Securities & Investment Fraud

Omnicell Inc. Securities Class Litigation

Securities and Financial Fraud

Introduction

Securities fraud class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Omnicell Inc., (“Omnicell” or the “Company”) (NASDAQ: OMCL).  If you purchased or otherwise acquired Omnicell securities between October 25, 2018 through July 11, 2019, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than September 16, 2019.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action.  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.

Omnicell 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 Omnicell Securities Class Litigation

The lawsuit alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly recognized revenue before fulfilling its performance obligations; (2) the Company would have to write off certain inventory; and (3) the Company misclassified certain expenses as capitalized expenditures, such as prepaid commissions.

On July 11, 2019, GlassHouse Research LLC published a report alleging that Omnicell prematurely recognized over $38 million in sales. The report also alleged that new product lines had been pushed onto customers, who were hesitant to purchase more inventory because of implementation issues, and that the Company would need to write off $23 million in obsolete inventory.  Following this news, Omnicell’s stock dropped $11.41 per share, or approximately 14%, to close at $75.11 per share on July 11, 2019.

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II. TRANSACTIONS IN Omnicell Securities

Number of shares of Omnicell held immediately before the start of Class Period on October 24, 2018:

From October 25, 2018 through September 16, 2019, inclusive, I made the following transactions in Omnicell 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 September 16, 2019, I made the following transactions in Omnicell 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.”

Reckitt Benckiser Group plc Corporation Securities Class Litigation

Securities and Financial Fraud

Introduction

Securities fraud class action litigation has been filed on behalf of purchasers of the American Depositary Shares (“ADSs”) of Reckitt Benckiser Group plc (“RB Group” or the “Company”) (OTC BB: RBGLY).  If you purchased RB Group ADSs between July 28, 2014 through April 9, 2019, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than September 13, 2019.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action.  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.

RB 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 RB Group Securities Class Litigation

RB Group is a consumer and healthcare company based in the United Kingdom.

The action alleges that during the Class Period, defendants perpetrated a scheme to facilitate opiate abuse among consumers and mislead investors regarding the health and safety risks of RB Group’s product Suboxone Film, in order to boost Company profits.

Specifically, the action alleges that in order to maintain and grow profits after the introduction of generic competitors to the Company’s product Suboxone Tablets, senior executives at RB Group devised a plan to switch prescribers from Suboxone Tablets to the Company’s new proprietary treatment, Suboxone Film.  RB Group executives planned and advanced a marketing campaign that touted the purported safety benefits of Suboxone Film over Suboxone Tablets, in order to prevent competition from generic manufacturers of the tablets.  Central to this campaign was the fabrication of safety concerns regarding existing treatments in order to delay the entry and approval of generic alternatives to Suboxone Tablets.

On July 24, 2017, RB Group announced that it had recorded a £318 million charge in the second quarter of 2017 in connection with ongoing U.S. Department of Justice (“DOJ”) and U.S. Federal Trade Commission investigations into the operations of its former division Reckitt Benckiser Pharmaceuticals, Inc. (“Reckitt Pharma”), which had been spun off into a subsidiary of RB Group in December 2014.  On this news, the price of RB Group ADSs declined $1.01 per share, or 4.73%, from the closing price of $21.35 on the previous trading day, to close at $20.34 per share on July 24, 2017, on elevated trading volume.

On February 19, 2018, RB Group announced that it had recorded another charge of £296 million due to the investigations, and that the California Department of Insurance had joined the investigations.  On this news, the price of RB Group ADSs fell $2.04 per share, or 10.85%, from the closing price on February 16, 2018, the previous trading day, to close at $16.76 per share on February 20, 2018, the next trading day.

On April 9, 2019, the DOJ filed a criminal indictment against Reckitt Pharma, which detailed extensive misconduct both prior to and after its spin-off from RB Group, in connection with a multi-billion-dollar scheme to defraud the public through the marketing and sale of Suboxone Film.  On this news, the price of RB Group ADSs fell $1.03 per share, or 6.09%, to close at $15.87 per share on April 10, 2019, the following trading day.

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II. TRANSACTIONS IN RB Group ADSs

Number of ADSs of RB Group held immediately before the start of Class Period on July 27, 2014:

From July 28, 2014 through April 9, 2019, inclusive, I made the following transactions in RB Group ADSs:

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 RB Group ADSs:

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.”

A.O. Smith Corporation Securities Class Litigation

Securities and Financial Fraud

Introduction

Securities fraud class action litigation has been filed on behalf of purchasers of the common stock of A.O. Smith Corporation (“A.O. Smith” or the “Company”) (NYSE: AOS). If you purchased the common stock of A.O. Smith between July 16, 2016 through May 16, 2019, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than July 29, 2019.

You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action. 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.

A.O. Smith 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 A.O. Smith Securities Class Litigation

AOS, incorporated in Delaware and headquartered in Milwaukee, Wisconsin, is a leading manufacturer and marketer of water heaters and boilers. The Company has two primary operating segments, North America and China, the latter of which accounted for one-third of the Company’s sales in 2018, exceeding $1 billion.

The action alleges that, during the Class Period, Defendants made repeated false statements about AOS’s earnings and sales in China, and the prospects for future sales and earnings in that market, artificially inflating the Company’s stock price.

On May 16, 2019, J Capital Research USA LLC (“J Capital”), a research firm with a short interest in AOS stock, released a well-documented, 66-page report, based on extensive interviews and investigation in China, that AOS fueled its Chinese growth through a previously undisclosed Chinese partner named Jiangsu UTP Supply Chain (“UTP”). UTP is purportedly involved in almost every aspect of AOS’s Chinese operations, and may be responsible for as much of 75% of AOS China sales, by allowing AOS to inflate its gross margins though distributor-financed “channel stuffing.” This channel stuffing enabled AOS to report growth that was no longer working, by pushing UTP and distributors to take on more inventory than they needed, which hid AOS’s sales decline. In addition, J Capital revealed that AOS’s claim to have $539 million in unencumbered cash balances in China is likely false, and that AOS probably used that cash for distributor loans to prop up sales.

On the release of J Capital’s May 16, 2019 AOS report, the price of AOS common stock declined $3.02 per share, or 6.27% from a closing price of $48.12 on May 15, 2019, to close at $45.12 per share on May 16, 2019, on elevated trading volume.

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II. TRANSACTIONS IN A.O. SMITH COMMON STOCK

Number of shares of A.O. Smith held immediately before the start of the Class Period on July 25, 2016:

From July 25, 2016 through May 16, 2019, inclusive, I made the following transactions in A.O. Smith common stock:

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 May 16, 2019, I made the following transactions in A.O. Smith common stock:

SALES

Date
No. of Shares
Price

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Comments & questions:

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Adamas Pharmaceuticals, Inc. Investigation

Securities and Financial Fraud

Introduction

The law firm of Lieff Cabraser Heimann & Bernstein, LLP is investigating claims on behalf of investors of Adamas Pharmaceuticals, Inc. (“Adamas” or the “Company”) (Nasdaq: ADMS), including investors who purchased Adamas common stock directly in the Company’s January 24, 2018 secondary public offering (“SPO”).

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

Background on the Adamas Investigation

Adamas, incorporated in Delaware and headquartered in Emeryville, California, is a commercial stage pharmaceutical company that specializes in developing drug treatment therapies for chronic neurologic disorders. Adamas’s primary product is GOCOVRI, an extended-release formulation of amantadine (formerly referred to as ADS-5102), which has been approved by the U.S. Food and Drug Administration for the treatment of levodopa-induced dyskinesia.

The investigation focuses on whether Adamas and certain of its senior officers issued materially false or misleading statements and/or failed to disclose material information concerning Adamas. According to a recently-filed action, the SPO registration statement and prospectus (collectively, the “Offering Documents”) contained untrue statements and/or omitted material facts required to be stated or necessary to make statements therein not misleading. Specifically, the action alleges that Adamas made materially false and misleading statements in the Offering Documents about known risks and trends that would dramatically reduce its ability to sell GOCOVRI, including: (i) that insurers required physicians to obtain prior authorization before prescribing the drug; (ii) that insurers required physicians to prescribe cheaper generic alternatives before seeking prior authorization; (iii) that GOCOVRI is exorbitantly more expensive than its generic alternatives; and (iv) that physicians were ambivalent about GOCOVRI’s efficacy.

Through its SPO, Adamas sold approximately 3.45 million shares of its common stock to the investing public at $41.50 per share. On October 5, 2018, Merrill Lynch released a study of physicians and subscribers that cast serious doubt on GOCOVRI’s ability to achieve a sizeable market share, and it specifically identified a number of facts that rendered the Company’s statements in the Offering Documents false or misleading.

On March 4, 2019, Adamas walked back its previous growth estimates for GOCOVRI, warned of a continued slow-down in prescriptions, and refused to make further predictions about GOCOVRI’s ability to achieve a sizeable market share. On this news, Adamas’s stock fell $3.99 per share, to close at $8.16 per share on March 5, 2019, capping off a decline of over 80% in the year following the SPO.

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II. TRANSACTIONS IN ADAMAS SECURITIES

I made the following transactions in Adamas common stock:

PURCHASES

Date
No. of Shares
Price

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SALES

Date
No. of Shares
Price

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Additional comments:

We agree to protect your name and all confidential information you submit against disclosure, publication, or unauthorized use to the fullest extent under the law. Please note that completion of this form does not contractually obligate our firm to represent you. We can only serve as your attorney if both you and our firm agree, in writing, that we will serve as your counsel.



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.”

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:

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.”

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.”

Wells Fargo & Company Shareholder Derivative Litigation

Securities and Financial Fraud

Lieff Cabraser serves as Co-Lead Counsel for the Fire and Police Pension Association of Colorado, which along with the City of Birmingham Retirement and Relief System, are court-appointed Co-Lead Plaintiffs in this consolidated shareholder derivative action.  Co-Lead Plaintiffs allege 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 Co-Lead Plaintiffs’ amended complaint.  In October 2017, the court again denied a second round of motions to dismiss the amended complaint.

A proposed $320 million settlement (the “Settlement”) has been reached in this derivative action.  On February 28, 2019, Co-Lead Plaintiffs filed a motion for preliminary approval of the Settlement. The benefits to Wells Fargo of the proposed Settlement include (i) monetary consideration of $240 million paid to Wells Fargo by the defendants’ insurers; (ii) agreement and acknowledgement that facts alleged in the derivative action were a significant factor in causing certain corporate governance changes undertaken by Wells Fargo, which include improvement to Wells Fargo’s internal controls, internal reporting, and expanded and enhanced oversight of risk management by the Board of Directors (the “Corporate Governance Reforms”); and (iii) agreement and acknowledgement that facts alleged in the derivative action were a significant factor in causing certain remedial steps with respect to compensation reductions and forfeitures undertaken by Wells Fargo (the “Clawbacks”).  As part of the Settlement, the parties agreed that the Corporate Governance Reforms and the Clawbacks have a value to Wells Fargo of $80 million, for a total Settlement value to Wells Fargo of $320 million.

On May 14, 2019, the court preliminarily approved the proposed Settlement.  The proposed Settlement is subject to final court approval, and a final fairness hearing will be held on August 1, 2019, at 2:00 p.m., before the Honorable Jon S. Tigar, United States District Judge, at the United States District Court for the Northern District of California, 450 Golden Gate Avenue, San Francisco, California 94102.  For more information on the Wells Fargo Derivative Settlement, please visit www.wellsfargoderivativesettlement.com.

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

Important Documents Related to the Case

Notice

Settlement Agreement

Preliminary Approval

Final Approval

Key Case Filings

 

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.

California Micro Devices

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Result: $31 million settlement
Year: 2001

In re California Micro Devices Securities Fraud Litigation

Lieff Cabraser served as Liaison Counsel for the Colorado Public Employees’ Retirement Association and the California State Teachers’ Retirement System, and the class they represented.

Prior to 2001, the Court approved $19 million in settlements. In May 2001, the Court approved an additional settlement of $12 million, which, combined with the earlier settlements, provided class members an almost complete return on their losses.

The settlement with the company included multi-million dollar contributions by the former Chairman of the Board and Chief Executive Officer.

Commenting in 2001 on Lieff Cabraser’s work in Cal Micro Devices, U.S. District Court Judge Vaughn R. Walker stated,

It is highly unusual for a class action in the securities area to recover anywhere close to the percentage of loss that has been recovered here, and counsel and the lead plaintiffs have done an admirable job in bringing about this most satisfactory conclusion of the litigation.

One year later, in a related proceeding and in response to the statement that the class had received nearly a 100% recovery, Judge Walker observed,

That’s pretty remarkable. In these cases, 25 cents on the dollar is considered to be a magnificent recovery, and this is [almost] a hundred percent.