Case Updates

Bragar Eagel & Squire, P.C., announces that it was appointed Lead Counsel in In re CenturyLink Sales Practices and Securities Litigation, Consolidated Derivative Action, pending before the United States District Court for the District of Minnesota.  The Court found that Bragar Eagel & Squire, P.C., and its client, Tim Ault, are “the most qualified for appointment as Lead Counsel and Lead Plaintiff.”

Notice is hereby provided to all persons who held Class A common units of Enbridge Energy Partners, L.P. (“EEP”) immediately preceding the consummation of the Merger (as defined herein). The purpose of this notice is to inform you about developments with respect to the litigation in the Delaware Court of Chancery (the “Delaware Court”) captioned Mesirov v. Enbridge Energy Co., Inc., C.A. No. 11314-VCS (Del. Ch.) (the “Derivative Action”) previously described in the Schedule 14A Definitive Proxy Statement filed by EEP on November 9, 2018 (the “Proxy Statement”), including dismissal of the Derivative Action and an agreement by EEP to pay attorneys’ fees and expenses to counsel for Plaintiff (“Derivative Counsel”) in the Derivative Action.

Bragar Eagel & Squire, P.C. announces that it has filed papers with the United States District Court to approve a $12 million settlement of a shareholder class action alleging that NantKwest failed to disclose tens of millions of dollars of executive compensation prior to its 2015 initial public offering. Bragar Eagel & Squire, P.C., and its co-counsel have vigorously litigated this action on behalf of the class for over two years.

For additional information, please contact Brandon Walker, Esq. at (212) 308-5858.

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Bragar Eagel & Squire, P.C. announces that it was appointed Lead Counsel in Shah v. A10 Networks, Inc. et al., Case No. 3:18-cv-01772-VC, United States District Court for the Northern District of California.  Plaintiff commenced this action on behalf of all shareholders of A10 Networks, Inc. (“A10”) who purchased shares between February 9, 2016 and January 30, 2018.  Plaintiff alleges that A10 made materially false and misleading statements by failing to disclose an Audit Committee investigation prompted by A10’s issues with its internal controls.  In addition, A10’s reported revenues since the fourth quarter of 2015 were false due to improper revenue recognition.
 

For additional information, please contact Brandon Walker, Esq. at (212) 308-5858.

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Bragar Eagel & Squire, P.C. announces that it was appointed Lead Counsel in Xu v. Gridsum Holding Inc. et al., No. 18 Civ. 3655, United States District Court for the Southern District of New York.  Plaintiff commenced this action on behalf of all shareholders of Gridsum Holding Inc. (“Gridsum”) who purchased shares of Gridsum between April 27, 2017 and April 20, 2018.  Plaintiff alleges that Gridsum made materially false and misleading statements and/or omitted adverse facts about the Company’s internal controls over financial reporting.
 

For additional information, please contact Brandon Walker, Esq. at (212) 308-5858.

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Bragar Eagel & Squire, P.C. announces that U.S. District Court Judge Richard Seeborg of the United States District Court for the Northern District of California denied Charles Schwab’s motion to dismiss in Crago v. Charles Schwab & Co., Inc., Case No. 16-cv-03938-RS. The lawsuit seeks to recover damages associated with Charles Schwab’s alleged omissions in statements and disclosures regarding its order routing practices on behalf of its retail brokerage customers. Bragar Eagel & Squire will continue to dedicate its efforts towards the successful prosecution of this lawsuit.
 

For additional information, please contact Brandon Walker, Esq. at (212) 308-5858.

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Bragar Eagel & Squire, P.C. announces that U.S. District Judge Michael W. Fitzgerald of the United States District Court for the Central District of California denied NantKwest’s motion to dismiss in Sudunagunta v. NantKwest, Inc., Case No. 16-cv-01947-MWF-JEM. The lawsuit seeks to recover damages associated with NantKwest’s alleged false and misleading statements and omissions regarding its financial statements and executive compensation.  Bragar Eagel & Squire will continue to dedicate its efforts towards the successful prosecution of this lawsuit.
 

For additional information, please contact Brandon Walker, Esq. at (212) 308-5858.

Bragar Eagel & Squire, P.C. announce final approval of the settlement in In re Cornerstone Therapeutics Inc. Stockholder Litigation, Consolidated C.A. No. 8922-VCG, Court of Chancery of the State of Delaware.  Plaintiffs brought this action alleging that Defendants breached their fiduciary duties by approving the acquisition of Cornerstone Therapeutics Inc. (“Cornerstone”) by Chiesi Farmaceutici S.p.A. at an unfair price of 9.50 per share.  Pursuant to the settlement,, in return for releases and dismissal of the claims, Defendants will pay $17,881,555.20 for the benefit of the Class.  This amount represents a $2.40 per share, or a 25.2% premium above the merger price.  A copy of the settlement agreement and exhibits can be obtained through the Court’s website.

Bragar Eagel & Squire, P.C. announce that it was appointed Co-Lead Counsel in Crago v. Charles Schwab & Co., Inc., Case No. 16-cv-03938-RS, United States District Court for the Northern District of California.  Plaintiff commenced this action on behalf of all clients of Charles Schwab & Co., Inc. (“Schwab”) between July 13, 2011 and July 13, 2016 who placed trade orders that were automatically routed to UBS Securities LLC (“UBS”).  Plaintiff alleges that Schwab violated federal securities laws by failing to comply with its “duty of best execution” to execute its clients’ orders in a manner that is most beneficial to its clients.  Instead, Schwab routed substantially all of its clients’ orders to UBS, regardless of the benefits to its clients.  Plaintiff alleges that Schwab and defendants made materially false and misleading statements and/or omitted adverse facts about the manner in which Schwab routes trades for its clients.
 

For additional information, please contact Brandon Walker, Esq. at (212) 355-4648.

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Bragar Eagel & Squire, P.C. announces that the parties have reached an agreement to settle all claims in In re Cornerstone Therapeutics Inc. Stockholder Litigation, Consolidated C.A. No. 8922-VCG, Court of Chancery of the State of Delaware.  Plaintiffs brought this action alleging that Defendants breached their fiduciary duties by approving the acquisition of Cornerstone Therapeutics Inc. (“Cornerstone”) by Chiesi Farmaceutici S.p.A. at an unfair price of 9.50 per share.  Pursuant to the settlement,, in return for releases and dismissal of the claims, Defendants will pay $17,881,555.20 for the benefit of the Class.  This amount represents a $2.40 per share, or a 25.2% premium above the merger price.  A copy of the settlement agreement and exhibits can be obtained through the Court’s website.

For additional information, please contact Brandon Walker, Esq. at (212) 355-4648.

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Bragar Eagel & Squire, P.C., announce that R.J. Reynolds Tobacco Co. has commenced the renewed Camel Cash Settlement Offer beginning on August 1, 2016, and continuing through January 31, 2016. Pursuant to the Order Granting Final Approval of the Class Action Settlement in Sateriale v. R.J. Reynolds Tobacco Co., Case No. 09-08394, United States District Court of the Central District of California, all members of the class may participate in the Settlement Offer pursuant to the terms of the Settlement. The class is defined as “all persons in California who, as adult smokers, were assigned registration numbers by RJR, collected C-Notes, and held C-Notes as of October 1, 2006.”

Individuals who believe they are Class Members should visit the RJR Sateriale Settlement Website for more information and to redeem their C-Notes.

RJ Reynolds to End “Camel Cash” Dispute with $5M-Plus Deal.

Prior results do not guarantee a similar outcome.

Bragar Eagel & Squire, P.C. announces that David J Stone, Esq. was appointed to the Executive Committee of Plaintiffs’ counsel in Filannino-Restifo v. TD Bank, N.A., Case No. 1:16-cv-02374-JBS-JS, United States District Court for the District of New Jersey.  Plaintiffs commenced this action alleging that TD Bank’s “Penny Arcade” change counting machines undercounted the amount of change deposited by customers and non-customers, causing harm to the individuals who used the Penny Arcade machines.

Prior results do not guarantee a similar outcome.

Bragar Eagel & Squire, P.C. announce that David J Stone was appointed to the Executive Committee of Plaintiffs’ counsel in Filannino-Restifo v. TD Bank, N.A., Case No. 1:16-cv-02374-JBS-JS, United States District Court for the District of New Jersey.  Plaintiffs commenced this action alleging that TD Bank’s “Penny Arcade” change counting machines undercounted the amount of change deposited by customers and non-customers, causing harm to the individuals who used the Penny Arcade machines.

Bragar Eagel & Squire, P.C. announce that it was appointed Co-Lead Counsel in the action Sudunagunta v. NantKwest, Inc., Case No. 16-cv-01947-MWF-JEM, United States District Court for the Central District of California.  Plaintiff commenced this action on behalf of all persons who purchased or otherwise acquired NantKwest, Inc. (“NantKwest”) securities between September 10, 2015 and March 10, 2016.  Plaintiffs allege that Defendants violated federal securities laws by materially false and misleading statements in its financial statements and other public statements.
 

For additional information, please contact Brandon Walker, Esq. at (212) 355-4648.

Prior results do not guarantee a similar outcome.

Bragar Eagel & Squire, P.C. announce that it was appointed Co-Lead Counsel in McCloskey v. Match Group, Inc., Case No. 3:16-cv-549-L, United States District Court for the Northern District of Texas.  Plaintiff commenced this action on behalf of all persons or entities who purchased or acquired securities of Match Group, Inc. (“Match Group”) pursuant or traceable to Match Group’s Registration Statement and Prospectus issued in connection with its initial public offering, which commenced on November 19, 2015.  Plaintiff alleges that Match Group violated federal securities laws by failing to disclose material risks to Match Group’s non-dating business in the Registration Statement and Prospectus.
 

For additional information, please contact Brandon Walker, Esq. at (212) 355-4648.

Prior results do not guarantee a similar outcome.

Bragar Eagel & Squire, P.C., announce final approval of a class action settlement in Sateriale v. R.J. Reynolds Tobacco Co., Case No. 09-08394, pending in the United States District Court for the Central District of California. The class is defined as “all persons in California who, as adult smokers, were assigned registration numbers by RJR, collected C-Notes, and held C-Notes as of October 1, 2006.”

Rabin v. NASDAQ OMX PHLX LLC, et al., United States District Court for the Eastern District of Pennsylvania.

The action alleges widespread manipulation of call options on the Philadelphia exchange by market makers and brokers.  For several years, market makers and brokers have exploited their trading and margin privileges to enter into millions of prearranged purchases and sales of call options in dividend paying stocks and exchange traded funds.  The market makers are supposed to use their privileged status to facilitate a fair and orderly market for investors.  Instead, the complaint alleges that the market makers have abused their status to make manipulative trades for their own account.

Bragar Eagel & Squire, P.C. announce $171 million post-trial victory before the Delaware Court of Chancery.  In 2012, Bragar Eagel & Squire, P.C. commenced two actions on behalf of El Paso Pipeline Partners, L.P., a public Master Limited Partnership, against El Paso Corporation, its wholly-owned subsidiary El Paso Pipeline GP Company, L.L.C. and other defendants.  The actions alleged that two “drop down” transactions were done in violation of the limited partnership agreement by causing the partnership to overpay for the assets.  After trial in the second action, the Court found that the Special Committee disregarded their known duty to determine whether the transaction was in the best interests of the partnership, and did not act in good faith when they recommended approval of the transaction.  The Court found that the general partner breached the partnership agreement by engaging in the transaction.  The Court found that defendants’ actions damaged the Partnership in the amount of $171 million.  (On December 20, 2016, the Delaware Supreme Court issued an Opinion finding that plaintiffs claims should be dismissed for lack of standing.)

Sateriale, et al., v. R.J. Reynolds Tobacco Co., United States District Court for the Central District of California.

Bragar Eagel & Squire, P.C. commenced this action on behalf of former members of the R.J. Reynolds Tobacco Co.’s (“Reynolds”) Camel Cash loyalty program.  The action alleges that Reynolds breached its contract with Camel Cash program members as of October 1, 2006, when Reynolds removed all of the non-tobacco items from the program and offered only cigarettes or coupons for dollars off packs of cigarettes.

Bragar Eagel & Squire, P.C. announce certification of class of California consumers who participated in the R.J. Reynolds Tobacco Co. “Camel Cash” loyalty program. District Court holds that a jury must decide whether Reynolds breached its contract with program members by removing all merchandise from the Camel Cash program as of October 1, 2006, and offering only limited amounts of cigarettes and coupons for discounts on cigarettes. Sateriale v. R.J. Reynolds Tobacco Co., Case 2:09-cv-8394-CAS-SS, United States District Court for the Central District of California.

Bragar Eagel & Squire, P.C. announce Court approval of $12.4 million settlement of breach of contract and breach of implied covenant of good faith and fair duty claims against Enterprise Products Company. Gerber v. Enterprise Products Holdings, LLC, Civil Action No. 5989-VCN, Delaware Court of Chancery.

Bragar, Eagel & Squire, P.C. announce victory before the Delaware Supreme Court. Supreme Court holds that the Enterprise Products Partners, L.P.’s Limited Partnership Agreement’s conclusive presumption of good faith does not bar a claim under the implied covenant. Gerber v. Enterprise Products Holdings, LLC, 67 A.3d 400 (2012).

Bragar Eagel & Squire, P.C. announce victory before the Ninth Circuit Court of Appeals in action asserting claims on behalf of members of the Camel Cash loyalty program. The Ninth Circuit reinstated the Third Amended Class Action Complaint against defendant R.J. Reynolds Tobacco Co. Sateriale v. R.J. Reynolds Tobacco Co., 697 F.3d 777 (9th Cir. 2012).