Litigation related to Abbott’s manufacture, sale, and recall of contaminated infant formula, leading to nationwide infant formula shortage.
Chicago, IL – Court-appointed Lead Counsel Cohen Milstein and Scott & Scott filed a consolidated complaint in In re Abbott Laboratories Infant Formula Shareholder Derivative Litigation, a massive shareholder derivative lawsuit brought against Abbott Laboratories’ Board of Directors for breaching their fiduciary duties related to the Company’s manufacture and sale of infant formula products, prompting a major recall and nationwide infant formula shortages and allegedly causing billions of dollars of damage to Abbott.
Plaintiffs also allege claims for insider trading, corporate waste, and unjust enrichment, as well as violations of the federal securities laws.
“Abbott’s Board breached its main duty to the Company: to oversee mission-critical risks in connection with the highly regulated manufacturing and sale of infant formula. The result was tragic for our nation’s families, resulting in a nationwide formula shortage and the deaths of multiple infants allegedly due to consuming Abbott’s tainted baby formula, and it has been catastrophic for Abbott’s business, leading to a DOJ consent decree and billions of dollars in damages. Cohen Milstein and Scott & Scott are proud to represent shareholders as lead counsel in this important shareholder derivative lawsuit to hold Abbott’s board of directors accountable,” said Carol V. Gilden, co-lead counsel in the lawsuit and partner at Cohen Milstein.
Abbott, an Illinois corporation, is one of the primary manufacturers of infant formula products in the U.S., previously producing 40% of all infant formula products consumed in the U.S. It is also the nation’s leading provider of infant formula to low-income families through the U.S. government’s Special Supplemental Nutrition Program for Women, Infants, and Children (“WIC”) program. On February 15, 2022, Abbott closed its Sturgis, Michigan infant formula manufacturing facility due to the FDA’s concerns about contaminated baby formula. Two days later, on February 17, 2022, Abbott announced a “voluntary” recall of infant formula products manufactured at the Sturgis plant.
The consequences were devastating. A nationwide shortage of baby formula ensued as the facility remained shut down for several months. Additionally, Abbott’s business suffered hundreds of millions in lost sales and profits and costs to remediate the facility and upgrade food safety compliance, risk management systems, and internal controls. The Company’s business and reputation were badly tarnished as it came under regulatory, criminal, and Congressional scrutiny. Abbott is now exposed to numerous lawsuits, including wrongful death, personal injury, and whistleblower actions, as well as consumer and investor class actions.
The consolidated shareholder derivative lawsuit was filed on behalf of court-appointed Lead Plaintiffs, pension funds, Teamsters Local No. 710 Pension Fund and SEPTA.
###
About Cohen Milstein Sellers & Toll
Cohen Milstein Sellers & Toll PLLC is a premier U.S. plaintiffs’ law firm, with over 100 attorneys handling high-profile and precedent-setting litigation. Through creative and tenacious advocacy, Cohen Milstein has recovered billions of dollars for defrauded investors. For more information visit www.cohenmilstein.com.
Naval Architects & Marine Engineers File Wage-Suppression Suit Against Nation’s Largest Military Shipbuilders
Defendants allegedly engaged in “no poach” conspiracy in highly skilled, niche industry for decades. Recruiting agency facilitated information exchange and aided the conspiracy.
Washington, DC – A trio of premier plaintiffs’ class action law firms filed an antitrust class action on behalf of naval architects and marine engineers employed by the nation’s largest military shipbuilders and naval engineering consultancy firms, including General Dynamics, Huntington Ingalls Industries, and Gibbs & Cox, against those defendants and Faststream Recruitment, a recruiting firm that served the companies and aided in their anticompetitive behavior.
Plaintiffs, who are highly skilled and specialized professionals responsible for the architectural and engineering design of all manner of U.S. Navy and Coast Guard vessels and onboard ship systems, allege that starting in at least 2000, the shipbuilders and consultancy firms adhered to an informal “gentlemen’s agreement” among themselves not to recruit each other’s naval engineers. As a result, the companies effectively suppressed the compensation of naval architects and marine engineers in violation of antitrust law.
“We’re proud to represent the men and women who work to design and build the strongest naval fleet in the world in their fight for fair compensation,” said Robert W. Cobbs, a partner at Cohen Milstein. “For decades, defense contractors have profited from their labor while allegedly suppressing their wages below competitive levels.”
“It’s frustrating to see industry leaders deprive their highly skilled and specialized workers of their due compensation,” said Shana E. Scarlett, a partner at Hagens Berman. “Defendants’ alleged no-poach arrangement not only suppressed wages but caused a persistent shortage of qualified naval engineers in the marketplace.”
“This is a compelling class action. Defendants’ no-poach agreement is a classic per se unlawful restraint of trade in violation of the Sherman Act,” said George Farah, a partner at Handley Farah & Anderson. “These highly skilled naval engineers are due hundreds of millions of dollars in compensation.”
Impacted Individuals: Naval engineers consist of naval architects and marine engineers, who design and build the nation’s warships and other “public fleet” vessels. While some naval engineers work directly for the federal government, most are employed by a group of private contractors and consulting firms who are hired by the Navy, the Coast Guard, and other federal and state entities.
Numbering fewer than 10,000 naval engineers nationwide, they frequently work together on the same projects, and are geographically concentrated—primarily in the Washington, D.C./Northern Virginia metro area and the Norfolk/Newport News area.
Join the Case: Impacted individuals can learn more about the class action and whether they qualify to join it by contacting Robert W. Cobbs at Cohen Milstein at: (202) 408-4600, Shana E. Scarlett at Hagens Berman at (510) 725-3000 or George Farah at Handley Farah & Anderson at 212-477-8090.
The name of the case is Scharpf, et al. v. General Dynamics Corp., et al., Case No. 1:23-cv-013272, United States District Court for the Eastern District of Virginia.
About Cohen Milstein
Cohen Milstein Sellers & Toll PLLC is a premier class action law firm, handling high-profile and often precedent-setting cases on behalf of plaintiffs. We have more than 100 attorneys practicing out of eight offices across the United States. In 2022, Cohen Milstein was named Law360’s “Competition Practice Group of the Year.” For additional information, please visit https://www.cohenmilstein.com or call (202) 408-4600.
About Hagens Berman Sobol Shapiro LLP
Hagens Berman is an international class-action and complex plaintiffs’ litigation law firm taking on the world’s largest corporations and entities and fighting for the rights of plaintiffs, including consumers, whistleblowers, employees, investors and others. For additional information, please visit https://www.hbsslaw.com or call (510) 725-3000.
About Handley Farah & Anderson
We sue giant corporations and other powerful interests that harm people. We pursue cases—both class actions and individual claims—to halt unjust practices, hold wrongdoers accountable and recover financial damages for victims. We fight for those who need our help: workers, consumers, tenants, persons with disabilities, families, farmers, small businesses, investors, whistleblowers, women and communities of color. For additional information, please visit https://www.hfajustice.com or call 212-477-8090.
COHEN MILSTEIN AND SUSMAN GODFREY HELP CAPE FEAR RIVER RESIDENTS WIN CLASS CERTIFICATION IN PFAS TOXIC TORT CLASS ACTION AGAINST CHEMOURS AND DUPONT
More than 770,000 North Carolinians were exposed to toxic “forever chemicals” in their drinking water while Chemours and DuPont misled officials about toxic material disposal
Cape Fear, N.C. – A federal judge granted class certification to over 100,000 North Carolina residents who allege that The Chemours Company (Chemours) and DuPont Chemical (DuPont) illegally discharged toxic wastewater containing PFAS and GenX chemicals, aka “forever chemicals,” from its Fayetteville Works plant into the Cape Fear River, failed to inform residents, failed to inform government officials after learning of its damaging impacts, and continued these harmful practices for decades. The plaintiffs claim that they unknowingly consumed drinking water contaminated with these chemicals, that they now suffer from and face the risk of serious health problems, and that Chemours and DuPont should pay the cost of eliminating the contamination of these PFAS chemicals from their homes.
Since 1980, DuPont and Chemours have discharged massive quantities of toxic PFAS chemicals into the air and water from the 2,000-acre Fayetteville Works plant into the Cape Fear River. Despite internal documents showing it had conducted multiple internal tests that confirmed the toxicity of PFAS and GenX chemicals, DuPont publicly dismissed its own findings, continued dumping, and never disclosed the existence of the toxic waste or the related test results to residents or local utility companies.
“For decades Chemours and Dupont have knowingly endangered the health of hundreds of thousands of North Carolinians and caused widespread property damage,” said Ted Leopold, partner at Cohen Milstein and co-lead counsel in the lawsuit. “We are very happy with Judge Dever’s decision to grant class certification to residents along the Cape Fear River impacted by the gross negligence of these chemical companies.”
“Chemours and Dupont have brought enormous damage to people throughout the communities along Cape Fear River by subjecting them to these dangerous PFAS chemicals without notice or consent,” said Steve Morrissey, a partner at Susman Godfrey, who co-leads the case with Mr. Leopold. “Chemours and DuPont sat on this information for years and have continued to shirk full responsibility for their wrongdoing even after it was exposed. We look forward to trial and pursuing justice for the greater Cape Fear River community.”
The Cape Fear River serves as the main source of water for over 100,000 homes in the southeast area of North Carolina, including the City of Wilmington. The affected counties include New Hanover, Bladen, Brunswick, Cumberland, and Pender, and residents of those counties who are served by utilities that use the Cape Fear River as a water source or rely on groundwater contaminated with PFAS are included in the class.
Chemours admitted publicly to discharging GenX, an allegedly “safer” version of PFAS it developed in 2009, into the North Carolina public water supply in June 2017, after a team of researchers from North Carolina State University detected the chemical downriver from the Fayetteville Works plant. In September 2017, the North Carolina Division of Water Resources sought to suspend Chemours’ National Pollutant Discharge Elimination System (NPDES) permit, citing the company’s years-long misrepresentation and failure to disclose the dumping of PFAS-related chemicals. In 2019, Chemours entered into a consent order with the North Carolina Department of Environmental Quality (“DEQ”) relating to its PFAS discharges from Fayetteville Works.
The class action was first brought in 2017 in the Eastern District of North Carolina. In 2018, Cohen Milstein and Susman Godfrey were court appointed Interim Co-Lead Class Counsel. Since filing the case, Cohen Milstein and Susman Godfrey have provided information to DEQ in support of the development and enforcement of the consent order while seeking additional relief through the class action.
See more information about the case.
###
About Cohen Milstein Sellers & Toll PLLC
Cohen Milstein Sellers & Toll PLLC is a premier U.S. plaintiffs’ law firm, handling high-profile and often precedent-setting litigation, including environmental toxic tort litigation. With over 100 attorneys across the country, Cohen Milstein has offices in Boston, MA, Chicago, IL, Minneapolis, MN, New York, NY, Palm Beach Gardens, FL, Philadelphia, PA, Raleigh, NC, Washington, DC. For additional information please visit www.cohenmilstein.com or call (202) 408-4600.
About Susman Godfrey
Susman Godfrey is a nationwide law firm of 150 trial lawyers. It handles high-stakes litigation in a broad range of practice areas and industries, for both plaintiffs and defendants. Susman’s attorneys are creative in finding the fee arrangement—contingent, flat, hourly, or hybrid—that best suits a client’s case. With a relentless focus on winning at trial, Susman Godfrey has been ranked by Vault as the #1 litigation boutique in America for 12 consecutive years. Visit www.susmangodfrey.com to learn more about our unique approach to winning cases.
FOR IMMEDIATE RELEASE: July 25, 2023
Contact: cohenmilstein@berlinrosen.com
PHUNWARE FILES LAWSUIT AGAINST UBS SECURITIES FOR MARKET MANIPULATION
NEW YORK, NY – Today, Phunware, Inc. (NASDAQ: PHUN) filed a lawsuit against UBS Securities, LLC, one of the largest and most influential broker-dealers in the world, alleging repeated manipulation of the company’s stock over a two-year period.
Phunware is a publicly traded technology company and pioneer of Multiscreen-as-a-Service, a fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data, and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale.
The company alleges that UBS engaged in a deceptive market manipulation tactic known as spoofing, in which UBS placed huge quantities of sell orders to fool the market into devaluing the company’s stock so that it could then buy the company’s stock at a lower price. UBS then immediately cancelled the sell orders, so it could reap profits at the expense of Phunware and its investors.
“UBS deceptively engaged in stock spoofing, an abuse of our financial system, which had and continues to have lasting negative impacts on Phunware,” said Laura Posner, partner at Cohen Milstein Sellers & Toll PLLC. “We look forward to holding UBS accountable for the damage it has caused to the company, its shareholders and the markets at large.”
The spoofing episodes against UBS are alleged to have taken place repeatedly over a two-year stretch, sometimes multiple times a day. Phunware alleges that by repeatedly and brazenly manipulating the market through spoofing, UBS artificially and negatively impacted the price of Phunware’s stock in the market, causing Phunware to suffer significant losses when it sold over 34 million shares at manipulated and devalued prices.
Analysts consistently recommended Phunware to investors throughout this two-year period, with all four of the firms following PHUN assigning it “Buy” ratings at price targets that were typically over $2 and reached as high as $6 – levels considerably higher than the actual prices at which PHUN traded. This discrepancy persists to this day, with analysts’ current price targets exceeding PHUN’s share price by over 300%.
In the complaint, Phunware demonstrates through de-anonymized Nasdaq market information that UBS placed over 82 million Baiting Orders and purchased over 640,000 shares in over 1,000 executed orders at manipulated prices in the two-year period. UBS’s ratio of sell-side orders per spoofed executing purchase was more than 4 times that of non-spoofed executed purchases.
Phunware, Inc. is represented by national law firm Cohen Milstein Sellers & Toll PLLC.
###
Phunware, Inc. (NASDAQ: PHUN) is a publicly traded technology company providing companies the products, solutions, data, and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale.
About Cohen Milstein Sellers & Toll
Cohen Milstein Sellers & Toll PLLC is recognized as one of the premier law firms in the country handling major, complex plaintiff-side litigation. With more than 100 attorneys, Cohen Milstein has offices in Washington, DC; Boston, MA; Chicago, IL.; Minneapolis, MN; New York, NY; Palm Beach Gardens, FL.; Philadelphia, PA.; and Raleigh, NC.
NEW YORK – New York Attorney General Letitia James, Georgia Attorney General Christopher Carr, and New Jersey Attorney General Matthew Platkin filed a complaint against Fresenius Vascular Care, Inc. (FVC), one of its New York-based executives, Gregg Miller, M.D., and several of their affiliates for subjecting Medicaid recipients with end-stage renal disease (ESRD) to unnecessary surgeries and defrauding the New York state Medicaid program. The defendants allegedly scheduled ESRD patients for appointments every three to four months purportedly to preserve their dialysis access sites. At these appointments, the defendants sedated the patients and performed invasive procedures on their veins and arteries, putting already vulnerable patients at a heightened risk of grave complications. In reality, most of these patients had no problems receiving dialysis and did not need these surgeries. Moreover, FVC’s parent company’s own research showed that the so-called “monitoring” surgeries they performed do not benefit ESRD patients and in fact can damage their ability to receive life-saving dialysis treatment.
“Patients should be able to trust that their wellbeing will be the top priority for the health care providers they visit,” said Attorney General James. “Our complaint alleges that Fresenius Vascular Care not only spent years endangering vulnerable patients with unnecessary invasive surgeries, they used those procedures to defraud taxpayer-funded programs that provide health care for low-income and elderly Americans. Today we’re taking action to stop these abusive practices and ensure New Yorkers can trust that they will be properly cared for when they walk into a doctor’s office.”
Today’s complaint, jointly filed in federal court in Brooklyn with the attorneys general of Georgia and New Jersey, alleges that FVC knowingly subjected ESRD patients — including elderly people, people of color, and low-income individuals — to unnecessary and invasive procedures to increase its revenues. As alleged in the complaint, “Medical Directors were trained on the FVC philosophy: ‘simply increase revenue and decrease expense.’” FVC allegedly falsified patient referrals, ignored relevant medical records, and falsified diagnostic reports to justify billing for repeated diagnostic and surgical procedures. These procedures included fistulagrams, which are radiological procedures in which dye is injected into the patient’s vein or artery to visualize the port and surrounding blood vessels, and angioplasties, in which wires and balloons are inserted into veins or arteries that have narrowed to restore the patient’s blood flow.
As alleged in the complaint, due to FVC’s scheme, a 41-year-old ESRD patient in New York underwent at least 27 unnecessary angioplasties from December 2012 to May 2018 at a Fresenius Vascular Access Center in the Bronx and an 80-year-old ESRD patient in Brooklyn underwent at least 15 unnecessary angioplasties during the same time period.
The complaint further alleges that FVC knowingly operated a scheme to trap patients in a cycle of “clinically timed evaluations” that subjected them to these procedures every three to four months. The procedures carried grave risks such as over-sedation, infection, ruptured blood vessels, and internal or external bleeding. The complaint alleges that FVC pressured its providers to adopt this scheme, by creating contests to incentivize its staff to maximize the number of procedures done on dialysis patients and pushing doctors who questioned the scheme to quit. At one point, Dr. Miller allegedly told a physician who questioned whether the repeated procedures were necessary, “How can you expect to make money if you are sending 80% of the patients home?”
This lawsuit, which seeks damages and penalties under the New York False Claims Act and other state laws, is the result of a joint investigation with the U.S. Attorney’s Office for the Eastern District of New York and the National Association of Medicaid Fraud Control Units. The case was initiated by two doctors, who are pursuing claims on behalf of 16 additional states pursuant to those states’ false claims acts. The lawsuit was filed under the qui tam provisions of the federal and state false claims acts, which allow average citizens to file civil actions on behalf of the government and to share in the proceeds of any recovered funds.
The case is being handled by the Medicaid Fraud Control Unit (MFCU) including Special Assistant Attorneys General Logan J. Gowdicott and Jill D. Brenner under the supervision of MFCU Civil Enforcement Division Chief Alee N. Scott. The case was investigated by Principal Auditor-Investigator Karin Flynn under the supervision of Regional Chief Auditor Stacey Millis, Detective Stanislav Tabakov under the supervision of Detective Supervisor Dominic DiGennaro, Acting Executive Officer Ronald Lynch, and Commanding Officer Chief William Falk, and Legal Assistant Alexandra Schmidt. The MFCU is part of the Division of Criminal Justice and is led by Director Amy Held and Assistant Deputy Attorney General Paul J. Mahoney. The Division of Criminal Justice is led by Chief Deputy Attorney General José Maldonado and overseen by First Deputy Attorney General Jennifer Levy.
The MFCU’s total funding for federal fiscal year (FY) 2023 is $65,717,936. Of that total, 75 percent, or $49,288,452, is awarded under a grant from the U.S. Department of Health and Human Services. The remaining 25 percent, totaling $16,429,484 for FY 2023, is funded by New York state. Through MFCU’s recoveries in law enforcement actions, it regularly returns more to the state than it receives in state funding.
Reporting Medicaid Provider Fraud: MFCU defends the public by addressing Medicaid provider fraud and protecting nursing home residents from abuse and neglect. If an individual believes they have information about Medicaid provider fraud or about an incident of abuse or neglect of a nursing home resident, they can file a confidential complaint online or call the MFCU hotline at (800) 771-7755. If the situation is an emergency, please call 911.
Press Contact
Office of the New York State Attorney General
The Capitol
Albany NY 12224-0341
Phone: 1-800-771-7755
MORGAN STANLEY, GOLDMAN SACHS, JP MORGAN, AND UBS AGREE TO PAY NEARLY HALF A BILLION DOLLARS TO SETTLE STOCK LENDNG ANTITRUST LAWSUIT
Joint Venture EquiLend to Implement Landmark Governance Reforms Aimed at Limiting Future Anticompetitive Misconduct
NEW YORK, NY – After six years of litigation, a class of investors led by the Iowa Public Employees’ Retirement System, the Los Angeles County Employees Retirement System, the Orange County Employees Retirement System, the Sonoma County Employees Retirement Association, and Torus Capital LLC reached a historic partial settlement with Morgan Stanley, Goldman Sachs, UBS, JP Morgan, and EquiLend in a case that alleged that these banks, along with Credit Suisse and Bank of America, engaged in a group boycott to thwart the modernization of the stock lending market in violation of the antitrust laws.
The settlement with these defendants provides that they will pay approximately half a billion dollars in cash, adding to the $81 million settlement previously signed with Credit Suisse for a total of $580 million in cash payments to the class. While Defendants have denied any wrongdoing and that any reforms were necessary, Plaintiffs believe that the equitable relief they designed and negotiated for will help align EquiLend to the best practices and guidelines for anti-cartel and collaborations among competitors.
These reforms include the mandatory rotation of outside antitrust counsel and EquiLend board members, limitations on who can access commercially sensitive information, and a robust compliance, training, and monitoring program at EquiLend.
“We’re very pleased to have partially settled this case and had such an impact on how EquiLend operates. We are looking forward to continuing to hold Bank of America accountable as the case progresses,” said Michael Eisenkraft, partner at Cohen Milstein Sellers & Toll PLLC.
In this antitrust class action, the plaintiffs alleged collusion among six of the world’s largest investment banks, including Bank of America, Morgan Stanley, Goldman Sachs, Credit Suisse, and their joint venture, EquiLend, to prevent the modernization of the antiquated, inefficient, and opaque over-the-counter stock loan market in order to preserve their market dominance and role as privileged intermediaries between borrowers and lenders of stock.
Specifically, the plaintiffs alleged that when new entrants tried to modernize the stock loan market, the banks conspired to boycott them, shut them down, and eliminate them as threats. This harmed the class by trapping them in an antiquated market structure and forced them to pay supracompetitive “spreads” to the defendant banks for their role as intermediaries in the stock loan market.
The plaintiffs are represented by Co-Lead Counsel Cohen Milstein Sellers & Toll PLLC and Quinn Emanuel Urquhart & Sullivan, LLP.
Press contact: cohenmilstein@berlinrosen.com
FOR IMMEDIATE RELEASE
WASHINGTON, D.C. August 16, 2023 – Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Applied Digital Corporation (“Applied Digital” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
A class action lawsuit was filed in the U.S. District Court for the Northern District of Texas by another law firm on behalf of purchasers of the common stock of Applied Digital Corporation (NASDAQ: APLD) between April 13, 2022 and July 26, 2023, inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, Applied Digital and certain of its officers and directors (“Defendants”) made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Applied Digital had overstated the profitability of its datacenter hosting business and its ability to successfully transition into a low-cost AI Cloud services provider; (ii) Applied Digital’s Board of Directors was not independent within the meaning of NASDAQ listing rules; and (iii) Applied Digital had overstated the efficacy of its business model and failed to maintain proper corporate governance standards.
The Class Period begins on April 13, 2022, the day Applied Digital conducted its initial public offering (“IPO”) on Nasdaq Global Select Market (“NASDAQ”), issuing 8 million shares of common stock priced at $5.00 per share for a total of approximately $40 million in proceeds. As a company publicly traded on the NASDAQ, Applied Digital was required to comply with Listing Rule 5605(b)(2), which states that a majority of the Company’s board of directors (the “Board”) must be comprised of independent directors. However, on May 23, 2023, Applied Digital entered into a loan and security agreement with B. Riley Securities, the primary underwriter of the IPO, and B. Riley Commercial Capital, LLC, also a subsidiary of B. Riley Financial, to supply “additional liquidity to fund the buildout of the Company’s recently announced AI cloud platform and datacenters by the Company.” The principal amount of the loan was up to $50 million, with an interest rate of 9.00% per annum, and a maturity date of May 23, 2025. However, Applied Digital repaid the total balance of the loan nearly two years ahead of its contractual maturity, a timeframe that allegedly corresponds with B. Riley’s business expansion efforts. In July 2023, market analysts, Wolfpack Research (“Wolfpack”) and The Bear Cave (“Bear Cave”), began scrutinizing and questioning Applied Digital’s business model as well as its connection with B. Riley. Following publication of the Wolfpack and Bear Cave reports, Applied Digital’s stock price fell $1.27 per share, or 14.16%, to close at $7.70 per share on July 6, 2023. Following publication of a separate report by Friendly Bear, on July 26, 2023, Applied Digital’s stock price fell $0.60 per share, or 6%, over the following two trading sessions, to close at $9.40 per share on July 28, 2023. It now trades at around $6.50 per share.
Cohen Milstein encourages all investors who purchased Applied Digital’s common stock between April 13, 2022 and July 26, 2023, or former employees with information concerning this matter to contact the firm.
If you are a Applied Digital shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. Steven J. Toll is admitted in the District of Columbia and Virginia.
If you wish to serve as lead plaintiff, you must move the Court no later than October 11, 2023 to request an appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq. or Samuel Bloom
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email:stoll@cohenmilstein.com; sbloom@cohenmilstein.com
ATTORNEY ADVERTISEMENT
# # #
Palm Beach Gardens, FL – As the new school year begins, Cohen Milstein encourages students to take control of their identity and person to avoid becoming a target of cyberbullying, cyberstalking or sexual exploitation.
“As technology has become more advanced, cyberbullying and cyberstalking have become easier,” said Takisha Richardson, leader of Cohen Milstein’s Sexual Abuse & Sex Trafficking practice and author of “Be Cool. Be Confident. Return to School with a Plan.”
Richardson, the former Assistant State Attorney and Chief of the Special Victims Unit of the State Attorney’s Office for Palm Beach County, Florida, is a highly respected advocate of victims’ rights and trial attorney with significant experience navigating the judicial system.
Richardson points to a recent study conducted by Pew Research showing 46% of students reported experiencing some form of cyberbullying – higher than the 40% total in the 2020 Pew Research survey.
According to the study, older teen girls have consistently experienced the most cyberbullying.
Richardson also points to social media and gaming apps as means to make cyberbullying and cyberstalking easier.
“Kids are technologically savvy and many spend a good deal of time on social media and gaming apps. But that doesn’t mean they are mature enough to recognize when someone’s apparently good intentions are bad, know how to stop an offensive person, or have the confidence to talk to an adult when they have been hurt by the harmful behavior of a bully or stalker.”
Richardson also points to the dangers of devices which were created to track valuables like keys and luggage.
“Tracking devices, such as AirTag, SmartTag, Tile, and Chipolo are, unfortunately, making cyberstalking easier for perpetrators who want to scare or harm unsuspecting targets,” Richardson said. “Devices like the AirTag and Chipolo ONE are the size of a quarter, so they are easy to slip into a backpack, coat, car, or other personal belongings. This means kids must not only monitor their gear more closely, but also know what to do if they find one of these devices on their person.”
Richardson offers kids and their parents some practical information on how to identify cyberbullying and cyberstalking, how to recognize key emotional and psychological indicators of what a child might experience if they are a target, and how to stop the harmful behavior. “It’s also important to remember that some cyberbullying and cyberstalking can cross the line into unlawful or criminal behavior.”
About Cohen Milstein Sellers & Toll PLLC
Cohen Milstein Sellers & Toll PLLC is recognized as one of the premier law firms in the country handling major, complex plaintiff-side litigation. With more than 100 attorneys, Cohen Milstein has offices in Washington, DC; Boston, MA; Chicago, IL.; Minneapolis, MN; New York, NY; Palm Beach Gardens, FL.; Philadelphia, PA.; and Raleigh, NC. For additional information, visit www.cohenmilstein.com or call 202.408.4600.
For Immediate Release
Press Contact: Tess Roy tess.roy@berlinrosen.com
Investors Successfully Negotiate Settlement in Case Against Wells Fargo Alleging the Bank Misled Investors About Its Compliance with Federal Consent Orders and Likelihood Its Asset Cap Would be Lifted and Look Forward to the Court’s Consideration of the Settlement
NEW YORK, NY – Today, Co-Lead Plaintiffs and Co-Lead Counsel Cohen Milstein Sellers & Toll PLLC announced that they have reached a $1 billion settlement with Wells Fargo (NYSE: WFC) in a securities fraud class action lawsuit, which is subject to court approval to be sought in the coming weeks. If approved by the court, the $1 billion settlement will be among the top twenty securities class action settlements of all time. The case alleges that between May 30, 2018 and March 12, 2020, the Bank and its top executives made false and misleading statements to the public and Congress regarding issues of critical concern to its investors: its compliance with consent orders imposed by the federal government after the Bank’s 2016 consumer scandal involving the opening of unauthorized customer accounts, as well as when regulators would lift the asset cap they had imposed on the Bank that limited the Bank’s growth.
“We are proud to represent two state retirement systems in their effort to hold Wells Fargo accountable for its misconduct,” said Steven J. Toll, Managing Partner at Cohen Milstein Sellers & Toll. “If approved, this settlement will help compensate hundreds of thousands of investors – state employees, nurses, teachers, police, firefighters and others – whose critical retirement savings were impacted by Wells Fargo’s fraudulent business practices.”
“We are pleased to be one step closer towards securing a favorable result for investors in their claims against Wells Fargo, and are honored to bring this landmark settlement before the Court for approval,” said Laura H. Posner, Partner at Cohen Milstein Sellers & Toll.
In 2018, Wells Fargo entered into consent orders with the Federal Reserve Board, Office of the Comptroller of the Currency, and Consumer Financial Protection Bureau, to rectify governance and oversight failures that had allowed systemic fraudulent practices to occur at the Bank, including opening millions of unauthorized bank accounts and charging hundreds of thousands of borrowers for unnecessary insurance. Additionally, the Federal Reserve Board issued an unprecedented asset cap prohibiting Wells Fargo from expanding its assets until it had fully complied with its consent order.
Following entry into the consent orders, plaintiffs allege that Wells Fargo’s senior executives repeatedly told investors that regulators were satisfied with the Bank’s progress under the consent orders and that the asset cap would be timely removed. In fact, the federal regulators repeatedly rejected the Bank’s plans. As a result of the Bank’s alleged false and misleading statements and omissions, shares of Wells Fargo common stock traded at artificially inflated prices, causing investors to pay more for the stock than it was worth.
The truth was ultimately fully revealed in March of 2020, following a confidential year-long investigation by the House Financial Services Committee (“HFSC”). Both the Democratic majority and Republican minority of the HFSC released lengthy reports and held hearings which concluded that Wells Fargo was not in compliance with the consent orders and had not taken the steps necessary to satisfy its obligations. As the market learned of Wells Fargo’s fraud, the stock price plummeted, harming shareholders.
“Wells Fargo betrayed the trust of Rhode Island pensioners and now is rightly facing consequences because of that. I am proud that ERSRI stood up for its stakeholders and held Wells Fargo accountable for its misconduct, and for achieving the historic settlement,” said Rhode Island General Treasurer James A. Diossa on behalf of Co-Lead Plaintiff Employees’ Retirement System of Rhode Island.
Court-appointed lead plaintiffs in this case include Employees’ Retirement System of Rhode Island (ERSRI), the Public Employees’ Retirement System of Mississippi, and Handelsbanken Fonder AB. Court-appointed Lead Counsel are Cohen Milstein Sellers & Toll PLLC and Bernstein Litowitz Berger & Grossmann LLP.
The settlement is subject to approval by the court. The litigation is pending in the Southern District of New York, and is styled as In re Wells Fargo & Company Securities Litigation, Case No. 1:20-cv-04494-GHW.
###
About Cohen Milstein Sellers & Toll
Cohen Milstein Sellers & Toll PLLC is a premier U.S. plaintiffs’ law firm, with over 100 attorneys handling high-profile and precedent-setting litigation. Through creative and tenacious advocacy, Cohen Milstein has recovered billions of dollars for defrauded investors.
FOR IMMEDIATE RELEASE
Press Contact: cohenmilstein@berlinrosen.com
Indonesian Villagers Achieve Settlement from ExxonMobil on Eve of Human Rights Trial and After Two Decades of Litigation
In an August 2022 Decision on the Motion for Summary Judgment, the Court Ruled that the Majority of ExxonMobil’s Arguments were “Entirely Meritless”
WASHINGTON, D.C. – Eleven villagers who alleged that they or their loved ones endured horrific human rights abuses more than twenty years ago have finally secured a settlement from ExxonMobil.
In a case first filed in 2001, the families alleged that ExxonMobil contracted to use Indonesian soldiers to guard its operations in the Aceh province of Indonesia. Instead, the families alleged, those soldiers abused their power for years, inflicting horrific abuses on the villagers and their families, including murder, torture, sexual violence, and kidnapping. Throughout much of this period, ExxonMobil was reporting some of the largest corporate profits in the world.
“Our clients, eleven villagers from rural communities, bravely took on one of the largest and most profitable corporations in the world and stuck with the fight for more than twenty years. We are so pleased that now, on the eve of trial, we were able to secure a measure of justice for them and their families.” said Agnieszka Fryszman, lead counsel for the plaintiffs and chair of Cohen Milstein’s Human Rights practice. “We represented women and children who saw their fathers shot to death, a woman who was forced to jump up and down repeatedly while eight months pregnant and then sexually assaulted, and men who were detained and subjected to electric shocks, burned, and had graffiti scored on their backs with a knife.”
“The resolution of this important case is a victory for the human rights movement and a testament to the bravery of the plaintiffs. It demonstrates why U.S. courts should remain open to human rights victims so they can obtain the justice they deserve,” said Paul Hoffman of Schonbrun Seplow Harris Hoffman & Zeldes, co-counsel for the plaintiffs.
“Twenty years after we first brought this case, I am pleased that the villagers will have some peace. Their dedication and commitment to seeking accountability over two decades is inspiring,” said Terrence Collingsworth, founder and executive director of International Rights Advocates and the attorney who filed this case in 2001.
In August 2022, the Court handed down a powerful opinion denying ExxonMobil’s motion for summary judgment after evaluating the evidence presented by more than a dozen eyewitnesses.
“While nothing will bring back my husband, this victory delivers the justice we have spent two decades fighting for and will be life-changing for me and my family,” said an Indonesian villager who was one of the plaintiffs in this case. “I am glad we did not give up the fight and that our voices were heard.”
The atrocities are alleged to have taken place at or near ExxonMobil’s operations in the Arun field, one of the largest natural gas fields in the world, which has been referred to as “the jewel in the company’s crown.”
The plaintiffs have remained anonymous for the duration of the more than 20-year litigation for their own protection and will remain so, having brought this lawsuit in the face of grave threats to themselves and their fellow villagers.
Agnieszka Fryszman and her small but dedicated Cohen Milstein legal team (including Kit Pierson, Leslie Kroeger, Rob Cobbs, and Nicholas Jacques) led the hard-fought litigation for more than 20 years, handling the discovery, trial court briefing, appellate briefing, appeals court argument and Supreme Court practice, against a formidable, deep-pocketed defense. They were joined by co-counsel Paul Hoffman of Schonbrun Seplow Harris Hoffman & Zeldes, Anthony DiCaprio of DiCaprio ADR, and Terrence Collingsworth, founder and executive director of International Rights Advocates.
Indeed, before the August 2022 summary judgment, this case had seen two trips to the D.C. Circuit Court of Appeals (decided January 2007 and July 2011) and one to the Supreme Court. Agnieszka Fryszman argued and won both appeals. In June 2008, the US Supreme Court declined Exxon’s petition for certiorari.
###
Cohen Milstein Sellers & Toll PLLC is a premier U.S. plaintiffs’ law firm, handling high-profile and often precedent-setting litigation, including cross-border Human Rights litigation. With over 100 attorneys across the country, Cohen Milstein has offices in Washington, DC, Boston, MA, Chicago, IL, Minneapolis, MN, New York, NY, Palm Beach Gardens, FL, Philadelphia, PA, and Raleigh, NC. For additional information, please call (202) 408-4600.
Schonbrun Seplow Harris Hoffman & Zeldes is a private Southern California public interest firm specializing in civil and human rights cases.
International Rights Advocates (IR Advocates) is a leader in taking action to address human rights issues across the world through strategic litigation, training, research, policy and advocacy and coalition building. The vast majority of IR Advocates’ interventions begin with a local trade union or human rights organization’s request to assess the critical issues they are facing and what they want to achieve. They bring leading experts to engage with local partners to identify and research human rights violations, interview witnesses, and gather evidence. In this process, IR Advocates trains its partners and explores how to leverage and improve local legal systems and policy to better protect those whose human rights have been violated.