Pomerantz LLP

Wishing you a Happy Thanksgiving from all of us at Pomerantz LLP! We are truly grateful to have you as part of our community. #Thanksgiving #Gratitude #HolidaySeason

In this recent article from The Pomerantz Monitor, Partner Murielle Steven details how Pomerantz achieved a $70 million settlement following six years of fierce litigation in a groundbreaking securities class action against Wynn Resorts—one of the largest Section 10b-5 settlements tied to #MeToo allegations. Learn more about this landmark case and how it underscores the importance of corporate integrity and accountability here: https://lnkd.in/gAtXqNVV   #SecuritiesLitigation #MeToo #CorporateAccountability #ClassAction 

Pomerantz was appointed Lead Counsel in a proposed securities class action against STMicroelectronics N.V., a global semiconductor company that manufactures a broad range of electronic products. The case alleges STM misled investors by assuring them that 2024 revenue would meet expectations, despite lacking a clear understanding of market conditions and inaccurately assessing recovery in the industrial and automotive sectors. The truth emerged on July 25, 2024, when STM revealed disappointing second-quarter results and lowered its 2024 revenue forecast due to weak industrial orders and declining automotive demand. Following this news, STM's stock plummeted by 15.3%, causing substantial investor losses. #SemiconductorIndustry #MarketTransparency #CorporateMisconduct #SecuritiesLitigation #ClassAction

The latest edition of The Pomerantz Monitor is here: https://lnkd.in/gWYdaDMu In this issue, Partner Murielle Steven recounts Pomerantz’s landmark $70 million settlement in a securities class action against Wynn Resorts Ltd. — one of the largest settlements to date arising solely from #MeToo allegations. Additionally, the Editors highlight Senior Counsel Marc Gross’ inspiring pro bono efforts to save NYC's vital Mainchance homeless facility. Of Counsel Jonathan Park discusses a significant case settlement addressing “dark practices,” while Zachary Denver examines the deceptive marketing phenomenon of “AI washing. #SecuritiesLitigation #ClassAction #CorporateGovernance #InstitutionalInvestors #AI #ProBono #MeToo #PomerantzMonitor

Pomerantz was appointed Lead Counsel in a proposed securities class action against Indivior plc, a global pharmaceutical company known for developing treatments for serious mental illnesses. The case alleges that Indivior exaggerated the financial potential of its key products, including SUBLOCADE, a monthly injection for Opioid Use Disorder, PERSERIS, an injection for schizophrenia, and OPVEE, a nasal spray for reversing opioid overdoses. Between February and July 2024, Indivior's executives allegedly inflated revenue forecasts, projecting earnings of $1.24 to $1.33 billion for the year. This optimistic outlook failed to account for crucial risks and market conditions including Medicaid disenrollments, fierce competition, and insurance changes that rendered PERSERIS unprofitable. The truth emerged on July 9, 2024, when Indivior revised its 2024 revenue guidance to $1.15 – $1.215 billion, citing unexpected Medicaid disenrollments, slower-than-expected adoption of OPVEE, and an unviable market for PERSERIS, which led to halting its sales and marketing. Following this news, Indivior's stock plummeted by 33.57%, resulting in significant financial losses for investors. #PharmaceuticalIndustry #PharmaNews #InvestorProtection #SecuritiesLitigation #ClassAction 

In the latest edition of The Pomerantz Monitor, Genc Arifi delves into the complexities of how courts are interpreting Section 12 of the Securities Act in the context of blockchain and cryptocurrency with a particular focus on identifying who qualifies as a "seller." He examines how social media’s role in marketing cryptocurrencies blurs solicitation definitions and contrasts centralized and decentralized exchanges, discussing how these distinctions impact liability under Section 12 and underscore the urgent need for regulatory updates to keep up with ever-evolving technological advancements. Read more here: https://lnkd.in/eZV3xKea #BlockChain #Cryptocurrency #FinancialRegulation #EmergingTech #SecuritiesLitigation

Pomerantz’s Managing Partner, Jeremy Lieberman engaged in a dynamic fireside chat with Leonor Martins Machado, Managing Associate at Morais Leitão, during this week’s Global Class Actions Symposium hosted by Global Legal Group. In their insightful discussion, Jeremy offered his valuable perspectives on the U.S. class actions system, addressing key topics such as securities cases, the impact of the Morrison ruling, the attractiveness of class actions in the U.S., funding, and more. #FiresideChat #ThoughtLeadership #GlobalSymposium #LegalInsights #GCAS24

This week, Pomerantz hosted an special event for institutional investors at The Society Restaurant during the International Corporate Governance Network (ICGN) Conference in Melbourne, Australia. Partner Jennifer Pafiti engaged in a thought-provoking debate with Amy D'Eugenio, Sustainability Director at Federated Hermes Ltd., on the topic: “Securities Litigation – An Essential Engagement Tool or a Solution to a Problem That Doesn’t Exist?”   Pictured: Amy D'Eugenio, Jennifer Pafiti, Daniel Summerfield   #SecuritiesLitigation #InstitutionalInvestors #CorporateGovernance

Pomerantz was appointed Lead Counsel in a proposed securities class action against Bolt Therapeutics, Inc., a biotech firm specializing in immune-system-based cancer treatments. The case alleges that Bolt promoted its drug BDC-1001 as a promising breakthrough for targeting specific cancer proteins. However, between February 2021 and May 2024, Bolt’s executives allegedly overstated BDC-1001's potential, claiming it would achieve a minimum 30% overall response rate, a goal the treatment ultimately could not meet. This inflated, misleading optimism reportedly masked significant risks, including leadership upheaval and major layoffs at Bolt. The truth emerged on May 14, 2024, when Bolt announced a halt to BDC-1001’s development due to its failure to reach the anticipated level of effectiveness. The company also announced a strategic pivot to focus on two new products in its pipeline, BDC-3042 and BDC-4182, while implementing a workforce reduction of approximately 50% and reassigning CEO Randall Schatzman and Chief Medical Officer Edith Perez to advisory roles. Following this news, Bolt’s stock fell sharply by 37.12%, damaging investors. #InvestorRights #BiotechIndustry #CorporateTransparency #HealthcareInnovation #SecuritiesLitigation #ClassAction

Humanigen, Inc. is a biopharmaceutical company focused on preventing and treating certain inflammatory and oncological conditions. Humanigen, f/k/a KaloBios Pharmaceuticals and once led by the convicted Martin Shkreli, faced bankruptcy and reorganization after his arrest. By late 2019, it was struggling financially. However, when the COVID-19 pandemic emerged, Humanigen pivoted to explore its main drug, lenzilumab, originally developed for cancer, as a potential COVID-19 treatment. Pomerantz brought a securities class action against Humanigen for allegedly misrepresenting the effectiveness of lenzilumab for treating COVID-19 while failing to disclose important risks associated with the drug for patients with lung issues. The defendants did not inform investors that GM-CSF, which lenzilumab blocks, is crucial for lung health. After the FDA rejected lenzilumab’s Emergency Use Application on September 9, 2021, citing that the risks outweighed the benefits, executives continued to promote the drug’s prospects. The complaint further alleged that the news of the FDA rejection caused the stock price to plummet nearly 50%. After the results of a clinical trial were published, which failed to prove that lenzilumab was effective against COVID-19, the stock price dropped again, this time nearly 80%. Led by attorney Brenda Szydlo, Pomerantz recently secured a $3 million settlement for defrauded Humanigen investors. The firm is proud of this achievement; there is a need for transparency and corporate accountability in the biopharmaceutical industry, where public health and investor trust are on the line. #Biopharma #InvestorProtection #CorporateAccountability #TransparencyMatters #SecuritiesLitigation #ClassAction