Pomerantz

United States (National)

Review

Dispute resolution

A plaintiff shop with offices in New York, Chicago and Los Angeles, covering both coasts as well as the heartland, Pomerantz is known for its prodigious capacity for cases and its tenacity to keep pursuing them. “I feel like Pomerantz is everywhere right now,” declares one peer. “They are filing everything!” The firm made heads turn and landed on national headlines when, in January and February 2018, the firm, as sole lead counsel for the class, along with lead plaintiff Universities Superannuation Scheme Limited, achieved an eye-popping $3 billion settlement with Brazil’s energy giant, Petróleo Brasileiro S.A, otherwise known as Petrobras. “That Petrobras case was just huge,” testifies a peer. “Everyone was pretty blown away when they scored that.”  
     The partners responsible for the Petrobras case, including New York’s Jeremy Lieberman and Emma Gilmorehave kept exceedingly busy ever since. Gilmore secured an important precedential decision at the US Supreme Court in June 2021 for the benefit of shareholders in the closely watched Goldman Sachs Group Inc v. Arkansas Teachers Retirement System caseThe decision ensures investors are able to continue to aggregate their claims and pursue securities fraud violations as a class by safeguarding the vitality of the Basic presumption of reliance that the Supreme Court established decades ago. The ruling on the issue of evidence was in accord with arguments presented by Pomerantz, which had submitted the sole amicus brief on the contested issueGilmore secured a third big win in an action against Arconic, a case that arose from the deadly Grenfell Tower fires in London. In this action, the Western District of Pennsylvania sustained the majority of plaintiffs’ claims in a securities class action that arose from the deadliest fire in the United Kingdom in more than a century. Plaintiffs alleged that during the class period, Arconic’s stock price was artificially inflated by the company’s misstatements about the safety of the insulating panels that were later implicated in the Grenfell Tower fire in London that killed 71 people in June 2017. Gilmore’s team convinced the Judge not only to change his mind on many of the claims he had previously dismissed, but to make new law in plaintiffs’ favor on a number of significant issues. 

Additionally, Lieberman set important, ground-breaking precedent for global investors in Perrigo with the first certification of parallel classes of investors, domestic and international, that purchased dually listed securities on the New York Stock Exchange and the Tel Aviv Stock Exchange. Perrigo, a global manufacturer of over-the-counter consumer healthcare products, generic drugs, and branded pharmaceuticals, has been alleged to have made materially false and misleading statements regarding the company’s business and competitive environment, first to defeat a hostile tender offer from its competitor Mylan, then to stem the decline in its shares after the Mylan tender offer expired unsuccessfully in November 2015. More recently, Lieberman also led a group of opt-out investors from a class action in Pennsylvania to a 2021 victory against Israeli-based generic pharmaceutical giant Teva when the court denied the defendants’ motion to dismiss on forum non conveniens grounds and chose to exercise supplemental jurisdiction over the Israeli law claims. Lieberman was also part of a team led by future star and new partner Austin Van representing five major Israeli pension companies as lead plaintiffs against Mylanalleging that Mylan misled investors about wide-ranging wrongful conduct, namely overcharging Medicare for the EpiPen by hundreds of millions of dollars, and engaging in anticompetitive activity to raise the price of the EpiPen. More recently, Lieberman led a team that, as of August 2020, has achieved $35 million in settlements in this ongoing antitrust litigation against multiple defendants on behalf of a class of U.S. lending institutions that suffered losses as a result of the LIBOR rate-fixing scandal, which impacted trillions of dollars in investments. This closely watched multi-district litigation alleges that the class suffered damages as a result of collusive manipulation by the LIBOR contributor panel banks that artificially suppressed the LIBOR rate during the class period, causing the class members to receive lower interest payments than they would have otherwise received. Van and Lieberman also triumphed on behalf of investors in TechnipFMC, an oil and gas services provider, who allegedly significantly overstated its net income in the registration statement issued in connection with its January 2017 merger because the company was using incorrect exchange rates in translating the financial statements of its foreign subsidiaries. The company also misled investors about its compliance with accounting standards. In March 2021, the district court granted final approval of a $19.5 million settlement. A newly listed star this year, Matthew Tuccillo led a team that acted as lead counsel for 35 institutional investors in individual lawsuits against energy juggernaut BP, securing confidential but favorable monetary settlements for clients on a global scale, including public and private pension funds, money management firms, partnerships, and investment trusts. Another new listing in this year’s edition, Murielle Steven Walsh scored a newsworthy corporate governance-related win in July 2021 when the District of Nevada court denied, in part, the defendants’ motions to dismiss the Second Amended Complaint ina securities fraud class-action arising from Wynn Resorts Limited’s concealment of a long-running pattern of alleged sexual misconduct by CEO and founder Steve Wynn against female employees of the company, which was confirmed by gaming regulators after a lightning-rod exposé via 2018 Wall Street Journal article. Murielle Steven Walsh also scored a win in January 2021 when she secured a nearly $4 million settlement on behalf of defrauded investors in Ormat, a US and Israeli-based renewable energy entity.