Two union pension funds represented by Cohen Milstein Sellers & Toll PLLC and Robbins Geller Rudman & Dowd LLP were picked by a Virginia federal judge Tuesday to lead a proposed class action against Booz Allen Hamilton Holding Corp. over allegedly fraudulent statements ahead of its disclosure that it was under federal investigation.
The Uniformed Sanitationmen’s Association Local 831 Compensation Accrual Fund and the Employer-Teamsters Locals Numbers 175 & 505 Pension Trust Fund told the court that they lost a combined $82,000 when the consulting and tech contracting firm revealed that it was under criminal and civil investigation by the U.S. Department of Justice over its accounting and charging practices, sending its stock plummeting.
Although the funds asked the court individually in mid-August to be named as representatives for a proposed class of investors, they asked the court Friday for permission to jointly represent the class. Steven Toll of Cohen Milstein, one of the co-lead counsel, told Law360 that the funds opted not to contest each other and said he and his clients looked forward to fighting the case.
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