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The Bulletin - Fall 2021

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  • Kessler Topaz Secures $130 Million Recovery for Investors In Allergan Generic Drug Price-Fixing Litigation

    Matthew Mustokoff, Margaret Mazzeo

    After four years of litigation, on July 9, 2021, the parties in In re Allergan Generic Drug Pricing Securities Litigation, No. 2:16-9449 (KSH) (D.N.J.) announced a settlement of all claims for $130 million. This is the first settlement of a federal securities fraud case arising out of the...

  • Globally, Litigation Funding Arrangements Facing Increasing Scrutiny, Licensing and Other Regulations

    Emily Christiansen

    In recent years the number of new litigation funders entering the market has been on the rise. With good reason. With a lack of true “class action” mechanisms and a prohibition on lawyers working on a contingency fee basis in many non-North American jurisdictions, litigation funding is what makes...

  • SDNY Green Lights Securities Fraud Claims against Goldman Sachs for Role in 1MDB Money Laundering Scandal

    Matthew Mustokoff, Nathaniel Simon

    On June 28, 2021, U.S. District Judge Vernon S. Broderick of the Southern District of New York denied in large part the defendants’ motion to dismiss a securities fraud class action against Goldman Sachs alleging that the global investment bank concealed its role in facilitating the 1MDB money...

  • The Ninth Circuit Suggests That the PSLRA Does Not Impose a Heightened Standard When Appointing Groups of Unrelated Investors as Lead Plaintiffs

    Karissa Sauder, Ryan Degnan

    In a recent decision, In re Mersho, 6 F.4th 891 (9th Cir. 2021), the Ninth Circuit clarified statutory requirements regarding burden-shifting during the appointment of lead plaintiffs in securities class actions. Specifically, the Ninth Circuit, in connection with a class action lawsuit against...

  • Kessler Topaz Secures the Delaware Court of Chancery's Approval of a $17.5 Million Settlement at the Court's First In-Person Hearing Since Closing Its Physical Doors Due to COVID-19

    On June 15, 2021, the Delaware Court of Chancery held its first in-person hearing since closing its physical doors due to the COVID-19 pandemic. Vice Chancellor Fioravanti presided over the hearing, which concerned the settlement of litigation challenging the August 23, 2017 acquisition of...

  • Investing In Chinese Companies, in Vogue but Fraught with Danger, Part 2: Discovery and Judgment Enforcement

    Kevin Cunningham, Jr.

    In the first half of this two-part article[1], we discussed the growing influence that China-based companies have on a global scale, and how these companies’ increasing interactions with United States securities exchanges present attractive opportunities for investors seeking to diversify their...

  • Canoo, Lordstown, and Nikola – Portents of Future SPAC-Related Litigation

    Jennifer Joost

    Lately, it appears that anyone who is anyone has a special purchase acquisition company or “SPAC”—from well-known investors like Bill Ackman (Pershing Square Tontine Holdings, Ltd), to politicians like Paul Ryan (Executive Network Partnering Corp.), entertainment figures like Jay-Z (The Parent...

  • Kessler Topaz Secures Motion to Dismiss Victory Premised on Novel Legal Theory Addressing What Constitutes an "Unaffiliated" Majority-of-the-Minority Stockholder Vote under Delaware Law

    J. Daniel Albert, Grant Goodhart III

    Kessler Topaz recently defeated efforts to dismiss litigation regarding the 2019 squeeze-out of Empire Resorts, Inc.’s (“Empire”) public minority investors (the “Merger”) by Empire’s controlling stockholder, Kien Huat Realty III Limited (“Kien Huat”). In a matter of first impression, the Delaware...