A union fund for New York City sanitation workers asked a Virginia federal judge Friday to name it the lead plaintiff in a proposed class action accusing Booz Allen Hamilton of hiding civil and criminal investigations from stockholders and to appoint Cohen Milstein Sellers & Toll PLLC as lead counsel.
The Uniformed Sanitationmen’s Association Local 831 Compensation Accrual Fund’s $67,300 in losses on Booz Allen Hamilton stocks that tumbled in value following news of a federal criminal investigation into its accounting practices are greater than those of any other known putative class member, and it has already named “highly qualified and experienced counsel” to represent it in the suit, making it an ideal appointment as the lead plaintiff in the case, the institutional investor said in a memorandum to Virginia’s Eastern District Court in Alexandria.
“Local 831 is unaware at this time of any other movant with a greater loss. Thus, Local 831 is presumptively the ‘most adequate plaintiff’ and should be appointed as lead plaintiff because it has ‘the largest financial interest in the relief sought by the class,” the memorandum states. “Further, Local 831 is both qualified to represent the class and willing to serve as a representative party.”
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The fund further asked the court to allow it, as the presumptive lead plaintiff, to name Cohen Milstein lead counsel on the case.
“Appointing Cohen Milstein would be prudent to protect the interests of the class. As detailed in its firm resume … Cohen Milstein has extensive expertise and experience in the field of securities litigation and has successfully prosecuted numerous securities fraud class actions across the country and in this court and has obtained excellent recoveries on behalf of defrauded investors,” the memorandum states.
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