New York, New York, January 26, 2017 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% permium above the merger price. A copy of the settlement agreement and exhibits can be obtained through the Court’s website.
New York, New York, November 2, 2016 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 ommitted adverse facts about the manner in which Schwabl routes trades for its clients.
New York, New York, June 2016 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.
New York, New York, June 14, 2016 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.
New York, New York, June 9, 2016 Bragar Eagel & Squire, P.C. announce that it was appointed C0-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 conneciton 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.
New York, New York, April 20, 2015: 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.)
New York, New York, December 19, 2014: 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.
New York, New York, November 19, 2014: Bragar Eagel & Squire, P.C. announced $275 million settlement of claims against Bobby Kotick, Chief Executive Officer of Activision Blizzard, Inc. (the “Company”), Brian G. Kelly, Co-Chairman of the Company, Vivendi, S.A. and other defendants, stemming from a transaction, announced in July 2013, in which the Company and an entity controlled by Kotick and Kelly purchased over 50% of the Company’s outstanding stock from Vivendi. In addition, the settlement provides for the addition of two independent directors to the Company’s board and limitations on Kotick’s and Kelly’s voting power. The settlement is subject to approval of the Delaware Chancery Court.
New York, New York, July 1, 2014: 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.
New York, New York, June 10, 2013: 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).
New York, New York, October 15, 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).