No. 07-cv-09901 (S.D.N.Y.).

Securities
Overview
One of the oldest firms in the field, we have stood at the forefront of securities law since its inception. Our founder was in the first generation of securities lawyers and rendered service to the SEC in its earliest years. Since that time, we have procured landmark victories for our clients. KM remains one of the few law firms to have secured trial victories in securities fraud class actions, achieved the first ever appellate reversal of a lower court’s dismissal of a class action suit pursuant to the PSLRA, procured a landmark settlement of $590 million related to Citigroup’s misconduct during the financial crisis, and most recently, in a matter of first impression, established the right of English shareholders to bring derivative claims against English companies in New York state courts.
Today, we put our longitudinal familiarity with the federal and state laws governing securities fraud to identify traditional and creative solutions for our clients that support their goals and optimize their recoveries.
KM’s securities litigation efforts are complemented by the firm’s portfolio monitoring and case evaluation services. A dedicated team of experienced litigators, analysts, and support staff monitor our institutional clients’ investment portfolios and deliver customized analyses and action recommendations when fraud-related losses occur.
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Experience
No. 07-cv-09901 (S.D.N.Y.).
No. 21-cv-00987 (E.D. Tex.).
No. 602052/2014 (N.Y. Sup. Ct., Nassau Cty.).
KM represented an English investor in a shareholder derivative lawsuit against officers and directors of HSBC Holdings and its subsidiaries, alleging that HSBC facilitated money laundering operations out of New York City. In a matter of first impression, we established the right of English shareholders to bring derivative claims against English companies in New York state courts. The litigation settled for $72.5 million, the then-largest foreign derivatives settlement ever reached and one of the largest insurer-funded cash payments achieved in a U.S. derivative lawsuit.
No. 14-cv-09357 (S.D.N.Y.).
No. 08-cv-06171 (S.D.N.Y.).
No. 20-cv-02190 (D.N.J.).
No. 20-cv-2581 (N.D. Ill.).
No. 03-md-01529 (S.D.N.Y.).
No. 10-cv-08086 (S.D.N.Y.).
No. 18-cv-05127 (C.D. Cal.).
No. 19-cv-00509 (S.D. Tex.).
No. 08-cv-70004 (N.D. Ohio).
No. 00-cv-08754 (S.D.N.Y.).
Investigations
- Company
- Status
- Deadline
- Company 3D Systems Corporation
- Status Investigating
- Deadline 2 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Delaware on behalf of those who acquired 3D Systems Corporation (“3D Systems” or the “Company”) (NYSE:DDD) securities during the period of August 13, 2024 through May 12, 2025, inclusive (“the Class Period”). Investors have until August 12, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Aldeyra Therapeutics, Inc.
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against Aldeyra Therapeutics, Inc. (“Aldeyra” or the “Company”) (NASDAQ:ALDX). The investigation concerns whether Aldeyra and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Alto Neuroscience, Inc.
- Status Investigating
- Deadline 40 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Norhtern District of California on behalf of those who acquired Alto Neuroscience, Inc. (“Alto Neuroscience” or the “Company”) (NYSE:ANRO) securities during the period of January 31, 2024 and October 22, 2024, inclusive (“the Class Period”). Investors have until September 19, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Anika Therapeutics, Inc.
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against Anika Therapeutics, Inc. (“Anika” or the “Company”) (NASDAQ:ANIK). The investigation concerns whether Anika and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Apple Inc.
- Status Investigating
- Deadline 9 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired (“Apple” or the “Company”) (NASDAQ:AAPL) securities during the period from June 10, 2024, through June 9, 2025 (“the Class Period”). Investors have until August 19, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Barnes & Noble Education, Inc.
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against Barnes & Noble Education, Inc. (“Barnes & Noble” or the “Company”) (NYSE: BNED). The investigation concerns whether Barnes and Noble and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Biohaven Ltd.
- Status Investigating
- Deadline 33 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Connecticut on behalf of those who acquired Biohaven Ltd. (“Biohaven” or the “Company”) (NYSE:BHVN) securities during the period of March 24, 2023 through May 14, 2025, inclusive (“the Class Period”). Investors have until September 12, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Capricor Therapeutics, Inc.
- Status Investigating
- Deadline 36 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired Capricor Therapeutics, Inc. (“Capricor” or the “Company”) (NASDAQ:CAPR) securities during the period of, inclusive (“the Class Period”). Investors have until September 15, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Centene Corporation
- Status Investigating
- Deadline 29 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Centene Corporation (“Centene” or the “Company”) (NYSE:CNC) securities during the period of December 12, 2024 through June 30, 2025, inclusive (“the Class Period”). Investors have until September 8, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Easterly ROCMuni High Income Municipal Bond Fund f/k/a Principal Street High Income Municipal Fund
- Status Investigating
- Deadline 43 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Easterly ROCMuni High Income Municipal Bond Fund f/k/a Principal Street High Income Municipal Fund (“Easterly ROC” or the “Company”) (NYSE: RMHIX, RMHVX, RMJAX) securities during the period of July 29, 2022 and June 12, 2025, inclusive (“the Class Period”). Investors have until September 22, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Encompass Health Corporation
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against Encompass Health Corporation (“Encompass Health” or the “Company”) (NYSE:EHC). The investigation concerns whether Encompass Health and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Fiserv, Inc.
- Status Investigating
- Deadline 43 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Fiserv, Inc. (“Fiserv” or the “Company”) (NYSE:FI) securities during the period of July 24, 2024 through July 22, 2025, inclusive (“the Class Period”). Investors have until September 22, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Fluor Corporation
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against Fluor Corporation (“Fluor” or the “Company”) (NASDAQ:REPL). The investigation concerns whether Fluor and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Flywire Corporation
- Status Investigating
- Deadline 44 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of California on behalf of those who acquired Flywire Corporation (“Flywire” or the “Company”) (NASDAQ:FLYW) securities during the period of February 28, 2024 and February 25, 2025, inclusive (“the Class Period”). Investors have until September 23, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Hallador Energy Company
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP reminds investors that the firm is investigating potential claims against Hallador Energy Company (“Hallador” or the “Company”) (NASDAQ:HNRG). The firm’s ongoing investigation concerns whether Hallador and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Hims & Hers Health, Inc.
- Status Investigating
- Deadline 15 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Hims & Hers Health, Inc. (“Hims & Hers” or the “Company”) (NYSE: HIMS) securities during the period of April 29, 2025 through June 23, 2025, inclusive (“the Class Period”). Investors have until August 25, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Inspired Entertainment, Inc.
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against Inspired Entertainment, Inc. (“Inspired Entertainment” or the “Company”) (NYSE: INSE). The investigation concerns whether Inspired Entertainment and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company iRobot Corporation
- Status Investigating
- Deadline 26 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired iRobot Corporation (“iRobot” or the “Company”) (NASDAQ:IRBT) securities during the period of January 29, 2024 through March 11, 2025, inclusive (“the Class Period”). Investors have until September 5, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company KBR, Inc.
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against KBR, Inc. (“KBR” or the “Company”) (NYSE:KBR). The investigation concerns whether KBR and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Lineage, Inc.
- Status Investigating
- Deadline 51 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Michigan on behalf of those who acquired Lineage, Inc. (“Lineage” or the “Company”) (NASDAQ:LINE) securities in connection with, or traceable to, the Company’s July 2024 initial public offering (“IPO”). Investors who acquired Lineage shares at any time from July 2024 through July 31, 2025 might have claims in connection with this lawsuit. Investors have until September 30, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Lockheed Martin Corporation
- Status Investigating
- Deadline 47 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Lockheed Martin Corporation (“Lockheed Martin” or the “Company”) (NYSE:LMT) securities during the period of January 23, 2024 through July 31, 2025, inclusive (“the Class Period”). Investors have until September 26, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Luminar Technologies, Inc.
- Status Investigating
- Deadline 43 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of those who acquired Luminar Technologies, Inc. (“Luminar Technologies” or the “Company”) (NASDAQ:LAZRI) securities during the period of March 20, 2025 through May 14, 2025, inclusive (“the Class Period”). Investors have until September 22, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company MediaAlpha, Inc.
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against MediaAlpha, Inc. (“MediaAlpha” or the “Company”) (NYSE: MAX) The investigation concerns whether MediaAlpha and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Napco Security Technologies, Inc.
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Napco Security Technologies, Inc. (“Napco” or the “Company”) (NASDAQ:NSSC) securities during the period from February 5, 2024, through February 3, 2025 (“the Class Period”). Investors have until June 24, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Neogen Corporation
- Status Investigating
- Deadline 37 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Michigan on behalf of those who acquired Neogen Corporation (“Neogen” or the “Company”) (NASDAQ:NEOG) securities during the period of January 25, 2023 to June 3, 2025, inclusive (“the Class Period”). Investors have until September 16, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Petco Health and Wellness Company, Inc.
- Status Investigating
- Deadline 19 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired Petco Health and Wellness Company, Inc. (“Petco” or the “Company”) (NASDAQ:WOOF) securities during the period of January 14, 2024 through June 5, 2025, inclusive (“the Class Period”). Investors have until August 29, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Reddit, Inc.
- Status Investigating
- Deadline 8 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Reddit, Inc. (“Reddit” or the “Company”) (NYSE:RDDT) securities during the period of October 29, 2024 and May 20, 2025, inclusive (“the Class Period”). Investors have until August 18, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Replimune Group, Inc.
- Status Investigating
- Deadline 43 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of those who acquired Replimune Group, Inc. (“Replimune” or the “Company”) (NASDAQ:REPL) securities during the period of November 22, 2024 through July 21, 2025, inclusive (“the Class Period”). Investors have until September 22, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Rocket Pharmaceuticals, Inc.
- Status Investigating
- Deadline TODAY
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired Rocket Pharmaceuticals, Inc. (“Rocket Pharmaceuticals” or the “Company”) (NASDAQ: RCKT) securities during the period of September 17, 2024 through May 26, 2025, inclusive (“the Class Period”). Investors have until August 11, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company RxSight, Inc.
- Status Investigating
- Deadline 43 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired RxSight, Inc. (“RxSight” or the “Company”) (NASDAQ:RXST) securities during the period of November 7, 2024 through July 8, 2025, inclusive (“the Class Period”). Investors have until September 22, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Sable Offshore Corp.
- Status Investigating
- Deadline 47 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Sable Offshore Corp. (“Sable” or the “Company”) (NYSE:SOC) securities during the period of May 19, 2025 to June 3, 2025, inclusive (“the Class Period”). Investors have until September 26, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company Sarepta Therapeutics, Inc.
- Status Investigating
- Deadline 15 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Sarepta Therapeutics, Inc. (“Sarepta” or the “Company”) (NASDAQ:SRPT) securities during the period from June 22, 2023, through June 24, 2025 (“the Class Period”). Investors have until August 25, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company SelectQuote, Inc.
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against SelectQuote, Inc. (“SelectQuote” or the “Company”) (NYSE:SLQT). The investigation concerns whether SelectQuote and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Semler Scientific Inc.
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against Semler Scientific Inc. (“Semler” or the “Company”) (NASDAQ:SMLR). The investigation concerns whether Semler and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Sezzle Inc.
- Status Investigating
- Deadline
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December 31, 2024, NEW YORK—(GLOBE NEWSWIRE)—The law firm of Kirby McInerney LLP is investigating potential claims against Sezzle Inc. (“Sezzle” or the “Company”) (NASDAQ:SEZL). The investigation concerns whether Sezzle and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Tempus AI, Inc.
- Status Investigating
- Deadline 2 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of those who acquired Tempus AI, Inc. (“Tempus AI” or the “Company”) (NASDAQ:TEM) securities during the period of August 6, 2024 through May 27, 2025, inclusive (“the Class Period”). Investors have until August 12, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company The J.M. Smucker Company
- Status Investigating
- Deadline
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The law firm of Kirby McInerney LLP is investigating potential claims against The J.M. Smucker Company (“Smucker” or the “Company”) (NYSE:SJM). The investigation concerns whether Smucker and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
- Company Western Asset Management Company (US Core Bond Funds and Core Plus Bond Funds)
- Status Investigating
- Deadline 23 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Pennsylvania on behalf of those who acquired Western Asset Management Company (US Core Bond Funds and Core Plus Bond Funds) (“Western Asset Management” or the “Company”) (NASDAQ:LWCPX, WABAX, WABCX, WABRX, WACIX, WACPX, WACSX, WAPAX, WAPCX, WAPIX, WAPRX, WAPSX, WATFX) securities during the period of January 21, 2021 and October 31, 2023, inclusive (“the Class Period”). Investors have until September 2, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
- Company XPLR Infrastructure, LP f/k/a NextEra Energy Partners, LP
- Status Investigating
- Deadline 29 days
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The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired XPLR Infrastructure, LP f/k/a NextEra Energy Partners, LP (“XPLR” or the “Company”) (NASDAQ:XIFR) securities during the period of September 27, 2023 and January 27, 2025, inclusive (“the Class Period”). Investors have until September 8, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Frequently Asked Questions*
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A.A class action is a lawsuit in which a large number of people (the “class”) have suffered similar harm from the defendant(s)’ unlawful conduct and the plaintiff(s), also known as the “class representative,” stands in for the entire group of similarly injured persons for the duration of the lawsuit and prosecutes the lawsuit on behalf of the entire class. As such, any result obtained by the class representative in the class action lawsuit applies to all of the members of the class. Class action lawsuits are an efficient legal procedure when it would be impractical or expensive for each similarly harmed individual in the class to file their own lawsuit. Class actions enable shareholders to seek recovery from defendant corporations that have much greater resources without having to bear the financial risk.
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A.Securities class action lawsuits typically allege that defendant(s), typically corporations that issue publicly-traded securities and their officers, misrepresented or concealed material information, which caused the securities to trade at artificially inflated prices when class members purchased the securities. The class members suffer losses when the previously-concealed information is disclosed, and the price of the securities declines. These actions charge the defendants with violations of the Securities Act of 1933 and/or the anti-fraud provisions of the Securities Exchange Act of 1934.
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A.A class period is a specified time period during which the injury to the class is alleged to have occurred. In a securities class action, this is the period during which the securities in question traded at artificially inflated prices as a result of the misrepresentations or omissions complained of. The class period proposed in a securities fraud class action may change during the course of the litigation as a result of new evidence obtained or rulings by the court.
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A.A typical securities class action often takes several years to litigate. The actual time it takes to resolve a specific case varies, depending on the complexity of the case, the issues involved, the procedural stage at which the suit is resolved, and other factors.
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A.The lead plaintiff is the investor that prosecutes the suit on behalf of the other investors. This plaintiff eventually seeks to be appointed as the class representative of the class. Federal securities laws permit any investor who purchased or acquired the covered securities during the class period to seek appointment as lead plaintiff of a securities class action lawsuit within sixty (60) days of the first press release announcing the first filed securities class action. An individual investor, an institutional investor, or groups of investors can seek to be appointed as lead plaintiff.
Courts generally appoint as lead plaintiff the movant(s) with the greatest financial interest in the relief sought by the proposed class. The lead plaintiff generally can select a law firm of its choice to litigate the securities class action lawsuit as lead counsel for the class. Courts generally appoint the lead plaintiffs’ chosen law firm as lead counsel.
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A.If you are interested in seeking lead plaintiff appointment, you can contact Kirby McInerney via email at investigations@kmllp.com or submit a contact form via the firm’s website. Critically, the decision to seek lead plaintiff appointment is time sensitive. Class members have sixty (60) days after a securities fraud class action lawsuit is filed to request the court for appointment as lead plaintiff.
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A.If you have incurred a substantial loss as a result of purchasing the securities covered by a securities class action, acting as a lead plaintiff provides you an opportunity to take an active role in the litigation of the case and to represent the shareholders in the class. The lead plaintiff must stay apprised of the litigation by overseeing court-appointed lead counsel and remaining informed about the progress of the litigation. If the litigation advances into discovery, the lead plaintiff will be required to participate in discovery and potentially provide documents and testimony relating to the investment in question. You will be able to participate in making critical decisions regarding the litigation, including whether to settle the action and at what amount, and the formula to be used in determining how any settlement proceeds are divided among class members.
An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the securities class action lawsuit. The lead plaintiff is entitled to receive a pro rata share of any classwide settlement or trial recovery. However, as provided for by the Private Securities Litigation Reform Act of 1995, the court will sometimes compensate the lead plaintiff with an additional monetary award for their time and efforts in overseeing the case.
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A.Any person who purchased the security at issue during the class period is eligible to participate. The attorneys at Kirby McInerney can quickly investigate the facts and advise you on your potential claim, as a lead plaintiff or a class member. Your rights are the same whether you later sold at a loss or have held some or all of your shares in the hope that the price will recover.
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A.If you do not want to be lead plaintiff, you do not need to take any action at the outset of the litigation in order to participate in the class action as you may remain an absent class member. In the event that the lawsuit is certified by the court as a class action, all members of the class will receive mailed notice informing them of the steps that they will need to take in order to share in any classwide recovery.
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A.You do not need to be a U.S. citizen to participate in a securities class action. However, you must have transacted in the security at issue in the U.S., or on a U.S. exchange.
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Q.How will I be notified of a potential recovery if I choose not to be a lead plaintiff in the action?A.If you are a member of the class, at the point of a classwide settlement or trial recovery, a court-appointed administrator will mail out notifications to class members relating to your claim and the case status. Because securities class actions often take several years, you should be sure to retain your records so that you can provide documentation of your purchases in the event of a settlement or trial recovery.
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Q.If I sold my shares in the company being sued, can I still participate in a securities class action?A.To participate in a securities class action, you generally are not required to continue to hold shares of the company after the class period expires. Your standing to participate in the securities class action is derived from your purchase and/or acquisition of shares during the alleged class period. But your decision to sell or otherwise dispose of securities following the class period may impact your damages. Likewise, selling your securities potentially limits your ability to assert other types of claims, including but not limited to shareholder derivative claims.
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A.Kirby McInerney litigates its class action cases on a contingency fee basis. This means we only get paid if we win the case at trial or if there is a settlement. The Firm does not receive any form of monetary compensation from a client at the outset of litigation or if the lawsuit is unsuccessful in recovering money for investors. Instead, the Firm’s fees are paid out of the recovery if there is a successful resolution to the case and a settlement or judgment is achieved. Attorneys’ fees may vary based on the size of the recovery, the duration and complexity of the litigation, and other factors. Kirby McInerney also generally advances all out-of-pocket costs and court expenses on behalf of its clients. Attorneys’ fees and expense reimbursement requests are subject to court approval. This system helps ensure that many investors with small losses can easily afford to bring class actions to assert their rights.
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A.Generally, no. Your out-of-pocket losses usually will be greater than recoverable damages. Recoverable damages are affected by the time you purchased and sold your shares, the price of the stock after the class period, and other individual circumstances. Usually, class members are awarded damages that are proportional to the actual individualized harm they suffered.
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A.As a small investor, if you purchased securities covered by a securities class action during the class period, your rights may already be protected by other investors with more significant losses who have already filed a securities class action. Kirby McInerney’s attorneys are available if you have any further questions about your rights as an investor.
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A.You can contact Kirby McInerney via email at investigations@kmllp.com or submit a contact form via the Firm’s website.
* These "Frequently Asked Questions" are provided by Kirby McInerney LLP for educational and informational purposes only and is not intended and should not be construed as legal advice.
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Part II: ADR Cases Involving Japanese Companies
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Featured Case
Out of Court Settlement
We represented a major pension fund and a sovereign wealth fund in negotiations with a money center bank to settle the clients’ claims in a prominent securities litigation. Dealing directly with defendants and without the need to file opt-out litigation, KM was able to procure for its clients significant settlements which represented more than 150% of the recovery they would have received should they have remained passive members of the class. To the firm’s knowledge, these two clients are the only entities to have received a settlement premium in this matter. KM continues to monitor the claims process to ensure everything is handled smoothly for its clients.
Whistleblower Spotlight
- State of NY ex rel. Tooley, LLC v. Sandell, et al., 101494/2018 (N.Y. Supreme Court, N.Y. County). KM procured the largest-ever settlement of an income tax whistleblower case under the New York False Claims Act – $105 million – through our representation of a whistleblower against hedge fund billionaire Thomas Sandell and Sandell Asset Management Corporation alleging they submitted false New York tax returns that failed to count more than $450 million as New York-taxable income, causing them to underpay New York taxes by more than $50 million. Our client received award of 21% of the $105 million recovery.
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Featured Case
Whistleblower Spotlight
- State of NY ex rel. Tooley, LLC v. Sandell, et al., 101494/2018 (N.Y. Supreme Court, N.Y. County). KM procured the largest-ever settlement of an income tax whistleblower case under the New York False Claims Act – $105 million – through our representation of a whistleblower against hedge fund billionaire Thomas Sandell and Sandell Asset Management Corporation alleging they submitted false New York tax returns that failed to count more than $450 million as New York-taxable income, causing them to underpay New York taxes by more than $50 million. Our client received award of 21% of the $105 million recovery.