The success of the strategies pursued by Brower Piven’s attorneys in representing their clients over the years has been demonstrated by clients and classes receiving well over a billion dollars in past and pending recoveries. The following is a sample of significant recoveries that are the product of the depth and breadth of the professional experience of the attorneys at Brower Piven who served as lead or co-lead counsel in achieving them:
Landmen Partners, Inc. v. The Blackstone Group L.P., 08-03601 (S.D.N.Y.). In 2007, The Blackstone Group, L.P., a large asset manager and provider of financial advisory services, went public. Shortly after filing its IPO, investors filed suit, alleging that the company had made material omissions and misstatements in its IPO registration statement and prospectus. The case ultimately settled for $85 million shortly before trial.
Freudenberg v. E*TRADE Financial Corp., 07 Civ. 8538 (JPO) (MHD) (S.D.N.Y.). A federal securities fraud class action arising from E*TRADE’s allegedly false and misleading statements concerning its mortgage business, resulting in a $79 million settlement.
In re Crocs, Inc. Sec. Litig., 07-cv-02351-PAB-KLM (D. Colo.). In 2007, investors filed suit against Crocs, Inc., alleging that the company made false statements about its business and its inventory and management systems, and that these false statements produced significant investment losses. After the case was dismissed, Brower Piven refused to drop the matter and vigorously pursued an appeal of that dismissal. In the face of completed briefing, Brower Piven was able to negotiate from the Crocs defendants a $10 million partial settlement for aggrieved investors, and continue their efforts to recover from Crocs’ outside auditors.
Cole Real Estate Investments, Inc. S’holder Litig., (Cir. Ct., Balt. City, 24-C-13-006665). This litigation challenged a transaction between Cole Real Estate Investments, Inc. (“CREI”) and its officers, and a merger between CREI and American Realty Capital Properties, Inc. The case resulted in a settlement that provided the shareholders of CREI with, among other things, $64 million in additional merger consideration.
In re Laureate Educ. S’holder Litig., (Cir. Ct., Balt. City, 24-C-07-000664). The case ultimately resulted in a $35 million cash settlement.
In re Cell Therapeutics, Inc. Class Action Litig., C10-414 MJP (W.D. Wash.). A federal securities class action arising from allegedly false and misleading statements concerning the company’s drug Pixantrone, resulting in a $19 million settlement.
Klugman v. American Capital Ltd., 8:09-CV-00005-PJM (D. Md.). A federal securities class action arising from allegedly false and misleading statements concerning the company’s ability to pay a dividend, resulting in an $18 million settlement for investors.
Wagner v. Barrick Gold Corp., 1:03cv4302 (S.D.N.Y.). A federal securities class action arising from allegedly false and misleading statements concerning the company’s ability to be profitable in an environment of rising gold prices, resulting in a settlement totaling $24 million.