Joshua S. Devore is a Partner at Cohen Milstein and a member of the Securities Litigation & Investor Protection Practice Group. In this role, Mr. Devore has distinguished himself in representing investors in complex high-profile securities fraud class actions and in guiding a broad range of class action lawsuits, from the massive BP Deepwater Horizon oil spill to the Parmalat securities litigation. His practice has led him to discovery efforts around the world, having taken depositions on four continents.
Mr. Devore’s current cases include the following notable matters:
- BP Securities Litigation: Cohen Milstein is co-lead counsel in the long-running, procedurally complex case arising from the devastating Deepwater Horizon oil spill in the Gulf of Mexico. The U.S. Court of Appeals for the Fifth Circuit affirmed the class certification ruling of investors who purchased BP’s American Depositary Shares on April 26, 2010, through and including May 28, 2010, and who were injured by BP’s low-balling the severity of the oil spill in the aftermath of the Deepwater Horizon explosion. Mr. Devore is involved in all aspects of the litigation.
- Kingate Global and Kingate Euro Funds Litigation: Cohen Milstein is co-lead counsel in a lawsuit that alleges Kingate Global and Kingate Euro, feeder funds in the Bernard Madoff Ponzi scheme, and several related entities failed in their obligations to protect investors in the funds. The lawsuit was initially dismissed on the basis of Securities Litigation Uniform Standards Act of 1998 (SLUSA), but that decision was reversed on appeal by the Second Circuit in an opinion that has set a new standard on which claims are precluded by SLUSA and which are not. Mr. Devore is involved in all aspects of the litigation.
- State of Mississippi v. Moody’s Corp. Litigation: Cohen Milstein is representing the Attorney General of the State of Mississippi in a consumer protection action addressing Moody’s misrepresentation of its independence and objectivity in its analysis of structured finance securities in the years leading up to the financial crisis. Mr. Devore is involved in all aspects of the litigation.
- Broadcom Merger Litigation: Cohen Milstein is lead counsel representing institutional investors in a litigation challenging the $37 billion Broadcom-Avago merger. The lawsuit alleges the transaction was structured to benefit management and insiders with a controlling share of Broadcom, at the expense of the common shareholders. Mr. Devore is involved in all aspects of the litigation.
Some of Mr. Devore’s successes include:
- In re Lucent Technologies Securities Litigation: $575 million settlement. Cohen Milstein co-lead counsel, representing plaintiffs in a massive securities fraud class action in cash, stocks and warrants. The settlement ranks as one of the largest securities class actions in history. Mr. Devore was involved in all aspects of the litigation.
- In re Merrill Lynch Research Reports Securities Litigation: $125 million settlement. Cohen Milstein represented plaintiffs in a class action lawsuit alleging that Merrill Lynch’s Internet analysts dishonestly recommended stocks whose prospects they viewed as dim. The complex case took more than six years to litigate. Mr. Devore was involved in all aspects of the litigation.
- In re Parmalat Securities Litigation: $90 million settlement. Cohen Milstein was co-lead counsel in a class action lawsuit involving Parmalat, a company often referred to as “Europe’s Enron.” The litigation involved the biggest fraud in European history, in which revenues were manufactured out of thin air and numerous Parmalat executives were indicted and went to prison. The litigation involved depositions around the world, and resulted in settlements with the company’s two outside auditors and investment banks, as well as the “new” Parmalat that emerged following the scandal. Mr. Devore was involved in all aspects of the litigation.
- IntraLinks Litigation: $14 million settlement. Cohen Milstein was lead counsel in a class action lawsuit alleging that the company concealed the impending loss of its biggest client, the Federal Deposit Insurance Corporation, during the class period, which included a secondary stock offering. The lawsuit involved an intensive discovery period during which more than 1.9 million pages were produced and 23 depositions were taken. Mr. Devore was involved in all aspects of the litigation.
- LDK Solar Litigation: $16 million settlement. Cohen Milstein represented investors in a case involving a Chinese solar panel producer. The litigation entailed traveling to Hong Kong, setting up temporary offices, taking 14 depositions in a period of 15 days and reviewing thousands of documents, many of which were in Chinese. Mr. Devore was involved in all aspects of the litigation.
In addition, Mr. Devore has done the following pro bono work:
- U.S. Navy Humanist Chaplain Litigation: Mr. Devore, along with other Cohen Milstein attorneys, represented Jason Heap, who sued the U.S. Navy for rejecting his application to become a chaplain on the basis of his humanist religious beliefs, in violation of the Constitution. After hard-fought discovery, the case settled.
Mr. Devore has authored numerous briefs addressing complex and novel issues of federal securities laws, leading to notable reported decisions such as Lentell v. Merrill Lynch & Co., 396 F.3d 161 (2d Cir. 2005), that reversed a dismissal on statute of limitations grounds and reset the standards for pleading loss causation.
Mr. Devore attended Rice University, where he earned his B.A. in Chemistry, and graduated from Georgetown University Law Center, where he served as Executive Editor of the Georgetown International Environmental Law Review. He is co-author of State Court Class Actions: Trends and Issues, in the National Institute on Class Actions.