Thomson Reuters’ Super Lawyers has recognized five KM attorneys as New York Metro Super Lawyers and four as Rising Stars.
Ira M. Press
Of Counsel
- New York
-
250 Park Avenue
Suite 820
New York, NY 10177 - 212.699.1166
Biography
Biography
Ira M. Press is Of Counsel to our New York office. Mr. Press’s practice focuses on securities and consumer litigation. He joined the firm in 1993, and currently leads the firm’s institutional investor monitoring program. In this capacity, he has provided advisory services to numerous government pension funds and other institutional investors. He has authored articles on securities law topics and has lectured to audiences of attorneys, experts, and institutional investor fiduciaries.
Mr. Press’ advocacy has resulted in several landmark appellate decisions, including Rothman v. Gregor, the first ever appellate reversal of a lower court’s dismissal of a securities class action suit pursuant to the 1995 Private Securities Litigation Reform Act.
Prior to joining KM, Mr. Press practiced at Warshaw Burstein Cohen Schlesinger & Kuh, LLP, where he focused on commercial litigation.
Prior to joining KM, Mr. Press practiced at Warshaw Burstein Cohen Schlesinger & Kuh, LLP, where he focused on commercial litigation.
- Yeshiva University (B.A. magna cum laude, 1986)
- New York University Law School (J.D. 1989)
- New York State Bar
- United States District Courts for the Eastern, Northern, and Southern Districts of New York
- United States District Court for the District of Colorado
- The United States Supreme Court
- United States Courts of Appeals for the Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, and Tenth Circuits
Super Lawyers, Top Rated Attorney - Securities Litigation, 2012-2024
Experience
Some of Mr. Press’s relevant experience includes:
- Lead counsel representing Wespath, the General Board of Pension and Health Benefits of the United Methodist Church, in Doyle v. Reata Pharmaceuticals, a securities class action alleging that Reata made false and/or misleading statements — including in connection with its secondary public stock offerings — concerning, inter alia, the FDA guidance regarding the design of the clinical trial (CARDINAL) for Reata’s drug candidate, bardoxolone methyl. When the FDA revealed serious concerns it had previously raised to Reata, the share price declined materially. The case has resulted in a settlement of $45 million.
- Co-lead counsel in Kokareva v. Bristow Group Inc., a securities class action alleging that an aviation services provider focused on the oil and gas sector, made materially false and misleading statements about its internal controls relating to covenants in the company’s secured financing agreements. The case resulted in a $6.25 million settlement that has received final approval.
- Counsel in Maverick Neutral Levered Fund, Ltd. v. Valeant Pharmaceuticals International, Inc., alleging that Valeant materially misrepresented its business model, touting artificial and unsustainable growth that was enabled by the company’s deceptive and illegal conduct.
- Representation of the NY State Common Retirement Fund as lead plaintiff in In re National City Corporation Securities, Derivative & ERISA Litigation, a securities class action arising from National City’s alleged misrepresentations regarding exposure to subprime mortgage related losses. During the class period, the company’s stock fell from approximately $37 to $6. This case resulted a settlement of $168 million.
- Representation of the New York City Pension Funds as lead plaintiff in a class action against Wachovia Corporation arising from Wachovia’s alleged misrepresentations of their exposure to the subprime market. This case resulted in a settlement of $75 million.
- Lead counsel in In re Citigroup Inc Securities Litigation, a class action arising out of Citigroup’s alleged misrepresentations regarding their exposure to losses associated with numerous collateralized debt obligations. This case settled for $590 million.
Cases & Investigations
- Case / Company Name
- Type
- Status
- Name In re PureCycle Technologies, Inc. Derivative Litigation, 21: 1569-RGA (D. Del)
- Type Securities, Corporate Governance
- Status Settled
-
KM is stockholder’s counsel in In re PureCycle Technologies, Inc. Derivative Litigation, a shareholder derivative action against PureCycle, a company which recycles polypropylene plastic waste, alleging violation of Section 20(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, and aiding and abetting. On May 7, 2024, the Company agreed to pay $3 million and to adopt internal controls and board composition reforms to settle the litigation.
-
Name
Maverick Neutral Levered Fund, Ltd. v. Valeant Pharmaceuticals International, Inc.,
No. 20-cv-02190 (D.N.J.). - Type Securities
- Status Pending
-
We are acting as counsel in this securities class action alleging that Valeant materially misrepresented its business model, touting artificial and unsustainable growth that was enabled by the company’s deceptive and illegal conduct. The case has important implications not only for Valeant’s shareholders, who sustained significant losses when the company’s misrepresentations were disclosed, but for corporate governance in the pharmaceutical industry as a whole, and for consumers: Valeant’s growth during the class period was driven not by “organic growth” sustained by volume increases and cost savings, but by price gouging (ex: within two days of acquiring the rights to Nitropress and Isuprel, two drugs used to treat emergency heart conditions, Valeant increased their prices by 212% and 525%, respectively).
-
Name
Macovski v. Groupon Inc.,
No. 20-cv-2581 (N.D. Ill.). - Type Securities
- Status Settled
-
We acted as co-lead counsel in this securities class action alleging that the company made materially false and misleading statements and failed to disclose to investors its financial health before ending its sale of physical goods and announcing the departure of two top executives. The case resulted in a $13.5 million settlement that has received final approval.
-
Name
Kokareva v. Bristow Group Inc.,
No. 19-cv-00509 (S.D. Tex.). - Type Securities
- Status Settled
-
We acted as co-lead counsel in this securities class action alleging that an aviation services provider, focused on the oil and gas sector, made materially false and misleading statements about its internal controls relating to covenants in the company’s secured financing agreements. The case resulted in a $6.25 million settlement that has received final approval.
-
Name
Esposito v. American Renal Associates Holdings, Inc.,
No. 16-cv-11797 (D. Mass.). - Type Securities
- Status Settled
-
Esposito v. American Renal Assocs. Holdings, Inc., No. 16-cv-11797 (D. Mass. 2018). Lead counsel. $4 million settlement.
-
Name
In re Resonant Inc. Securities Litigation,
No. 15-cv-01970 (C.D. Cal.). - Type Securities
- Status Settled
-
In re Resonant Inc. Securities Litigation, No. 15-cv-01970 (C.D. Cal. 2017). Co-lead counsel. $2.75 million settlement.
-
Name
In re Molycorp, Inc. Securities Litigation,
No. 13-cv-05697 (S.D.N.Y.). - Type Securities
- Status Settled
-
In re Molycorp, Inc. Securities Litigation, No. 13-cv-05697 (S.D.N.Y. 2017). Lead counsel. $1.25 million settlement.
-
Name
In re AudioEye, Inc. Securities Litigation,
No. 15-cv-00163 (D. Ariz.). - Type Securities
- Status Settled
-
In re AudioEye, Inc. Securities Litigation, No. 15-cv-00163 (D. Ariz. 2017). Lead counsel. $1.525 million settlement.
-
Name
In re MOL Global, Inc. Securities Litigation,
No. 14-cv-09357 (S.D.N.Y.). - Type Securities
- Status Settled
-
KM acted as counsel to lead plaintiff TAP Retirement Fund in a securities fraud class action involving MOL Global, Inc.’s accounting misrepresentations. In this case, we overcame numerous challenges to our client taking the lead in the case, including: allegations that TAP was not the actual owner of the shares but was merely an investment advisor that did not have standing to bring claims; under Brunei law, a suit cannot be filed on behalf of the fund without the express permission of the Sultan of Brunei; and that a Brunei-based plaintiff cannot be the lead plaintiff because Brunei law would not recognize a judgment from a U.S. court. We convinced the court to reject these challenges as nothing more than speculation, and — before a ruling on the motion to dismiss, and with very little time and effort required from TAP — the case settled for $8.5 million for the class.
-
Name
Globis Capital Partners, L.P. v. The Cash Store Financial Services Inc.,
No. 13-cv-03385 (S.D.N.Y.). - Type Securities
- Status Settled
-
Globis Capital Partners, L.P. v. The Cash Store Financial Services Inc., No. 13-cv-03385 (S.D.N.Y. 2015). Co-lead counsel. CAD $13,779,167 cash settlement, representing roughly 50% of total class-wide stock losses.
-
Name
Rudman v. CHC Group Ltd.,
No. 15-cv-03773 (S.D.N.Y.). - Type Securities
- Status Settled
-
Rudman v. CHC Group Ltd., No. 15-cv-03773 (S.D.N.Y. 2017). Lead counsel. $3.85 million settlement.
-
Name
In re Citigroup Inc Securities Litigation,
No. 07-cv-09901 (S.D.N.Y.). - Type Securities, Structured Finance
- Status Settled
-
Lead counsel for individual investor lead plaintiffs in this securities fraud class action relating to Citigroup’s exposure to losses associated with its creation or sponsorship of numerous collateralized debt obligations (“CDOs”). This case resulted in a settlement of $590 million for the class. The settlement was, at the time, the largest CDO-related settlement ever, as well as the largest settlement of a fraud-only action. A later filed SEC complaint concerning similar allegations settled for a small fraction of the class action settlement amount.
-
Name
In re National City Corp. Securities, Derivative & ERISA Litigation,
No. 08-cv-70004 (N.D. Ohio). - Type Securities, Structured Finance
- Status Settled
-
Lead counsel for lead plaintiff New York State Common Retirement Fund in a securities fraud class action against National City Corporation relating to the bank’s exposure to subprime assets. This case resulted in a settlement of $168 million for the class.
-
Name
Barfuss v. DGSE Companies, Inc.,
No. 12-cv-03664 (N.D. Tex.). - Type Securities
- Status Settled
-
Barfuss v. DGSE Companies, Inc., No. 12-cv-03664 (N.D. Tex. 2013). Lead Counsel. $1.7 million settlement.
-
Name
In re Wachovia Equity Securities Litigation,
No. 08-cv-06171 (S.D.N.Y.). - Type Securities, Structured Finance
- Status Settled
-
Lead counsel for lead plaintiff New York City Pension Funds in a class action against Wachovia Corporation arising from the bank’s alleged misrepresentations of their exposure to the subprime market. This case resulted in a settlement of $75 million for the class.
-
Name
Lapin v. Goldman Sachs & Co.,
No. 04-cv-02236 (S.D.N.Y.). - Type Securities
- Status Settled
-
Lapin v. Goldman Sachs & Co., No. 04-cv-02236 (S.D.N.Y. 2010). Co-lead counsel. $29 million settlement.
-
Name
In re Herley Industries, Inc. Securities Litigation,
No. 06-cv-02596 (E.D. Pa.). - Type Securities
- Status Settled
-
In re Herley Industries, Inc. Securities Litigation, No. 06-cv-02596 (E.D. Pa. 2010). Lead counsel. $10 million settlement.
-
Name
In re Sirf Technology Holdings, Inc. Securities Litigation,
No. 08-cv-00856 (N.D. Cal.). - Type Securities
- Status Settled
-
Lead counsel. $2.9 million settlement.
-
Name
In re Levi Strauss & Co. Securities Litigation,
No. 03-cv-05605 (N.D. Cal.). - Type Securities
- Status Settled
-
In re Levi Strauss & Co. Securities Litigation, No. 03-cv-05605 (N.D. Cal. 2008). Co-lead counsel. $5 million settlement.
-
Name
In re Pharmos Securities Litigation,
No. 05-cv-00338 (D.N.J.). - Type Securities
- Status Settled
-
In re Pharmos Securities Litigation, No. 05-cv-00338 (D. N.J. 2007). Lead counsel. $7 million settlement.
-
Name
In re BISYS Securities Litigation,
No. 04-cv-03840 (S.D.N.Y.). - Type Securities
- Status Settled
-
In re BISYS Securities Litigation, No. 04-cv-03840 (S.D.N.Y. 2007). Co-lead counsel. $66 million settlement.
-
Name
In re Textron, Inc. Securities Litigation,
No. 02-cv-00190 (D.R.I.). - Type Securities
- Status Settled
-
In re Textron, Inc. Securities Litigation, No. 02-cv-00190 (D.R.I. 2006). Co-lead counsel. $7 million settlement.
-
Name
Steiner v. Aurora Foods,
No. 00-cv-00602 (N.D. Cal.). - Type Securities
- Status Settled
News
Thomson Reuters’ Super Lawyers has recognized five KM attorneys as New York Metro Super Lawyers and five as Rising Stars.
Kirby McInerney and Glancy Prongay & Murray asked a California federal court Thursday for roughly $2 million in fees for their efforts securing a tentative $8 million from data storage company Quantum Corp. to resolve a shareholder lawsuit over its accounting practices.
The Third Circuit on Thursday revived fraud claims brought under state law by investors that opted out of class actions involving Merck & Co. Inc.’s statements about cholesterol drugs.
Morgan Stanley & Co. LLC has reached a settlement with a putative class of investors suing over $139 million in allegedly defective mortgage-backed securities, it told a New York federal judge, and expects to hand in the deal on Friday.
Powered by a hard-hitting securities practice that took in nearly a billion dollars for its clients last year, Kirby McInerney LLP has recently racked up an impressive series of wins, including the landmark $590 million settlement of a securities class action targeting Citigroup Inc., earning it a spot on Law360’s Most Feared Plaintiffs Firms list.
Kirby McInerney LLP has announced the $168 million settlement of a securities class action lawsuit against National City Corporation. The action, led by Kirby McInerney on behalf of the NY State Retirement Pension Fund, was brought on behalf of all persons who purchased or otherwise acquired the common stock of National City between April 30, 2007 and January 2, 2008, inclusive (the “Class Period”).
Kirby McInerney LLP is pleased to announce an agreement to settle the securities class action lawsuit titled In re Citigroup Inc. Securities Litigation, 07-cv-9901 (S.D.N.Y.) for $590 million. The suit was brought on behalf of investors who purchased or otherwise acquired shares of Citigroup common stock during the time period from February 26, 2007 through April 18, 2008 (the “Class Period”).
A federal judge ordered Morgan Stanley to defend against a lawsuit by Singapore investors that accused it of selling them risky debt that was designed to fail.
Kirby McInerney LLP has announced the $75 million settlement of a securities class action lawsuit, led by KM on behalf of the New York City Pension Funds, against Wachovia Corporation.
Kirby McInerney LLP has been appointed lead counsel to act on behalf of a group of investors who have been appointed lead plaintiff in a securities class action against Citigroup Inc. The action is brought on behalf of all persons who purchased or otherwise acquired the common stock of Citigroup between January 2, 2004 and November 21, 2007, inclusive (the “class period”).
An extensive new complaint in a lawsuit against Citigroup (C) charges that the banking giant misled investors about the size and risk of its housing-market wagers, raising questions about how early the bank knew it faced serious trouble from the assets that have plagued its balance sheet and stock price.