Tuesday, March 15, 2016

Faruqi & Faruqi Investigation: Tangoe, Inc.

The investigation focuses on whether the Company and its executives violated federal securities laws by releasing misleading financial statements.  Specifically, on March 7, 2016, Tangoe announced that its financial statements for the fiscal years 2013 and 2014, as well as the first three quarters of 2015, could no longer be relied upon.
After the announcement, Company’s share price fell $1.80 from a closing price of $7.12 per share on March 7, 2016 to close at $5.32 per share on March 8, 2016—a 25.3% drop.
Take Action
If you invested in Tangoe stock or options and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.comFaruqi & Faruqi, LLP also encourages anyone with information regarding Tangoe’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Monday, March 14, 2016

Faruqi & Faruqi Investigation: NantKwest, Inc.


The investigation focuses on whether the Company and its executives violated federal securities laws by announcing on March 11, 2016 that its investors should no longer rely on the Company’s interim financial results for the quarters ended June 30, 2015 and September 30, 2015 as a result of material weaknesses with its internal controls over financial reporting.
Specifically, NantKwest announced its interim financial statements should no longer be relied upon due to the errors attributable to certain stock-based awards to NantKwest’s Chief Executive Officer and Executive Chairman and a build-to-suit lease accounting related to one of its research and development and Good Manufacturing Practices facilities.
Take Action
If you invested in NantKwest stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/NK.  You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.comFaruqi & Faruqi, LLP also encourages anyone with information regarding NantKwest’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Faruqi & Faruqi Alert: comScore, Inc.


Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in comScore, Inc.  (“comScore” or the “Company”) (NASDAQ:SCOR) of the May 9, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased comScore securities between May 5, 2015 and March 7, 2016 (the “Class Period”).  The case, Sommer v. comScore, Inc. et al, No. 1:16-cv-01820 was filed on March 10, 2016, and has been assigned to Judge John G. Koeltl.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to file its most recent Form 10-K for the fiscal year ended December 31, 2015 in a timely manner due to a recently announced internal accounting review. 
Specifically, on March 7, 2016, the Company filed an amendment to a Notice of Late Filing previously filed on February 29, 2016, regarding its upcoming Form 10-K filing. The amendment disclosed that on March 5, 2016, the Company’s Audit Committee, along with independent public accountants, was conducting a review of the Company’s financial results. The Company also announced that it would not file its Form 10-K until after the Audit Committee completed its review. Later that day, the Company published a press release stating that it would suspend the previously announced share repurchase program in light of the current review.
On this news, Company’s share price fell $13.67 from $40.71 per share on March 4, 2016 to close at $27.04 per share on March 7, 2016—a 33.5% drop.
Take Action
If you invested in comScore securities between May 5, 2015 and March 7, 2016 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.comFaruqi & Faruqi, LLP also encourages anyone with information regarding comScore’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Thursday, March 10, 2016

Scalia's Passing May lead to a Consumer Friendly Supreme Court


            On February 13, 2016, Associate Supreme Court Justice Antonin Scalia passed away at the age of 79.  Justice Scalia was well known for his conservative views on a number of issues, including a skeptical view of class action litigation.  President Obama has yet to nominate a replacement for Justice Scalia’s spot and Senate Republican have said that there would be no confirmation hearing or vote on any Obama nominee. As such, the nine member Supreme Court is likely to be reduced to eight members for the foreseeable future.  

            With an eight member Court, voting ties are increasingly likely on a number of closely watched cases facing the Supreme Court this term.  A split decision upholds the ruling of the lower court. Such uncertainty at the Supreme Court has already led at least one company to settle rather than face eight member Supreme Court. On February 26, 2016, Dow Chemical Co. agreed to pay $835 million to settle an antitrust suitpresently pending before the Supreme Court citing “[g]rowing political uncertainties due to recent events within the Supreme Court and increased likelihood for unfavorable outcomes for business involved in class action suits have changed Dow’s risk assessment of the situation.” Carter Phillips, an attorney who represented Dow before the Supreme Court noted that he had several other cases in the Supreme Court pipeline that could be similarly affected. 

            The Supreme Court is considering several cases this term involving the scope of class action litigation, which could be effected by Justice Scalia’s passing. Among them are:

·        TysonFoods, Inc. v. Bouaphakeo: The Court has been asked to decide whether differences among individual class members may be ignored where liability and damages will be determined with statistical techniques that presume all class members are identical to the average observed in a sample.

·         MicrosoftCorp v. Baker: The Supreme Court will consider whether a federal court of appeals has jurisdiction to review an order denying class certification after the named plaintiffs voluntarily dismiss their claims with prejudice.

·         Spokeo,Inc. v. Robins: The Court has been asked to decide whether Congress may confer standing upon a plaintiff who suffers no concrete harm, and who therefore could not otherwise invoke the jurisdiction of a federal court, by authorizing a private right of action based on a bare violation of a federal statute.

Facing the political uncertainty surrounding the Supreme Court Dow’s decision to settle rather than litigate may be a sign of things to come.  

AboutFaruqi & Faruqi LLP
Faruqi & Faruqifocuses on complex civil litigation, including securities, antitrust, wage and hour, and consumer class actions as well as shareholder derivative and merger and transactional litigation.  The firm is headquartered in New York, and maintains offices in California, Delaware and Pennsylvania. 

Since its founding in 1995, Faruqi & Faruqi has served as lead or co-lead counsel in numeroushigh-profile cases which ultimately provided significant recoveries to investors, consumers and employees.

             To schedule a free consultation with our attorneys and to learn more about your legal rights, call our offices today at (877) 247-4292.

Timothy J. Peter is an Associate in Faruqi & Faruqi’s Pennsylvania office and focuses his practice on complex civil litigation.  Mr. Peter has represented plaintiffs in consumer, derivative, securities and whistleblower cases. His successes include a $25 million class action securities settlement in which participating class members will recover over 65% of their losses.

Wednesday, March 9, 2016

Faruqi & Faruqi Case: Mattson Technology, Inc.


Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Northern District of California, case no. 3:16-cv-00811, on behalf of shareholders of Mattson Technology, Inc. (“Mattson” or the “Company”) (NasdaqGS:MTSN) who held Mattson securities on the record date, February 4, 2016, and have been harmed by Mattson’s and its board of directors’ (the “Board”) alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) in connection with  the proposed sale of the Company to Beijing E-Town Dragon Semiconductor Industry Investment Center (Limited Partnership) (“E-Town Dragon”).
On December 2, 2015, the Company announced it had entered into an Agreement and Plan of Merger (“Merger Agreement”) under which E-Town Dragon will acquire all of the outstanding shares of Mattson through Dragon Acquisition Sub, Inc., a newly formed subsidiary of the acquirer (the “Proposed Transaction”).  The shareholder vote on the Proposed Transaction is expected to occur on March 23, 2016.
The complaint charges Mattson and the Board with violations of Sections 14(a) and 20(a) the Exchange Act.
Pursuant to the terms of the Merger Agreement, which was unanimously approved by the Board, Mattson shareholders will receive $3.80 in cash per share for each share of Mattson they own.  The offer is 36% less than the $6.00 per share price target analysts at Needham & Co. issued as recently as February 2015 and 24% less than the $5.00 per share price target analysts at B Riley & Co. issued as recently as late-October 2015.  The offer is also significantly below Mattson’s 52-week high stock price of $5.10 per share.
The complaint alleges that the proxy statement (the “Proxy”) filed with the Securities and Exchange Commission (“SEC”) on February 17, 2016 provides materially incomplete and misleading information about the Company and the Proposed Transaction, in violation of Sections 14(a) and 20(a) of the Exchange Act. The Proxy fails to provide Mattson’s shareholders with material information concerning the financial and procedural fairness of the Proposed Transaction.
Furthermore, according to the complaint, the Merger Agreement includes a non-solicitation provision, a matching rights provisions, and a $8.58 million termination fee which essentially ensure that a superior bidder will not emerge, as any potential suitor will undoubtedly be deterred from expending the time, cost, and effort of making a superior proposal while knowing that E-Town Dragon can easily foreclose a competing bid.
Take Action
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today.  Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. 

Friday, March 4, 2016

Faruqi & Faruqi Investigation: Tumi Holdings, Inc.


Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Tumi Holdings, Inc. (“Tumi” or the “Company”) (NYSE:TUMI) for potential breaches of fiduciary duties in connection with the sale of the Company to Samsonite International S.A. for approximately $1.8 billion in an all-cash transaction.
The Company’s stockholders will only receive $26.75 for each share of Company common stock they own.
If you own common stock in Tumi and wish to obtain additional information and protect your investments free of charge, please contact Faruqi & Faruqi's Juan Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.

Faruqi & Faruqi Investigation: Carmike Cinemas Inc.


Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Carmike Cinemas Inc. (“Carmike Cinemas” or the “Company”) (NasdaqGS:CKEC) for potential breaches of fiduciary duties in connection with the sale of the Company to AMC Entertainment Holdings, Inc. for approximately $1.1 billion in an all-cash transaction. 
The Company’s stockholders will only receive $30.00 for each share of Company common stock they own. However, this consideration is below at least one analyst’s price target of $36.00 per share and Carmike Cinemas’ 52-week high of $34.94 per share.
If you own common stock in Carmike Cinemas and wish to obtain additional information and protect your investments free of charge, please contact Faruqi & Faruqi's Juan Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.

Faruqi & Faruqi Investigation: Checkpoint Systems, Inc.


The Company’s stockholders will only receive $10.15 in cash for each share of Company common stock they own. However, this consideration is below both at least one analyst’s price target of $13 per share and the 52-week high of $11.85 per share.
The investigation focuses on whether Checkpoint’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Checkpoint’s shareholders.
If you own common stock in Checkpoint and wish to obtain additional information and protect your investments free of charge, please fill out the form below or contact Faruqi & Faruqi's Juan Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330. 

Faruqi & Faruqi Investigation: API Technologies Corp.


The Company’s stockholders will only receive $2 for each share of Company common stock they own. However, this consideration is below both at least one analyst’s price target of $3.75 per share and the 52-week high of $2.65 per share.
The investigation focuses on whether API’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of API’s shareholders.
If you own common stock in API and wish to obtain additional information and protect your investments free of charge, please fill out the form below or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.