Portfolio Categories Archives: Litigation

Valeant Pharmaceuticals

This is an abbreviated version of Battea’s Valeant Pharmaceuticals securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.

Case Filed: September 27, 2017

Case Summary

Securities class action against Valeant Pharmaceuticals International, Inc. and certain of its former and current officers and/or directors to recover damages for losses plaintiffs have suffered on Valeant common stock purchased or acquired by Plaintiffs between September 28, 2015 and August 10, 2016, pursuant to the Securities Exchange Act of 1934.

NYSEVRX
Lead Plaintiff Deadline11/26/17

Preliminary Allegations

The complaint alleges that Defendants hid from investors the Company’s clandestine network of controlled pharmacies and other deceptive practices that were the true drivers of Valeant’s purported growth and which exposed the  Company to massive risks.   These massive, undisclosed risks included lost sales and distribution channels as a result of alienating physicians, payors and pharmacy benefit managers (“PBMs”), regulatory sanctions and criminal prosecution,  and reputational destruction.

Brief Company Profile

Valeant Pharmaceuticals International, Inc. operates as a pharmaceutical and medical device company worldwide. It operates in three segments: Bausch + Lomb/International, Branded Rx, and U.S. Diversified Products.

The company was formerly known as Biovail Corporation and changed its name to Valeant Pharmaceuticals International, Inc. in September 2010. The company was founded in 1983 and is headquartered in Laval, Canada.

Class Period9/28/15 - 8/10/16
CourtD. New Jersey
Docket #17-cv-07552
JudgeMichael A. Shipp, presiding
Plaintiff(s)PENTWATER EQUITY OPPORTUNITIES MASTER FUND LTD.; PENTWATER EVENT DRIVEN CAYMAN FUND LTD; PENTWATER MERGER ARBITRAGE MASTER FUND LTD.; PWCM MASTER FUND LTD.; OCEANA MASTER FUND LTD.; and LMA SPC FOR AND ON BEHALF OF MAP 98 SEGREGATED PORTFOLIO
Defendant(s)VALEANT PHARMACEUTICALS INTERNATIONAL, INC., J. MICHAEL PEARSON, HOWARD B. SCHILLER, ROBERT L. ROSIELLO, DEBORAH JORN, ARI S. KELLEN, and TANYA CARRO

Valeant Pharmaceuticals Securities Litigation Price Chart

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SCANA Securities Litigation

This is an abbreviated version of Battea’s SCANA securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.

Case Filed: September 27, 2017

Case Summary

Securities class action on behalf of all persons or entities who purchased or otherwise acquired the common stock of SCANA between January 19, 2016 and September 22, 2017, pursuant to sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

NYSESCG
Lead Plaintiff Deadline11/26/17

Preliminary Allegations

The complaint alleges that Defendants artifically drove up the price of SCANA’s stock by issuing false and misleading statements and omitting material information concerning the progress, cost, and completion schedule of the multi-billion dollar nuclear construction project at the V.C. Summer Nuclear Stattion.

Brief Company Profile

SCANA Corporation, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity to retail and wholesale customers in South Carolina. It owns nuclear, coal, hydro, natural gas, biomass, and solar generating facilities

The company was founded in 1924 and is based in Cayce, South Carolina.

Class Period1/19/16 - 9/22/17
CourtDist. South Carolina
Docket #17-CV-02616
Judge Hon. Margaret B Seymour
Plaintiff(s)Robert L. Norman
Defendant(s)SCANA CORPORATION, KEVIN B. MARSH, JIMMY E. ADDISON and STEPHEN A. BYRNE

SCANA Securities Litigation Price Chart

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Equifax

This is an abbreviated version of Battea’s Equifax securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.

Case Filed: September 8, 2017

Case Summary

Federal securities class action on behalf of all persons or entities that purchased or otherwise acquired the publicly traded shares of Equifax common stock between February 25, 2016 and September 7, 2017, pursuant to sections 10(b) & 20(a) of the Securities Exchange Act of 1934.  To read more about Equifax securities litigation, visit Battea’s Equifax securities litigation news article.

NYSEEFX
Lead Plaintiff Deadline11/7/2017

Preliminary Allegations

The complaint alleges that during the Class Period, Equifax made false and/or misleading statements and/or failed to disclose that: 1) the Company failed to maintain adequate measures to protect its data systems; 2) the Company failed to maintain adequate monitoring systems to detect security breaches; and 3) the Company failed to maintain proper security systems, controls and monitoring systems in place.

Brief Company Profile

Equifax Inc.is a multi-billion dollar Georgia corporation that provides credit information services to millions of businesses, governmental units, and consumers across the globe. Equifax operates through various subsidiaries including Equifax Information Services, LLC, and Equifax Consumer Services, LLC aka Equifax Personal Solutions aka PSOL.

Class Period2/25/16 - 9/7/17
CourtDist. Court Georgia Atlanta Division
Docket #TBD
JudgeUnassigned
Plaintiff(s)Hampden Kuhns
Defendant(s)Equifax, Inc., Richard F. Smith, and John Gamble, Jr.

Equifax Securities Litigation Price Chart

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Rayonier Securities Litigation

This is an abbreviated version of Battea’s Rayonier securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.

Case Filed: August 17, 2017

Case Summary

Securities class action on behalf of purchasers of the common stock of Rayonier Advanced Materials between October 29, 2014 and August 19, 2015, pursuant to sections 10(b) & 20(a) of the Securities Exchange Act of 1934.  To read more about Rayonier securities litigation, visit Battea’s Rayonier securities litigation news article.

NYSERYAM
Lead Plaintiff Deadline10/16/17

Preliminary Allegations

The complaint alleges that defendants failed to disclose the following adverse facts, which were known to defendants or recklessly disregarded by them: (a) since 2013, Eastman had been informing Rayonier Advanced Materials of its competitors’ pricing and requesting that Rayonier Advanced Materials respond to declines in market pricing; (b) Rayonier Advanced Materials and Eastman have been in a protracted dispute over the “meet and release” provision of their agreement; and (c) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company’s financial performance and outlook during the Class Period.

Brief Company Profile

Rayonier Advanced Materials Inc. manufactures and sells cellulose specialty products in the United States, China, Japan, Canada, Europe, Latin America, other Asian countries, and internationally.

Rayonier Advanced Materials Inc. is headquartered in Jacksonville, Florida.

Class Period10/29/14 - 8/19/15
CourtM.D. Tenn
Docket #17-cv-01167
JudgeUnassigned
Plaintiff(s)CITY OF WARREN GENERAL EMPLOYEES’ RETIREMENT SYSTEM
Defendant(s)RAYONIER ADVANCED MATERIALS INC., PAUL G. BOYNTON and FRANK A. RUPERTO

Rayonier Securities Litigation Price Chart

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Blue Apron Securities Litigation

This is an abbreviated version of Battea’s Blue Apron securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.

Case Filed: August 14, 2017

Case Summary

Securities class action on behalf of a class consisting of all persons or entities other than defendants who purchased or otherwise acquired the publicly traded securities of Blue Apron pursuant and/or traceable to the Company’s initial public offering.

NYSEAPRN
Lead Plaintiff Deadline10/13/17

Preliminary Allegations

The complaint alleges, among other things, that the Registration Statement failed to disclose: (1) that rather than continue to significantly increase spending on advertising, Blue Apron had already decided to significantly reduce spending on advertising in Q2 2017, which would hurt sales and profit margins in future quarters; (2) that Blue Apron was already experiencing adverse-on-time- in full rates, meaning orders were not arriving on time or with all the ingredients needed, which was hurting customer retention; (3) that the Company had run into delays in Q2 2017 with its new factory in Linden, New Jersey; (4) that existing and already -materialized delays at the Company’s new factory in Linden, New Jersey were resulting in additional delayed product rollouts, which was limiting the Company’s ability to gain new customers and retain existing ones; (5) that the delays being experienced by the Company would hurt the Company’s bottom line in the near term; and (6) that Blue Apron had already decided it would be forced to change its strategic approach in managing the business for the remainder of 2017.

Brief Company Profile

Blue Apron Holdings, Inc. operates an e-commerce marketplace that delivers original recipes and fresh ingredients for making home cooking accessible. It provides original recipes with the pre-portioned ingredients to complement tastes and lifestyles of college graduates, young couples, families, singles, and empty nesters.

Blue Apron Holdings, Inc. is headquartered in New York, New York

Class Period6/28/17 - 8/17/17
CourtE.D. New York
Docket #17-cv-04846
JudgeWilliam Francis Kuntz, II
Plaintiff(s)RUSTEM NURLYBAYEV
Defendant(s)BLUE APRON HOLDINGS, INC., MATTHEW B. SALZBERG, ILIA M. PAPAS, MATTHEW J. WADIAK, JARED CLUFF, PABLO CUSSATTI, BENJAMIN C. SINGER, JULIE M.B. BRADLEY, TRACY BRITT COOL, KENNETH A. FOX, ROBERT P. GOODMAN, GARY R. HIRSHBERG, BRIAN P. KELLEY, BRADLEY J. DICKERSON, GOLDMAN SACHS & CO. LLC, MORGAN STANLEY & CO. LLC, CITIGROUP GLOBAL MARKETS INC., BARCLAYS CAPITAL INC., RBC CAPITAL MARKETS, LLC, SUNTRUST ROBINSON HUMPHREY, INC., STIFEL, NICOLAUS & COMPANY, INCORPORATED, CANACCORD GENUITY INC., NEEDHAM & COMPANY, LLC, OPPENHEIMER & CO. INC., RAYMOND JAMES & ASSOCIATES, INC., and WILLIAM BLAIR & COMPANY, L.L.C.,

Blue Apron Securities Litigation Price Chart

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Zebra Technologies Securities Litigation

This is an abbreviated version of Battea’s Zebra Technologies securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.

Case Filed: July 26, 2017

Case Summary

Securities class action on behalf of all persons who purchased Zebra common stock between March 17, 2015 and May 9, 2016, pursuant to sections 10(b) & 20(a) of the Securities Exchange Act of 1934.    To read more about Zebra Technologies securities litigation, visit Battea’s Zebra Technologies securities litigation news article.

NASDAQZBRA
Lead Plaintiff Deadline9/24/17

Preliminary Allegations

The complaint alleges that defendants understated its income taxes through the end of 2015, underaccrued certain 2015 estimates, in particular with respect to its sales commission plan, and overstated the net realizable value of trade receivables acquired in connection with the company’s acquisition of Motorola Enterprise.  In addition, the company failed to disclose the impact of material weaknesses identified in its internal controls and procedures over financial reporting and disclosure, which caused the misstatemenets.

The misstatements rendered the company’s financial guidance for 2015 and the first and second quarters of 2016 materially false and misleading.

Brief Company Profile

Zebra Technologies Corporation, together with its subsidiaries, designs, manufactures, sells, and supports direct thermal and thermal transfer label printers, radio frequency identification (RFID) printer/encoders, dye sublimation card printers, real-time locating solutions, related accessories, and support software worldwide.

Zebra Technologies Corporation was founded in 1969 and is headquartered in Lincolnshire, Illinois.

Class Period3/17/15 - 5/9/16
CourtE.D. New York
Docket #17-CV-04412
Judge Hon. Leonard D. Wexler
Plaintiff(s)CITY OF WARREN POLICE AND FIRE RETIREMENT SYSTEM
Defendant(s)ZEBRA TECHNOLOGIES CORPORATION, ANDERS GUSTAFSSON and MICHAEL C. SMILEY

Zebra Technologies Corporation Securities Litigation Price Chart

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Electronics for Imaging Securities Litigation

This is an abbreviated version of Battea’s Electronics for Imaging securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.

Case Filed: August 10, 2017

Case Summary

Securities class action on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of Electronics For Imaging from February 22, 2017 through August 3, 2017, pursuant to sections 10(b) & 20(a) of the Securities Exchange Act of 1934.

NASDAQ
EFII
Lead Plaintiff Deadline10/9/17

Preliminary Allegations

The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was improperly recognizing revenue; (2) the Company’s disclosure controls and procedures were not effective; (3) the Company’s internal controls over financial reporting were not effective;  and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Brief Company Profile

Electronics For Imaging, Inc. provides industrial format display graphics, label and packaging, textile, and ceramic tile decoration digital inkjet printers worldwide.

Electronics For Imaging, Inc. was founded in 1988 and is headquartered in Fremont, California.

Class Period2/22/17 - 8/3/17
CourtDist. New Jersey
Docket #17-cv-05992
JudgeMadeline Cox Arleo, presiding
Plaintiff(s)ANTHONY PIPITONE
Defendant(s)ELECTRONICS FOR IMAGING, INC., GUY GECHT, and MARC OLIN,

Electronics for Imaging Securities Litigation Price Chart

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TransDigm Securities Litigation

This is an abbreviated version of Battea’s TransDigm securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.

Case Filed: August 10, 2017

Case Summary

Securities class action on behalf of all persons or entities that purchased or otherwise acquired TransDigm securities between May 10, 2016 and January 19, 2017, pursuant to sections 10(b) & 20(a) of the Securities Exchange Act of 1934.

NYSETDG
Lead Plaintiff Deadline10/9/17

Preliminary Allegations

The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) TransDigm’s growth and profitability were artificially inflated as a result of its illicit business practices; (2) the Company used exclusive distributors to make noncompetitive government bids seem competitive; (3) TransDigm subsidiaries failed to list TransDigm as a parent entity when submitting government bids; and (4) as a result of the foregoing, defendants’ statements about TransDigm’s business, operations and prospects were false and misleading.

Brief Company Profile

TransDigm Group Incorporated designs, produces, and supplies aircraft components in the United States.

TransDigm Group Incorporated was founded in 1993 and is based in Cleveland, Ohio.

Class Period5/10/16 - 1/19/2017
CourtN.D. Ohio
Docket #17-cv-01677
JudgeHon. Donald C. Nugent
Plaintiff(s)CITY OF HOLLYWOOD FIREFIGHTERS’ PENSION FUND
Defendant(s)TRANSDIGM GROUP, INC., W. NICHOLAS HOWLEY, AND TERRANCE PARADIE

TransDigm Securities Litigation Price Chart

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Acacia Communications Securities Litigation

This is an abbreviated version of Battea’s Acacia Communications securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.

Case Filed: August 14, 2017

Case Summary

Securities class action on behalf of a class consisting of all persons other than defendants who purchased or otherwise acquired Acacia securities between August 11, 2016 and July 13, 2017, pursuant to sections 10(b) and 20(a) of the Securities Exchange Act of 1934.  To read more about Acacia Communications securities litigation, visit Battea’s Acacia Communications securities litigation news article.

NASDAQACIA
Lead Plaintiff Deadline10/13/17

Preliminary Allegations

The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) the company’s manufacturing and quality control processes were deficient; (2) the foregoing deficiencies were likely to disrupt the company’s manufacturing,
thereby impacting the company’s revenues; and (3) as a result of the foregoing, Acacia’s public statements were materially false and misleading at all relevant times.

Brief Company Profile

Acacia Communications, Inc. develops, manufactures, and sells high-speed coherent optical interconnect products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific region.

Acacia Communications, Inc. was founded in 2009 and is headquartered in Maynard, Massachusetts.

Class Period8/11/16 - 7/13/17
CourtD. Mass
Docket #17-cv-11504
JudgeWilliam G. Young, presiding
Plaintiff(s)STEVEN THARP
Defendant(s)ACACIA COMMUNICATIONS, INC., MURUGESAN SHANMUGARAJ, and JOHN F. GAVIN

Acacia Communications Securities Litigation Price Chart

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Forterra Securities Litigation

This is an abbreviated version of Battea’s Forterra securities litigation proprietary research. Full case summaries and economic analyses are available to clients through Battea’s litigation monitoring portal. For more information, or to request a demonstration, contact Battea.

Case Filed: August 14, 2017

Case Summary

Securities class action on behalf of all those who purchased Forterra common stock pursuant and/or traceable to the Registration Statement issued in connection with Forterra’s October 19, 2016 initial public stock offering, pursuant to the Securities Act of 1933.

NASDAQFRTA
Lead Plaintiff Deadline10/13/17

Preliminary Allegations

The complaint alleges that statements in the Registration were inaccurate in that they failed to disclose, amoung other things, the following material facts which existed at the time of the initial public offering:  (1) that organic sales in Forterra’s Drainage and Water segments had significantly declinced in the months leading up to the initial public offering;  (2) that the Company was experiencing increased pricing pressure due to competition, particularly in its important Houston, Texas region; (3) that Forterra had been experiencing continued softness in its concrete and steel pipe business; (4) that Forterra had been losing business in its important pipe and precast business due to, in large part operational problems at its production plants; and (5) Forterra had internal weakness in its internal controls related to its accounting for so called “bill and hold” transactions.

Brief Company Profile

Forterra, Inc. manufactures water and drainage pipe and products in the United States and Eastern Canada. It also manufactures structural and specialty precast products, and precast concrete bridge girders; and prestressed concrete, welded steel, and bar-wrapped concrete pipes.

The company serves water-related infrastructure applications, including water transmission, distribution, and drainage; and contractors, distributors, and municipalities. Forterra, Inc. was founded in 2016 and is headquartered in Irving, Texas.

Class Period10/19/16 - 8/14/17
CourtE.D. New York
Docket #17-cv-04763
JudgeJoan M. Azrack
Plaintiff(s)Charles Forrester
Defendant(s)FORTERRA, INC., JEFFREY BRADLEY, WILLIAM MATTHEW BROWN, LORI M. BROWNE, KYLE S. VOLLUZ, KEVIN BARNER, ROBERT CORCORAN, SAMUEL D. LOUGHLIN, CLINT MCDONNOUGH, JOHN MCPHERSON, CHRIS MEYER, JACQUES SARRAZIN, CHADWICK SUSS, GRANT WILBECK, FORTERRA US HOLDINGS, LLC, MID HOLDINGS, CONCRETE HOLDINGS, LSF9 CONCRETE LTD, LSF9 CONCRETE II LTD, STARDUST HOLDINGS, LSF9 STARDUST GP, LLC, LONE STAR FUND IX (U.S.), L.P., LONE STAR PARTNERS IX, L.P., LONE STAR MANAGEMENT CO. IX, LTD., JOHN P. GRAYKEN, GOLDMAN, SACHS & CO., CITIGROUP GLOBAL MARKETS INC. and CREDIT SUISSE SECURITIES (USA) LLC,

Forterra Securities Litigation Price Chart

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