• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Kahn Swick & Foti

Kahn Swick & Foti represents investors in securities fraud class actions, as well as shareholders and consumers harmed by corporate wrongdoing.

  • About Us
    • About Our Firm
    • Institutional Investor Services
    • KSF in the Community
    • Careers at KSF
    • Contact Us
  • Attorneys
  • Practice Areas
    • Securities Class Action Litigation
    • Corporate Governance And Derivative Litigation
    • Consumer Protection Litigation
    • Shareholder Mergers and Acquisitions Class Action Litigation
    • Antitrust Litigation
  • Current Investigations
  • News
  • Login
  • Asset Recovery Services
  • Contact KSF

Securities Class Action Litigation

Home»Practice Areas»Securities Class Action Litigation

Kahn Swick & Foti prosecutes lawsuits on behalf of institutional and individual clients for stock fraud.  The firm sues corporations who issue materially false and misleading statements to investors about the company’s financial condition and/or business prospects, thereby artificially inflating the price of the company’s stock. Ultimately, investors suffer losses when the truth is finally revealed and the stock falls on such news. KSF litigates both class actions and private/opt out actions depending on the amount of a client’s losses.

CURRENT CASES

  • Bellingham v. Qudian Inc. et al., 1:20-cv-0577-GHW
    Southern District of New York
    Co-Lead Counsel
  • In re CarLotz, Inc. Securities Litigation, Case No. 1:21-cv-05906-RA
    Southern District of New York
    Lead Counsel
  • In re Chicago Bridge & Iron Co. N.V. Secs. Litig., 1:17-cv-1580-LGS
    Southern District of New York
    Lead Counsel
  • In Re Cloudera Securities Litigation, 5:19-cv-03221-LHK
    Northern District of California
    Lead Counsel
  • Farrar v. Workhorse Group Inc., et al., No. 2:21-cv-02072-CJC-PVC
    Central District of California
    Lead Counsel
  • Hogan v. Pilgrim’s Pride Corp., et al., 1:16-cv-02611-RBJ
    District of Colorado
    Lead Counsel
  • Kanefsky v. Honeywell International, Inc., et al., Case No. 2:18-cv-15536-WJM-JAD
    District of New Jersey
    Lead Counsel
  • Moradpour v. Velodyne Lidar, Inc., et al, Case No. 3:21-CV-01486-SI
    Northern District of California
    Lead Counsel
  • In re Pareteum Securities Litigation, Case No. 1:19-cv-09767-AKH-GWG
    Southern District of New York
    Lead Counsel
  • Pearlstein v. Blackberry Ltd., et al., 1:13-CV-07060-TPG
    Southern District of New York
    Lead Counsel
  • Sandoz v. Waterdrop Inc. et al., Case No. 1:21-cv-7683-VSB
    Southern District of New York
    Lead Counsel
  • Siegel v. The Boston Beer Company, Inc. et al., Case No. 1:21-cv-7693-VSB
    Southern District of New York
    Lead Counsel
  • Welch v. Meaux, et al., No. 19-1260
    Western District of Louisiana
    Lead Counsel

 

RECENT VICTORIES

Meysam Moradpour, et al. v. Velodyne Lidar, Inc., et al., No. 21-cv-01486-SI (N.D. Cal.). On July 1, 2022, the Hon. Susan Illston, United States District Judge for the Northern District of California, entered an Order partially denying Defendants’ motion to dismiss Lead Plaintiffs’ securities fraud complaint against corporate Defendant Velodyne Lidar, Inc. and individual Defendants Anand Gopalan, James Graf, and Michael Dee. This matter, in which Kahn Swick & Foti, LLC serves as sole Lead Counsel, alleges that Defendants Velodyne, Gopalan, and Dee made, inter alia, materially false and misleading statements regarding company founder David Hall’s post-merger role in the continuing Company, and further failed to disclose to investors that the audit committee was investigating Mr. Hall until February 22, 2021, when Velodyne abruptly announced his removal as Chairman of the Board. On this revelation, the Company’s stock declined approximately 15%. In her Order, Judge Illston found that “[t]he complaint adequately alleges that defendants Velodyne, Gopalan, and Dee intentionally touted Hall’s continued involvement in Velodyne throughout the Class Period while taking actions that ‘directly contradict[ed]’ the notion that Hall maintained a key leadership role.” Judge Illston further found that the complaint “also adequately alleges a violation of Section 20(a) against Gopalan, Dee, and Graf as control persons of Velodyne.” This matter is now in discovery.

Siegel v. The Boston Beer Company, Inc. et al., Case No. 1:21-cv-7693-VSB (S.D.N.Y.). On December 14, 2021, the Hon. Vernon S. Broderick, United States District Judge for the Southern District of New York, entered an Order approving the selection of KSF as Lead Counsel for the putative Class. Boston Beer and certain of its executives are charged with violating the federal securities laws through misrepresentations and omissions during the Class Period regarding rapidly decelerating hard seltzer sales.

Sandoz v. Waterdrop Inc. et al., Case No. 1:21-cv-7683-VSB (S.D.N.Y.). On December 8, 2021, the Hon. Vernon S. Broderick, United States District Judge for the Southern District of New York, entered an Order approving the selection of KSF as Lead Counsel for the putative Class. Waterdrop and certain of its executives are charged with violating the federal securities laws through misrepresentations and omissions concerning the Company’s short-term financial results leading up to the Company’s Initial Public Offering.

Farrar v. Workhorse Group, Inc. et al., Case No. 2:21-cv-02072-CJC-PVC (C.D. Cal.). On December 2, 2021, the Hon. Cormac J. Carney, United States District Judge for the Central District of California, entered an Order denying, in substantial part, Defendants’ motion to dismiss against Workhorse Group, Inc. and individual defendants Duane Hughes and Steve Schrader. This matter, in which Kahn Swick & Foti, LLC is Lead Counsel, alleges that Defendants made materially false and misleading statements and failed to disclose material information regarding the Company’s manufacturing capabilities and its capacity to deliver electric vehicles. The matter further alleges that when the full truth was finally brought to light on February 23, 2021, the Company’s stock declined over 47% from February 22 to February 23. Judge Carney agreed, finding Lead Plaintiff’s allegations were “indicative of scienter, because they tend to show that Workhorse and its executives knew they did not have the manufacturing capability to meet their production projections or the touted demand for their vehicles.”

In re CarLotz, Inc. Securities Litigation, Case No. 1:21-cv-05906-RA (S.D.N.Y.). On October 15, 2021, the Hon. Ronnie Abrams, United States District Judge for the Southern District of New York, entered an Order approving the selection of KSF as Lead Counsel for the putative Class. CarLotz and certain of its executives are charged with violating the federal securities laws through misrepresentations and omissions during the Class Period regarding their business and business model in order to garner investor support for a merger between CarLotz and SPAC Acamar and artificially inflate the price of their stock.

In re Chicago Bridge & Iron Co. N.V. Secs. Litig., Case No. 1:17-cv-1580-LGS (S.D.N.Y). On August 23, 2021, the Honorable Lorna G. Schofield entered an Opinion and Order substantially denying a motion for summary judgment filed by Defendant Chicago Bridge & Iron Company N.V. (“CBI”) and Individual Defendants Philip K. Asherman, Ronald A. Ballschmiede, and Westley S. Stockton. In their Motion, Defendants argued that no reasonable jury could find 16 statements about the performance of, and accounting relating to, CBI’s nuclear business (the “Challenged Statements”) were false and misleading or made with scienter. The District Court rejected most of Defendants’ arguments and held a reasonable jury could find that all but one of the Challenged Statements were made with scienter, and that all but one of the Challenged Statements “provided inadequate context, with the effect of suggesting facts starkly at odds with much of the record evidence.”

Dougherty v. Esperion Therapeutics, Inc., et al., No. 2:16-cv-10089 (E.D. Mich.). On August 24, 2021, the Hon. Arthur J. Tarnow, United States District Court Judge for the Eastern District of Michigan, entered a final judgment in the securities class action lawsuit, approving Lead Plaintiffs’ $18.25 million recovery for investors stating that KSF “pursued the Litigation and achieved the Settlement with skill, perseverance, and diligent advocacy.”

Abramson v. NewLink Genetics Corp., 2020 U.S. App. LEXIS 21545, at *3 (2d Cir. July 13, 2020). On July 13, 2020, a three-judge panel for the Second Circuit Court of Appeals vacated in part the dismissal order of Hon. William H. Pauley III, reviving investors’ Exchange Act claims against NewLink Genetics Corp. The detailed 26-page opinion written by Hon. John M. Walker, Jr., and designated for publication, holds that “Plaintiffs plausibly pled material misrepresentation and loss causation for Defendants’ statements about the scientific literature and the design of their clinical trial,” contrary to the holding of the district court. Notably, the Second Circuit credited KSF’s loss causation theory as “persuasive” and “compelling,” and provided significant development on this element of securities fraud cases going forward.  Id. at *28.

Kanefsky v. Honeywell International Inc. et al., Case No. 2:18-cv-15536-WJM-JAD (D. N.J.). On May 18, 2020, Hon. William J. Martini, United States District Judge for the District of New Jersey, entered an Order denying Defendants’ motion to dismiss by Honeywell, and individual defendants Darius Adamczyk, and Thomas A. Szlosek. A third individual defendant was dismissed from the action.  This matter, in which Kahn Swick & Foti is Lead Counsel, alleges that Defendants made materially false and misleading statements and failed to disclose material information regarding Honeywell’s liabilities relating to former subsidiary Bendix Friction Materials’ use of asbestos in certain automotive products. The matter further alleges that when the truth was finally brought to light on October 19, 2018 (after Honeywell released its quarterly report for the third quarter of 2018), the stock fell from an opening price of $151.25 per share to $140.83 per share as of market close on October 24, 2018. Judge Martini agreed, finding Lead Plaintiff’s “alleged facts raise a strong inference of scienter.”

Settled Cases

In re Petrobras Securities Litigation, No. 1:14-cv-9662 (S.D.N.Y.). Member of Plaintiffs’ Steering Committee for the Individual Actions (“PSC”), federal securities class action against Brazil’s state-controlled petrochemical company arising from “Operação Lava Jato,” the largest corruption scandal in the history of Latin America, whereby Plaintiffs alleged Defendants deliberately overpaid on various construction contracts in return for kickbacks. The Class action settled in 2018 for $3 billion and, as a member of the PSC, KSF was found by the Court to have “made a substantial contribution to the class,” June 22, 2018 Opinion and Order at 39 (D.E. 834).

Erica P. John Fund, Inc. v. Halliburton Co., et al., No. 3:02-cv-1152 (N.D. Tex.). Co-Class Counsel, federal securities class action against oilfield services company and a high-level officer, in which Class Counsel obtained a unanimous decision by the U.S. Supreme Court in Erica P. John Fund, Inc. v. Halliburton Co., et al., 563 U.S. 804 (2011) vacating and remanding a decision of the Fifth Circuit, and then successfully defeated Defendants’ attack on the Basic v. Levinson presumption of reliance in Halliburton Co. v. Erica P. John Fund, Inc., 134 S. Ct. 2398 (2014). These two Supreme Court decisions led to certification of the class, and ultimately resulted in a cash settlement of $100 million for investors.

Dr. Joseph F. Kasper, et. al. v. AAC Holdings, Inc., et. al., 3:15-cv-00923 (Consolidated) (M.D. Tenn.). Co-Lead Counsel, federal securities class action against a for-profit substance abuse treatment provider, and certain officers and directors, arising from Defendants’ misleading statements regarding a criminal investigation into the death of a patient, resulting in a settlement of $25 million for investors.

In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D.N.J.), Co-Lead Counsel, federal securities IPO-related class action against a company providing wireless communication services, certain officers and directors, certain controlling shareholder entities, and Virgin’s underwriters, resulting in a cash settlement of $19.5 million for investors.

Dougherty v. Esperion Therapeutics, Inc., et al., No. 2:16-cv-10089 (E.D. Mich.). Co-Lead Counsel, federal securities action against a pharmaceutical company and its chief executive officer, arising from misleading statements assuring the market that its sole drug candidate would not require a completed (and costly) cardiovascular outcomes trial prior to approval, resulting in a settlement of $18.25 million for investors.

In Re Eletrobras Securities Litigation, Case No. 1:15-cv-05754 (Consolidated) (S.D.N.Y.). Co-Lead Counsel, federal securities class action against Centrais Eletricas Brasileiras S.A. and several of its former directors and officers, by U.S. investors after the company reported large losses related to a sprawling corruption scandal in Brazil. Nearly three years of protracted litigation resulted in a settlement of $14.75 million for investors.

Abramson v. NewLink Genetics Corp., et al., 1:16-cv-03545-AJN (S.D.N.Y.). Lead Counsel, federal securities action against a pharmaceutical company and certain officers arising from Defendants’ misleading statements regarding the about the scientific literature and the design of their clinical trial for a pancreatic cancer treatment candidate, resulting in a settlement of $13.5 million for investors.

In re Tesco PLC Securities Litigation, 14 Civ. 8495 (RMB) (S.D.N.Y.), Lead Counsel, federal securities class action against one of the world’s largest grocery and general merchandise retailers based in the U.K., resulting in an all-cash settlement of $12 million for investors in ADRs and F shares in the United States.

In re BigBand Networks, Inc Securities Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, federal securities class action brought against a computer hardware corporation, certain officers and directors of the Company, and the Company’s Underwriters, resulting in a cash settlement of $11 million for investors.

In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.), Lead Counsel, federal securities IPO-related class action against an online automotive supply company, certain members of its board of directors, and its underwriters, resulting in a cash settlement of $10 million for investors.

In re CytRx Corp. Securities Litigation, 2:14-CV-01956-GHK (PJWx) (C.D. Cal.), Lead Counsel, federal securities class action brought against biotechnology corporation, certain officers and directors of the Company, and the Company’s Underwriters, resulting in a settlement of $8.5 million for investors.

Khoja v. Orexigen Therapeutics, Inc., et al., No. 3:15-cv-00540-JLS-AGS (S.D. Cal.). Lead Counsel, federal securities class action against a pharmaceutical company, certain of its officers, and one its directors, arising from Defendants’ misleading statements regarding their release and interpretation of interim clinical study data purportedly demonstrating the cardiovascular benefits of the Company’s obesity drug. The litigation spanned six years and multiple venues, including a lengthy and successful appeals process before the Ninth Circuit Court of Appeals—which overturned much of the District Court’s initial Order dismissing all claims against Defendants—and a successful defense of that victory before the United States Supreme Court. Additionally, KSF took steps to protect the interests of the class in bankruptcy court after Orexigen filed for Chapter 11 bankruptcy. When the District Court granted final approval of the $4.8 million settlement in 2021, it highlighted the “significant results for the Settlement Class,” noting KSF’s “significant skill and extensive work” and that the “settlement may not have been reached without Lead Counsel’s skill and expertise.”

Primary Sidebar

Current Cases

LifeStance Health Group, Inc. (NasdaqGS: LFST)

CarLotz, Inc. (NasdaqGM: LOTZ)

BBQ Holdings, Inc. (NasdaqGS: BBQ)

Professional Holding Corp. (NasdaqGS: PFHD)

CyberOptics Corporation (NasdaqGM: CYBE)

Global Blood Therapeutics, Inc. (NasdaqGS: GBT)

see more»

KSF News

KSF Defeats Motion to Dismiss in Velodyne Securities Litigation

Notice of Settlement of Borgwarner – Stockholder Derivative Litigation

Material Disclosures Obtained Regarding the Shareholder Vote for Advaxis, Inc.

see more»
 

Join Our Mailing List

To receive news of interest to shareholders and consumers and learn about potential new cases, you may join our mailing list by entering your email below.

Terms & Conditions | Privacy Notice

Terms & Conditions

The submission of information to Kahn Swick & Foti, LLC (“KSF”) or one of its attorneys does not create, and the receipt of it does not constitute, an attorney-client relationship. This website presents general information about, among other things, KSF, currently pending lawsuits, and on-going investigations, which is not intended to be legal advice, nor should you consider it as such.  Please do not send confidential or sensitive information and/or documents to anyone at the Firm until you have been notified that a formal attorney-client relationship has been established.  Contacting KSF does not, and should not, limit you in any way from seeking legal advice regarding this or any other matter.  By submitting this form, you agree that KSF may contact you about this or other potential matters of interest to investors and consumers.

Powered by EssentialPlugin

Privacy Policy

This privacy notice applies to www.ksfcounsel.com and all other websites on the World Wide Web owned or operated by Kahn Swick & Foti. It explains how we collect, use, process and share personal data we collect about you when you visit this website, including in connection with potential or actual representation of you by Kahn Swick & Foti. This notice is in accordance with European Data Protection laws (including the General Data Protection Regulation, effective May 25, 2018, as well as other country-specific laws that may be applicable).

This website is not intended for children and we do not knowingly collect personal data related to children.

What Information Do We Collect About You?

Personal data includes any information about an individual that could be used to identify them.

Kahn Swick & Foti collects, uses, stores and transfers different kinds of personal information about you, such as:

  • “Contact Data” – includes your work address, email address and telephone numbers;
  • “Identity Data” – including your first name, last name and/or title;
  • “Marketing Data” – including your marketing and communications preferences;
  • “Profile Data” – including information collected when you visit our site, such as the site that referred you to our site, pages you visit, actions you take on the site, and information you provide through the site;
  • “Technical Data” – including information about your internet protocol (IP) address, browser type and version, time zone setting and location, browser plug-in types, operating system and platform, and other technology on the devices you are using; and
  • “Usage Data” – information about how you use our website.

How Do We Collect Information About You?

We collect information about you in the following ways:

  • Direct interactions – You provide us with your Contact Data, Identity Data and Profile Data directly when you visit our website, for example, when you register for an event, subscribe to receive publications, request marketing materials, submit a form, provide feedback, and send us an email message and/or attachments.
  • Automated means – We receive Technical Data automatically by using cookies, server logs and other similar technologies.
  • Third parties or publicly available sources – We receive Technical Data from analytics providers such as Google.

How Will We Use Information We Collect About You?

We will only use your personal data in ways permitted by law, which may or may not include consent, depending on the type of data obtained. Any information you submit to us may be used to communicate with you regarding the matter or case for which you provided the information, as well as to communicate with you regarding unrelated matters or cases.

We take appropriate security measures to protect against unauthorized access to or unauthorized alteration, disclosure or destruction of data. These include internal reviews of our data collection, storage and processing practices, and security measures, including appropriate encryption and physical security measures to guard against unauthorized access to systems where we store personal data.

In circumstances where you provide us with personal information in connection with a matter in which we are representing you, we may share such information with contractors or agents we employ in the course of our investigations or casework with your consent. In doing so, we restrict access to personal data to firm employees, contractors, and agents who need to know that information to process it on our behalf. These individuals are bound by confidentiality obligations and may be subject to discipline, including termination and criminal prosecution, if they fail to meet these obligations. We may also share the personal information if we have a good faith belief that access, use, preservation, or disclosure of such information is reasonably necessary to satisfy any applicable law, regulation, legal process or enforceable governmental request.

Marketing

We aim to provide you with choices regarding the use of your data for marketing purposes. We will not use your personal data to send you marketing materials if you have requested not to receive them.

If you do not wish to receive marketing materials and/or would like to request that we stop processing your personal data for marketing purposes, you may submit a request to info@ksfcounsel.com.

Access to Your Information and Correction

EU residents may have certain rights under European data protection law governing the personal data that Kahn Swick & Foti processes, including:

  • the right to be informed;
  • the right of access;
  • the right to rectification;
  • the right to restrict processing;
  • the right to data portability;
  • the right to object; and
  • rights in relation to automated decision making and profiling.

To exercise these rights with respect to any data provided to Kahn Swick & Foti, please contact us. All requests will be dealt with in accordance with the law.

Your California Privacy Rights

California Civil Code §1798.83 permits our clients who are California residents to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

Cookies

A “cookie” is a piece of data sent from a website and stored on the user’s computer by the user’s web browser while the user is browsing. Cookies are then sent back to the originating website on every subsequent visit, or another website that recognizes that cookie. Cookies are useful because they allow a website to recognize a user’s device, preferences, and to help improve the user’s online experience.

Kahn Swick & Foti uses cookies on its website. The cookie contains a short, unique alphanumeric string that helps us recognize a specific user, which helps us improve the user’s online experience and personalize the site. For example, certain confirmation pages may display the name users provide to us. By using our website, you agree that we can place these types of cookies on your device.

If you prefer not to receive cookies, you can change your browser settings to turn off the use of cookies. If you choose to turn off cookies, it is possible that some areas of the website will not function properly. Please refer to your browser’s Help function for specific information on how to turn off cookies.

Data Retention and Storage

All data collected through this website, including data submitted by you, will be stored in the United States. Please note that, should you wish to submit personal data protected under European data protection law (other than for purposes of responding to your inquiry), you should contact us prior to submitting such data to discuss options.

We will only retain your personal data for as long as necessary to satisfy the purpose for which it was collected. Examples include satisfying legal, regulatory, accounting, reporting requirements and/or executing legal work for which we were retained by you. The specific retention period applicable to the type of data obtained will depend upon a variety of factors, including the data type, purpose for which it was obtained, and the nature, volume and sensitivity of the personal data, among others. If you would like to know more about data retention, please contact us.

Changes to Our Privacy Policy

Kahn Swick & Foti reserves the right to change this policy at any time by posting a new privacy policy at this location.

How to Contact Us

If you have questions concerning this Privacy Notice, wish to obtain additional information, or exercise specific data subject rights pursuant to European law (including the General Data Protection Regulation, and other country-specific data protection laws that may apply), please contact us.

Powered by EssentialPlugin

© 2006-2022 Copyright. All rights reserved
Kahn Swick & Foti, LLC, a Louisiana Limited Liability Company · New Orleans · New York · New Jersey
Kahn Swick & Foti LLP · San Francisco