Think Finance Tribal Lending

Berman Tabacco served as co-lead counsel in nationwide class action litigation brought on behalf of individuals who took out high interest rate loans from two tribal lenders affiliated with a Texas-based payday lender, Think Finance: Plain Green, an online lender that purports to be an arm of the Chippewa Cree Tribe of the Rocky Boy’s Reservation and Great Plains Lending (“GPL”), an online lender that purported to be an arm of the Otoe-Missouria Tribe. Plaintiffs alleged that Think Finance and other individuals and entities unaffiliated with the Tribes created Plain Green and GPL in a “rent-a-tribe” scheme designed to circumvent state and federal law, including RICO, usury laws, and other laws against high-interest “payday loans,” to make small-dollar loans that carried annual interest rates in excess of 360%. The loan agreements associated with plaintiffs’ loans purported to be governed by the laws of the Tribes (not the law of the borrower’s home state or federal law), and sought to force all disputes into arbitration that would be governed by tribal law only.  Berman Tabacco and their co-counsel played a leading role in the development and prosecution of the litigation as nationwide RICO class actions – including at the U.S. Court of Appeals for the Second Circuit and the U.S. Supreme Court – and the successful resolution of claims against Think Finance and related entities that provided over $47 million in relief to consumer borrowers.

Jay Peak, EB-5 Fraud

Berman Tabacco served as co-counsel for plaintiffs in a class action brought on behalf of investors in limited partnerships associated with the Jay Peak Ski Resort in Vermont. Plaintiffs, foreign nationals whose investments were made through the federal EB-5 Immigrant Investor Program, alleged that over $200 million in investor funds were misappropriated and/or otherwise misused in an elaborate, Ponzi-like scheme. Defendants’ scheme was revealed in April 2016, when the U.S. Securities and Exchange Commission announced multiple securities fraud charges and an asset freeze against Jay Peak and related business entities, the resort’s Florida-based owner, and the resort’s principal officer. Plaintiffs alleged that those individuals and entities, as well as certain financial institutions and their employees, devised and executed a complex money laundering scheme wherein investor funds were improperly transferred from escrow accounts to investment accounts that were controlled by Jay Peak’s owner and used for purposes other than those specified in the limited partnership documents. Among other things, plaintiffs alleged the improper commingling of investor funds and the misappropriation of more than $50 million in investor funds by Jay Peak’s owner for his personal use. Plaintiffs asserted claims under Florida’s RICO Act and claims for common law fraud, breach of fiduciary duty, negligence, civil conspiracy and breach of contract.

On April 13, 2017, Defendant Raymond James & Associates, Inc. agreed to a $150 million settlement with plaintiffs and the court-appointed receiver for the Jay Peak Ski Resort. Additional funds have since been recovered for the benefit of the Jay Peak partnerships through the efforts of the court-appointed receiver.

Xerox

Representing the Louisiana State Employees’ Retirement System as co-lead counsel, Berman Tabacco negotiated a $750 million settlement, approved in January 2009, that, at that time, ranked 10th among all securities class action settlements. The international fraud case against Xerox Corp., certain of its top officers and auditor KPMG LLP included allegations that the company: (i) improperly recognized revenue from its worldwide leasing operations by prematurely booking lease payments attributable to future supplies and services; (ii) boosted short-term results by overstating the value of future payments from leases originated in developing countries; and (iii) failed to write off mounting bad debts and improperly classified transactions in its Mexico operation. The judge praised plaintiffs’ counsel for obtaining “a very large settlement” despite vigorous opposition in a case complicated by an alleged fraud that “involved multiple accounting standards that touched on numerous aspects of a multinational corporation’s business, implicated operating units around the world, and spanned five annual reporting periods. … [and] the rudiments of the accounting principles at issue in the case were complex, as were numerous other aspects of the case. … The class received high-quality legal representation and obtained a very large settlement in the face of vigorous opposition by highly experienced and skilled defense counsel.”

Toys “R” Us

As co-lead counsel, Berman Tabacco negotiated a $56 million settlement to answer claims that the retailer violated laws by colluding to cut off or limit supplies of popular toys to stores that sold the products at lower prices. The case developed the antitrust laws with respect to a “hub and spoke” conspiracy, where a downstream power seller coerces upstream manufacturers to the detriment of consumers. One component of the settlement required Toys “R” Us to donate $36 million worth of toys to needy children throughout the United States over a three-year period.

Oracle

In this coordinated derivative action, Oracle Corporation shareholders alleged that the company’s CEO, Lawrence J. Ellison, profited from illegal insider trading. Acting as co-lead counsel, Berman Tabacco reached an innovative settlement under which Mr. Ellison agreed to personally make a charitable donation of $100 million over five years in Oracle’s name to an institution or charity approved by the company and pay $22 million in attorneys’ fees and expenses associated with the prosecution of the case.

This innovative agreement benefited Oracle through increased goodwill and brand recognition, while minimizing concerns that would have been raised by a payment from Mr. Ellison to the company, given his significant ownership stake. This matter was significant as it stands as a rare private suit where an insider was held to account for alleged insider trading activities and remains one of the largest derivative settlements. It also led to a landmark decision regarding Special Litigation Committees under Delaware law. In re Oracle Corp. Derivative Litigation, 824 A.2d 917 (Del. Ch. 2003). This litigation also triggered the company to make important changes to its policies that decrease the chances that an insider will be able to trade in possession of material, non-public information.

Lernout and Hauspie

In these two related securities class actions, the firm and its co-lead counsel obtained settlements of more than $180 million, including $115 million from the auditors, one of the largest auditor settlements at the time. Both cases arose from a brazen, world-wide fraud at Lernout & Hauspie Speech Products, N.V., in which the software company allegedly booked fictitious revenues from shell companies that had been set up and financed by the company itself. In 2000, Lernout & Hauspie, a Belgium-based speech-recognition software developer, announced that it had overstated its revenues by a whopping 65%—$377 million. The company filed for bankruptcy protection in November of that year.

Facing twin obstacles of bankruptcy and foreign defendants, the firm and its co-lead counsel used innovative litigation strategies to achieve the excellent resolutions here. For example, the firm gained unprecedented access to the criminal files maintained by Belgian prosecutors, which provided additional testimony and support to bolster the class’ claims and overcame efforts by overseas defendants to use Belgian courts to hinder the fact-finding process, which required extensive cooperation with Belgian prosecutors, Belgian courts and foreign counsel.

IndyMac Mortgage-Backed Securities

Berman Tabacco was sole lead counsel in this class action, representing lead plaintiffs Wyoming Retirement System and Wyoming State Treasurer, and class representative Los Angeles County Employees Retirement Association. The case settled for $346 million, which is one of the largest mortgage-backed securities (“MBS”) class action settlements. The case involved the securitization and sale of 50 MBS offerings issued by now-defunct IndyMac Bank and related entities. The action was brought under the Securities Act of 1933 and alleged that statements in IndyMac’s offering materials for the sale of MBS in 2006-2008 were untrue because they mischaracterized the loan underwriting practices used to originate and acquire the loans that were pooled and securitized to form the MBS. This settlement is extraordinary not only because of its size but also because $340 million of the settlement amount was paid entirely by underwriters who had due diligence defenses. In most other MBS cases, plaintiffs were able to recover the settlement fund monies from the issuing entities who are held to a strict liability standard for which there is no due diligence defense – but the issuing bank here, IndyMac Bank, was no longer in existence when case as commenced.

Fannie Mae II

As co-lead counsel representing the Massachusetts Pension Reserves Investment Management Board, Berman Tabacco reached a settlement of $170 million to resolve claims that Fannie Mae failed to disclose a growing exposure to high-risk mortgages that led to federal conservatorship in 2008. Plaintiffs alleged that Fannie Mae embarked on a multi-year strategy to shift its focus away from investing in, guaranteeing and securitizing safe, “plain vanilla” loans, and toward risky subprime and “Alt-A” loans. Defendants allegedly hid this material shift from investors by failing to disclose the company’s inability to adequately gauge the risk of these subprime and Alt-A loans. The settlement, which was approved in March 2015, was reached after extensive and hard-fought document and deposition discovery. The case provided an exemplary recovery for shareholders, where the plaintiffs faced difficult case-specific impediments – most notably, Fannie Mae’s conservator, the Federal Housing Finance Agency, promulgated a rule (which plaintiffs would have challenged) stating that it could choose not to satisfy judgments against Fannie Mae; and the Second Circuit issued its opinion in Central States v. Federal Home Loan Mortgage Corp., et al., No. 12-4353 (2d Cir. Nov. 5, 2013), which significantly impacted plaintiffs’ ability to prove loss causation based on similar, if not identical, disclosures.

Digital Lightwave

As co-lead counsel, Berman Tabacco negotiated a settlement that included changing company management and strengthening the company’s internal financial controls. The class received 1.8 million shares of freely tradable common stock that traded at just below $4 per share when the court approved the settlement. At the time the shares were distributed to the members of the class, the stock traded at approximately $100 per share and class members received more than 200% of their losses after the payment of attorneys’ fees and expenses. The total value of the settlement, at the time of distribution, was almost $200 million.

De Beers Antitrust

Berman Tabacco represented a class of diamond resellers, such as diamond jewelry stores, in this case alleging that the De Beers group of companies unlawfully monopolized the worldwide supply of diamonds in a scheme to overcharge resellers and consumers. In May 2008, a federal judge approved a settlement, which included a cash payment to class members of $295 million. The settlement was significant because it included an agreement by De Beers to submit to the jurisdiction of the U.S. court to enforce the terms of the settlement and a comprehensive injunction limiting De Beers’ ability to restrict the worldwide supply of diamonds in the future. This case also led to an important Third Circuit decision providing a roadmap for obtaining settlement class certification in complex, nationwide class actions involving laws of numerous states. Sullivan v. DB Investments, Inc., 667 F.3d 273 (3d Cir. 2011). The firm’s work in this case – believed to be the first successful prosecution of De Beers under U.S. antitrust laws – serves as a template for corralling foreign monopolists.

Cardizem CD Antitrust

As co-lead counsel representing health insurer Aetna U.S. Healthcare and a class of insurers and individual consumers, Berman Tabacco brought the first action centered on so-called “reverse payments” between a brand name drug maker and a generic drug maker and obtained an $80 million settlement from French-German drug maker Aventis Pharmaceuticals and the Andrx Corporation of Florida. The payment to consumers, state agencies and insurance companies settled claims that the companies conspired to prevent the marketing of a less expensive generic version of the blood pressure medication Cardizem CD. This was the first time that consumers received direct compensation in a generic drug “pay for delay” case. The state attorneys general of New York and Michigan joined the case in support of the class.

In addition, the firm achieved a significant appellate victory in a pioneering ruling regarding the “reverse payment” by a generic drug manufacturer to the brand name drug manufacturer that held that the brand name drug manufacturer’s payment of $40 million per year to the generic company for the generic to delay bringing its competing drug to market was a per se unlawful market allocation agreement.  In re Cardizem CD Antitrust Litigation, 332 F.3d 896 (6th Cir. 2003).  This victory still shapes the ongoing antitrust battle over competition in the pharmaceutical market.

CalPERS v. Moody’s

Berman Tabacco was sole counsel representing California Public Employees’ Retirement System (“CalPERS”) in this individual action alleging that several major credit ratings agencies made negligent misrepresentations in issuing “Aaa” ratings for certain Structured Investment Vehicles. The firm negotiated a total of $255 million in settlements with Moody’s (defendants Moody’s Corp. and Moody’s Investors’ Services, Inc.) and McGraw Hill Companies, Inc. (“S&P”) on CalPERS’ behalf. This case was groundbreaking for two reasons. First, the settlements rank as the largest known recoveries from Moody’s and S&P in a private lawsuit for civil damages. Second, the case resulted in a published appellate court opinion finding that rating agencies can, in certain circumstances, be liable for negligent misrepresentations under California law for their ratings of privately placed securities. Cal. Pub. Empls.’ Ret. Sys. v. Moody’s Inv’rs Serv., Inc., 226 Cal. App. 4th 643 (2014).

Bristol-Myers II

Berman Tabacco represented the Fresno County Employees’ Retirement Association and Louisiana State Employees’ Retirement System as co-lead plaintiffs and negotiated a settlement of $300 million in July 2004, when the case was on appeal from an order dismissing the claims. At that time, the settlement was the largest by a drug company in a U.S. securities fraud case. In this case, plaintiffs charged that Bristol-Myers and several of its top officers reported false financial results during the class period, failing to adhere to the standard accounting practices the company claimed to follow.

Bear Stearns Companies

As co-lead counsel representing the sole lead plaintiff State of Michigan Retirement Systems, Berman Tabacco negotiated a $294.9 million settlement, including $19.9 million from the auditor, Deloitte & Touche. The action alleged that Bear Stearns embarked on a business plan that left it extraordinarily vulnerable to volatility in the housing market by purchasing and originating an enormous number of unusually risky mortgages to securitize and sell, and by maintaining billions of dollars of these assets on its books. As alleged, the company then used these assets as collateral to purchase even larger quantities of debt and to finance the ballooning costs of its daily operations. Unknown to the investing public, the action asserted that the company had secretly abandoned any meaningful effort to manage the huge risks it faced, even before the class period began. In 2005 and again in 2006, the U.S. Securities and Exchange Commission privately warned the company of crucial deficiencies in the models it used to value mortgage-backed securities and to assess risk. Instead of revising its models to accurately reflect a rapidly accelerating downturn in the housing market, the company bolstered the value of its stock by persisting in using its misleading mortgage valuation and value-at-risk models in an effort to conceal the extent of its exposure to loss. The case resolved after Berman Tabacco conducted four years of vigorously contested litigation, which included successfully defeating the defendants’ motions to dismiss and interviewing 95 former Bear Stearns employees and other persons with relevant knowledge. At the time, the eventual settlement for $294.9 million represented one of the 40 largest securities class action settlements under the Private Securities Litigation Reform Act (PSLRA). This is particularly significant in light of the fact that no government entity had pursued actions or claims against Bear Stearns or its former officers and directors related to the same conduct complained of in the firm’s action.

Target Hospitality Corp.

On March 25, 2024, Target Hospitality Corp. (“Target Hospitality”) filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that it has received an unsolicited non-binding proposal from Arrow Holdings S.a.r.l., an affiliate of TDR Capital LLP (“TDR”), to acquire all of the outstanding shares of common stock of Target Hospitality that are not owned by any of Arrow, any investment fund managed by TDR or their respective affiliates, for cash consideration of $10.80 per share.

Our investigation focuses on the fairness of the process to consider the acquisition proposal and the adequacy of the consideration Target Hospitality shareholders will receive for their shares.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising.

Past results do not guarantee future outcomes.

Contact:

Berman Tabacco
Christina Gregg
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

Luna Innovations Incorporated

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Luna Innovations Incorporated (“Luna” or the “Company”) (NASDAQ: LUNA).

About the Investigation

On March 12, 2024, after the market close, Luna filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that a Special Committee of the Board of Directors was “conducting an independent review, with the assistance of external legal and financial advisors, of certain transactions for which revenue was recognized in the second and third quarters of 2023 that did not qualify for revenue recognition under U.S. generally accepted accounting principles. The Special Committee is examining the circumstances surrounding these issues and is evaluating, among other things, the Company’s disclosure controls and internal control over financial reporting and whether changes in accounting policies or other policies are necessary.”

The Company further stated, “[a]s the independent review remains ongoing, the Company has not yet determined the full extent of the impact on the second and third quarters of 2023 and whether and to what extent there may be an impact on financial statements for any other periods.”

On March 13, 2024, shares of Luna common stock fell $2.24 per share to close at $4.02 per share on heavy volume.

Contact

If you have information concerning this investigation, please fill out the form on this page.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

Avid Bioservices, Inc.

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Avid Bioservices, Inc. (“Avid” or the “Company”) (NASDAQ: CDMO).

About the Investigation

On March 6, 2024, after the market close, Avid filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that on February 29, 2024, the Company “received an acceleration notice … from a holder of its 1.250% Exchangeable Senior Notes due 2026 (the ‘2026 Notes’)” and that there was “an event of default under the 2026 Notes Indenture.”
The Company states that it is “currently evaluating whether certain of the financial statements included in the Company’s Quarterly Reports on Form 10-Q for the quarterly fiscal periods ended October 31, 2022, January 31, 2023, July 31, 2023 and October 31, 2023, and in its Annual Report on Form 10-K for the fiscal year ended April 30, 2023 (collectively, the ‘Relevant Reports’) should no longer be relied upon as a result of: the classification of the 2026 Notes as long-term liabilities on the applicable balance sheets within the Relevant Reports following the Event of Default; and the failure to reflect the Additional Interest in such financial statements (which Additional Interest, in the aggregate, is approximately $1.4 million through February 29, 2024).”

Contact

If you have information concerning this investigation, please fill out the form on this page.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

Agiliti, Inc.

Berman Tabacco, a national law firm representing investors, is investigating potential violations of Delaware law by directors of Agiliti, Inc. (“Agiliti” or the “Company”) (NYSE: AGTI).

About the Investigation

On February 26, 2024, Agiliti filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that it has entered into a definitive merger agreement pursuant to which an affiliate of private equity firm Thomas H. Lee Partners, L.P. (“THL”), the company’s majority shareholder, will acquire all outstanding shares of Agiliti common stock not currently owned by THL, its affiliates, and certain management shareholders, for $10.00 per share in cash.

Our investigation focuses on whether Agiliti shareholders are receiving adequate consideration for their shares and whether the price was the result of a fair process.

According to the Company, “[t]he transaction is expected to close in the first half of 2024, subject to customary closing conditions. The transaction has been approved by THL Agiliti LLC in its capacity as the majority shareholder of Agiliti and no other shareholder approval is required. Upon completion of the transaction, Agiliti will become a private company and will no longer be publicly listed or traded on the New York Stock Exchange.”

Contact

If you have information concerning this investigation or any questions, please fill out the form on this page.

What We Do
Berman Tabacco

Berman Tabacco is a highly-ranked class action law firm dedicated to protecting the rights of investors and consumers. Since 1982, our firm has prosecuted hundreds of securities, antitrust, and complex consumer cases, recouping billions of dollars for our clients and the investors and others they represent.

From unfair corporate transactions to one-sided public securities offerings to violations of the federal securities laws, our corporate governance and securities attorneys are here to protect the rights of investors harmed by companies that commit fraud, fail to disclose important information, engage in corporate or board misconduct, or breach their fiduciary duties to their shareholders.

Our Services
Shareholder Rights and Corporate Governance Investigations.

Berman Tabacco is investigating potential violations of state law by corporations and corporate officers and directors. Berman Tabacco works with investors impacted by mergers, acquisitions, and other transactions to understand their rights, obtain more information about the merger or acquisition, and take legal action when appropriate.

State corporate laws provide robust protection against corporate officers and directors breaching their fiduciary duties to the corporation and its stockholders. Stockholders have an important role to play in accountability. Berman Tabacco is investigating whether certain mergers or acquisitions took place without treating investors fairly.

Berman Tabacco is investigating potential breaches of fiduciary duty and failures to disclose critical merger information in connection with several pending corporate transactions and mergers. Berman Tabacco attorneys work with shareholders impacted by pending mergers to investigate the circumstances surrounding the transactions and determine how the transactions may impact their rights.

If you invested in a company that merger or was acquired, we can help you determine if the board disclosed all of the information you needed to make a fully informed investment decision. If you are interested in helping to hold these directors accountable, please contact us by providing your information below.

Typically, Berman Tabacco represents individuals and entities in shareholder lawsuits on a contingency fee basis, meaning we advance all attorneys’ fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys’ fees and the reimbursement of expenses from any settlement fund. The court will approve the attorneys’ fee award only if it finds that the award is reasonable. If we are not successful, you will not be responsible for the reimbursement of attorneys’ fees or expenses.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising.

Past results do not guarantee future outcomes.

Contact:

Berman Tabacco
Nathaniel L. Orenstein
Justin N. Saif
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

M&A/Deal Investigations

Are you concerned about an unfair merger or acquisition? Did your investment perform poorly after a corporate transaction? Do you have concerns about what the board of directors did—and did not—tell you? Did you lose money from your investment and want to learn more about your options? Please reach out to discuss your legal rights.

What We Do
Berman Tabacco

Berman Tabacco is a highly-ranked class action law firm dedicated to protecting the rights of investors and consumers. Since 1982, our firm has prosecuted hundreds of securities, antitrust, and complex consumer cases, recouping billions of dollars for our clients and the investors and others they represent.

From unfair corporate transactions to one-sided public securities offerings to violations of the federal securities laws, our corporate governance and securities attorneys are here to protect the rights of investors harmed by companies that commit fraud, fail to disclose important information, engage in corporate or board misconduct, or breach their fiduciary duties to their shareholders.

Our Services
Shareholder Rights and Corporate Governance Investigations.

Berman Tabacco is investigating potential violations of state law by corporations and corporate officers and directors. Berman Tabacco works with investors impacted by mergers, acquisitions, and other transactions to understand their rights, obtain more information about the merger or acquisition, and take legal action when appropriate.

State corporate laws provide robust protection against corporate officers and directors breaching their fiduciary duties to the corporation and its stockholders. Stockholders have an important role to play in accountability. Berman Tabacco is investigating whether certain mergers or acquisitions took place without treating investors fairly.

Berman Tabacco is investigating potential breaches of fiduciary duty and failures to disclose critical merger information in connection with several pending corporate transactions and mergers. Berman Tabacco attorneys work with shareholders impacted by pending mergers to investigate the circumstances surrounding the transactions and determine how the transactions may impact their rights.

If you invested in a company that merger or was acquired, we can help you determine if the board disclosed all of the information you needed to make a fully informed investment decision. If you are interested in helping to hold these directors accountable, please contact us by providing your information below.

Typically, Berman Tabacco represents individuals and entities in shareholder lawsuits on a contingency fee basis, meaning we advance all attorneys’ fees and expenses in the litigation. If the case is successful, the firm will ask the court to award the firm attorneys’ fees and the reimbursement of expenses from any settlement fund. The court will approve the attorneys’ fee award only if it finds that the award is reasonable. If we are not successful, you will not be responsible for the reimbursement of attorneys’ fees or expenses.

This notice may constitute attorney advertising.

Past results do not guarantee future outcomes.

Contact:

Berman Tabacco
Nathaniel L. Orenstein
Justin N. Saif
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

Inari Medical, Inc.

Berman Tabacco Announces Investigation of Inari Medical, Inc. (NARI) for Potential Securities Law Violations

BOSTON, Feb. 29, 2024 — Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Inari Medical, Inc. (“Inari” or the “Company”) (NASDAQ: NARI).

About the Investigation

On February 29, 2024, before the market opened, Inari filed a Form 10-K with the Securities and Exchange Commission stating: “In December 2023, we received a civil investigative demand (‘CID’) from the U.S. Department of Justice, Civil Division, in connection with an investigation under the federal Anti-Kickback Statute and Civil False Claims Act (the ‘Investigation’). The CID requests information and documents primarily relating to meals and consulting service payments provided to health care professionals (‘HCPs’).”  On February 29, 2024, shares of Inari were trading down 20% intraday.

Contact

If you have information concerning this investigation, please fill out the form on this page.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising.  Past results do not guarantee future outcomes.

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

The Chemours Company

Berman Tabacco Announces Investigation of The Chemours Company (CC) for Potential Securities Law Violations

BOSTON, Feb. 29, 2024 (GLOBE NEWSWIRE) — Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by The Chemours Company (“Chemours” or the “Company”) (NYSE: CC).

About the Investigation

On February 29, 2024, in a Form 8-K filed with the U.S. Securities Exchange Commission, the Company stated that it had placed its President and Chief Executive Officer, Senior Vice President and Chief Financial Officer and Vice President, Controller and Principal Accounting Officer on administrative leave “pending the completion of an internal review being overseen by the Audit Committee of the Board of Directors with the assistance of independent outside counsel, which scope includes the processes for reviewing reports made to the Chemours Ethics Hotline, the Company’s practices for managing working capital, including the related impact on metrics within the Company’s incentive plans, certain non-GAAP metrics included in filings made with the Securities and Exchange Commission or otherwise publicly released, and related disclosures.”

Also, before the market open, Bloomberg reported that “Chemours shares s[a]nk 31% in premarket trading after the chemicals company announced management changes and delayed its earnings report.“

Contact

If you have information concerning this investigation, please fill out the form on this page.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising.  Past results do not guarantee future outcomes.

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

Sunnova Energy International Inc.

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Sunnova Energy International Inc. (“Sunnova” the “Company”) (NYSE: NOVA).

About the Investigation

On February 16, 2024, a securities class action was filed in U.S. District Court for the Southern District of Texas against the Company and certain individuals on behalf of all persons or entities that purchased or otherwise acquired Sunnova securities between February 25, 2020 and December 7, 2023, inclusive (the “Class Period”).

The complaint alleges that: “Throughout the Class Period, 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) Sunnova routinely engaged in predatory business practices against disadvantaged homeowners and communities, the same groups that Project Hestia was purportedly intended to benefit; (ii) the foregoing conduct subjected the Company to a heightened risk of regulatory and/or governmental scrutiny, as well as significant reputational and/or financial harm; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.”

Serving as Lead Plaintiff

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than April 16, 2024.  Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

Contact

If you have information concerning this investigation, please fill out the form on this page.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

InMode Ltd.

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by InMode Ltd. (“InMode” the “Company”) (NASDAQ : INMD).

About the Investigation

On February 14, 2024, a securities class action was filed in U.S. District Court for the Central District of California against the Company and certain individuals on behalf of all persons or entities that purchased or otherwise acquired InMode common stock between June 4, 2021, and October 12, 2023, inclusive (the “Class Period”).

The complaint alleges that “InMode misled investors regarding the pricing of, and demand for, its products. Despite making representations to the contrary throughout the Class Period, InMode heavily discounts almost every device it sells.  In fact, the Company expects sales representatives to discount devices anywhere between 16% and 40% off the list price.  In addition, InMode’s promotion of the off-label use of its products rendered its statements to investors regarding the Company’s compliance with FDA regulations materially false and misleading.”

Serving as Lead Plaintiff

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than April 15, 2024.  Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

Contact

If you have information concerning this investigation, please fill out the form on this page.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

Fox Factory Holding Corp.

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Fox Factory Holding Corp. (“Fox Factory” the “Company”) (NASDAQ: FOXF).

About the Investigation

On February 20, 2024, a securities class action was filed in U.S. District Court for the Northern District of Georgia against the Company and certain individuals on behalf of all persons who purchased or otherwise acquired Fox Factory common stock between May 6, 2021 and November 2, 2023, inclusive (the “Class Period”).

The complaint alleges that: “During the Class Period, Defendants made misleading statements and omissions regarding the Company’s business, financial condition, and prospects.  Specifically, Defendants misled the market concerning demand for Fox Factory’s products and inventory levels.  When the truth about Fox Factory’s business reached the market, investors were harmed significantly.”

Serving as Lead Plaintiff

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than April 22, 2024.  Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

Contact

If you have information concerning this investigation, please fill out the form on this page.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

Fluence Energy, Inc.

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Fluence Energy, Inc. (“Fluence” or the “Company”) (Nasdaq: FLNC).

About the Investigation

On February 22, 2024, Blue Orca Capital (“Blue Orca”) issued a short report asserting that the U.S. affiliate of Fluence’s largest shareholder and corporate parent filed a lawsuit against the Company. Shares of Fluence were down over 20% intraday, to as low as $13.41 per share.

Contact

If you have information concerning this investigation, please fill out the form on this page.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

QuidelOrtho Corporation

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by QuidelOrtho Corporation (“QuidelOrtho” or the “Company”) (NASDAQ: QDEL).

About the Investigation

On February 14, 2024, Bloomberg reported that QuidelOrtho “shares plummet 39% in premarket trading after the diagnostics company issued a full-year adjusted earnings per share forecast that missed expectations.”   According to the article, one analyst noted, “Most of this surprise stems from January, where the picture for the quarter was ‘painted as good’; the reality is that sales and EPS missed, while 2024 was ‘painted as an investment year with earnings effectively half of what the Street had modeled.’”

Contact

If you have information concerning this investigation, please fill out the form on this page.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

Amylyx Pharmaceuticals, Inc.

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Amylyx Pharmaceuticals, Inc. (“Amylyx” or the “Company”) (NASDAQ: AMLX)

About the Investigation

On November 9, 2023, Amylyx issued a press release announcing its third quarter (“Q3”) 2023 financial results, including Q3 GAAP earnings per share of $0.30, missing consensus estimates by $0.12. That same day, on a conference call with investors and analysts to discuss these results, Company management revealed that, despite “a [purported] steady cadence of new prescriptions written in” Q3 for RELYVRIO, Amylyx’s “results were impacted by a number of factors” including a “slowdown in net adds” for RELYVRIO in Q3, which “was primarily driven by increased discontinuations for a variety of reasons”, with only “60% of people taking RELYVRIO remain[ing] on therapy six months after initiation in the U.S.” Also on November 9, 2023, Investor’s Business Daily published an article addressing the Company’s disappointing financial results (the “IBD Article”).

The IBD Article cited an Evercore ISI analyst, who questioned Amylyx’s assertion that the number of new patients starting treatment with RELYVRIO was “steady”, noting that his math suggested otherwise and that Amylyx had blocked analysts from viewing RELYVRIO’s prescription data in the summer of 2023. The analyst also stated that, “[k]nowing that [Amylyx’s] stock had underperformed in 2023 already, management could have communicated the discontinuations dynamic much earlier,” and that the “[s]tock move today in a bad biotech tape and fund performance doesn’t help investor confidence among folks that have held onto the stock.”

On this news, Amylyx’s stock price fell $5.74 per share, or 31.89%, to close at $12.26 per share on November 9, 2023.

If you wish to serve as Lead Plaintiff for the Class, you must file a motion to serve as Lead Plaintiff with the Court no later than the Lead Plaintiff deadline above.  Any member of the proposed class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.

Contact

If you have information concerning this investigation, please fill out the form on this page.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

iRhythm Technologies, Inc.

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by iRhythm Technologies, Inc. (“iRhythm” or the “Company”) (NASDAQ: IRTC).

About the Investigation

On February 6, 2024, a securities class action was filed in U.S. District Court for the Northern District of California against the Company and certain individuals on behalf of all persons or entities that purchased or otherwise acquired iRhythm common stock between January 11, 2022, and May 30, 2023, inclusive (the “Class Period”).

The complaint alleges that “[t]hroughout the Class Period, iRhythm represented to investors that the Zio AT monitor was a real-time monitor intended for a target audience of high-risk patients.”  The complaint further alleges that “[o]n May 30, 2023, after the market closed, iRhythm filed with the SEC a Current Report on Form 8-K, disclosing that it had received a Warning Letter from the FDA, which ‘resulted from the inspection of the Company’s facility located in Cypress, California that concluded in August 2022’ and ‘alleges non-conformities to regulations for medical devices, including medical device reporting requirements, relating to the Company’s Zio AT System and medical device quality system requirements.’”  According to the complaint, the “FDA noted that iRhythm had falsely marketed the Zio AT as approved for use in high-risk patients that require real-time cardiac monitoring.”

Contact

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than April 8, 2024.  Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

New York Community Bancorp, Inc.

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by New York Community Bancorp, Inc. (“NYCB” or the “Company”) (NYSE: NYCB).

About the Investigation

On January 31, 2024, Bloomberg reported that NYCB “fell a record 45% after reporting a surprise loss for the fourth quarter and a cut to its dividend. The bank lowered its quarterly payout to shareholders to 5 cents. Analysts had predicted the dividend would remain at 17 cents. A worsening credit outlook contributed to the unexpected loss, as the company boosted its loan-loss provision more than expected.” According to Bloomberg, “[m]anagement had previously said asset quality was strong, so ‘something has clearly changed in their tone,’ Jon Arfstrom, an analyst at RBC Capital Markets, said in a note to clients.”

Contact

If you have information concerning this investigation, please fill out the form on this page.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

LifeStance Health Group, Inc.

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by LifeStance Health Group, Inc. (“LifeStance” or the “Company”) (NASDAQ: LFST).

About the Investigation

On February 1, 2024, Investing.com reported that LifeStance shares “tumbled Thursday after Hindenburg Research said it was short the company. Hindenburg said in its research note that it feels ‘LifeStance is a classic example of what happens when private equity meets a “hot” healthcare sector’…. The short-selling firm claims LFST’s massive debt is fueling a grinding, while its ‘metric-focused corporate culture [is] resulting in worse quality of care for patients, a worse environment for clinicians and long-term losses for the average investor.’”

Contact

If you have information concerning this investigation, please fill out the form on this page.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

InMarket Media

Berman Tabacco Investigates InMarket Media and the CheckPoints and ListEase Apps

Berman Tabacco is investigating the unauthorized collection and use of consumers’ sensitive location information, including potential violations of state privacy laws by data aggregator InMarket Media.

State privacy laws protect against transmitting, licensing, or selling precise geolocation data captured from mobile phones and other devices for marketing and targeted advertising purposes without first obtaining consumers’ consent. The collection of mobile device location data can reveal where people live and work, where they worship, where their kids go to school, where they seek medical treatment, and other sensitive information. This massive trove of data is often collected without consumers’ knowledge that they are being digitally tracked.

Berman Tabacco is investigating whether InMarket Media failed to adequately inform consumers and obtain their consent before collecting and using consumers’ location data to show personalized ads. Also unbeknownst to consumers, InMarket Media retained consumers’ geolocation data for five years and shared that information with third parties unknown to consumers and without their consent.

The Federal Trade Commission has begun cracking down on these practices. For example, the FTC recently reached an agreement with InMarket Media and other data brokers prohibiting the sale or licensing of precise location data. However, these measures are not designed to compensate users whose private and location information was unlawfully transmitted or stored.

If you used InMarket Media’s CheckPoints or ListEase apps, your personal information may have been collected, sold, shared, or stored without your consent, increasing the risk of data exposure. If you are interested in helping to hold these entities accountable, please provide your information below.

Do you use other online applications or services that you have privacy concerns about? Let us know.

This notice may constitute attorney advertising.

Past results do not guarantee future outcomes.

Contact:

Patrick T. Egan
Steven J. Buttacavoli
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

Grifols, S.A.

Berman Tabacco, a national law firm representing investors, is investigating potential securities law violations by Grifols, S.A. (“Grifols” or the “Company”) (NASDAQ: GRFS).

About the Investigation

On January 9, 2024, Bloomberg reported that “Short seller Gotham City Research LLC published a report criticizing the financial reporting of Spanish blood plasma firm Grifols SA.”  According to Bloomberg, the “70-page report” said “Grifols has artificially reduced leverage by consolidating earnings of units it doesn’t control and has overstated profit.”  Further, “[i]n its report, Gotham City said the stock market ‘appears to fundamentally misunderstand the company.’ It said Grifols includes in its financial statements earnings from BPC Plasma and Haema, which are owned by Scranton Enterprises NV, an investment vehicle for the Grifols’ founding family and a group of former executives.”  Shares traded down on this news.

Contact

If you have information concerning this investigation, please fill out the form on this page.

About Berman Tabacco

Since 1982, our firm has prosecuted hundreds of securities and antitrust complex cases. The firm and its attorneys have been recognized for their work on behalf of plaintiffs, including by Chambers USA, Benchmark Litigation, which has ranked the firm as Highly Recommended and a Top Ten Plaintiffs, The Legal 500, U.S. News & World Report-Best Lawyers, The Daily Journal, Lawdragon, Who’s Who Legal, and Super Lawyers.

The firm has offices in Boston, Massachusetts and San Francisco, California.

This notice may constitute attorney advertising. 

Contact:

Berman Tabacco
Jay Eng, Esq.
One Liberty Square
Boston, Massachusetts
(800) 516-9926
Email: law@bermantabacco.com

Bayer Securities Litigatio

Berman Tabacco is liaison counsel for the class in this securities fraud class action brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 on behalf of all persons or entities that purchased or otherwise acquired Bayer Aktiengesellschaft’s (“Bayer”) publicly traded American Depositary Receipts from May 23, 2016 and July 6, 2020, inclusive, and were damaged as a result. The case relates to Bayer’s $63 billion acquisition of The Monsanto Company in 2018. Plaintiffs allege that Bayer, a multi-national pharmaceutical and life sciences corporation, and certain of its current and former executives made false and misleading statements to investors about the extent of their pre-merger due diligence related to Monsanto, a provider of agricultural and other chemicals, and the litigation risks relating to its top-selling Roundup herbicide product. As further alleged, following the merger, Bayer faced numerous defeats in court related to a large toxic-tort dispute involving Roundup and was ultimately forced to establish a more than $10.9 billion settlement fund to address current and future Roundup claims.

On May 19, 2023, the Honorable Richard Seeborg of the United States District Court for the Northern District of California granted class certification in full.

California Gasoline Spot Market Antitrust

Berman Tabacco is Chair of Plaintiffs’ Executive Committee in the consolidated action In re California Gasoline Spot Market Antitrust, No. 3:20-cv-03131-JSC (N.D. Cal.) against multinational energy companies Vitol Inc.; SK Energy Americas, Inc.; and SK Trading International Co. Ltd., as well as individual defendants Brad Lucas and David Niemann. The firm represents California gasoline purchasers plaintiffs who allege that defendants, including lead traders on the spot market at defendant companies (Lucas and Niemann), conspired to fix and stabilize gasoline prices at artificially high levels after a February 2015 explosion at the Torrance Refinery, a refinery supplying a significant portion of the state’s gas, by manipulating the spot market for gasoline formulated for use in California and in certain gasoline blending components used in that gasoline from least February 18, 2015, the date of the explosion. After the Torrance Refinery explosion, prices for spot market gasoline contracts for deliveries to San Francisco and Los Angeles went up almost immediately. The suit follows an action brought by California’s Attorney General in San Francisco Superior Court.