artificially inflated the stock price of AOL and AOLTW to the detriment of Alaska State funds.

The Alaska Department of Law retained Lieff Cabraser to lead the litigation efforts under its direction. “We appreciate the diligence and expertise of our counsel in achieving an outstanding resolution of the case,” said Mark Morones, spokesperson for the Department of Law, following the announcement of the settlement.

Brooks Automation, Inc.

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Result: $7.75 million settlement
Year: 2008

In re Brooks Automation, Inc. Securities Fraud Litigation

Lieff Cabraser served as Court-Appointed Lead Counsel for lead plaintiff the Los Angeles County Employees Retirement Association and co-plaintiff the Sacramento County Employees’ Retirement System in a class action lawsuit on behalf of purchasers of Brooks Automation securities.

Plaintiffs charged that Brooks Automation and its senior corporate officers and directors violated federal securities laws by backdating company stock options over a six year period, and failed to disclose the scheme in publicly filed financial statements. Subsequent to Lieff Cabraser’s filing of a consolidated amended complaint in this action, both the Securities and Exchange Commission and the United States Department of Justice filed complaints against the Company’s former C.E.O., Robert Therrien, related to the same alleged practices.

In October 2008, the Court approved a $7.75 million settlement of the action.

FundAmerica

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Result: $13 million settlement
Year: 1990

Nguyen v. FundAmerica Securities Fraud Litigation

Lieff Cabraser served as Plaintiffs’ Class Counsel in this securities/RICO/tort action seeking an injunction against alleged unfair “pyramid” marketing practices and compensation to participants.

The District Court certified a nationwide class for injunctive relief and damages on a mandatory basis and enjoined fraudulent overseas transfers of assets. The Bankruptcy Court permitted class proof of claims. Lieff Cabraser obtained dual District Court and Bankruptcy Court approval of settlements distributing over $13 million in FundAmerica assets to class members.

Network Associates

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Result: $30 million settlement
Year: 2001

In re Network Associates, Inc. Securities Fraud Litigation

Following a competitive bidding process, the Court appointed Lieff Cabraser as Lead Counsel for the Lead Plaintiff and the class of investors. The complaint alleged that Network Associates improperly accounted for acquisitions in order to inflate its stock price. In May 2001, the Court granted approval to a $30 million settlement.

In reviewing the Network Associates settlement, U.S. District Court Judge William H. Alsup observed,

[T]he class was well served at a good price by excellent counsel … We have class counsel who’s one of the most foremost law firms in the country in both securities law and class actions. And they have a very excellent reputation for the conduct of these kinds of cases and their experience and views…

Media Vision

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Result: $31 million settlement
Year: 2003

In re Media Vision Technology Securities Fraud Litigation

Lieff Cabraser served as Co-Lead Counsel in a class action lawsuit which alleged that certain Media Vision officers, outside directors, accountants, and underwriters engaged in a fraudulent scheme to inflate the company’s earnings, and issued false and misleading public statements about the company’s finances, earnings and profits.

By 1998, the Court had approved several partial settlements with many of Media Vision’s officers and directors, accountants and underwriters which totaled $31 million. The settlement proceeds have been distributed to eligible class members. The evidence that Lieff Cabraser developed in the civil case led prosecutors to commence an investigation and ultimately file criminal charges against Media Vision’s former Chief Executive Officer and Chief Financial Officer.

The civil action against Media Vision’s CEO and CFO was stayed pending the criminal proceedings against them. In the criminal proceedings, the CEO pled guilty on several counts, and the CFO was convicted at trial. In October, 2003, the Court granted Plaintiffs’ motions for summary judgment and entered a judgment in favor of the class against these two defendants in the amount of $188 million.