The securities markets are dependent on the principle of full and fair disclosure so that all investors, whether large or small, can invest knowing that the true financial picture of the companies in which they invest has been publicly disclosed. Unfortunately, all too often, that principle has been undermined by corporate officers who misrepresent or conceal material facts about their company, which when ultimately disclosed cause substantial losses to investors.
For the last twenty-seven years, KO&L attorneys have championed the rights of investors to full and fair disclosure by prosecuting companies and their officers when they engage in such deceptive practices to recover resulting investor losses. During this period, the Firm or its partners have acted as a lead or co-lead counsel in multiple securities class actions in which hundreds of millions of dollars have been recovered. Among the most recent recoveries obtained by the Firm for investors are:
• In re Eaton Vance Corporation Securities Litigation, Civil Action No. 01-10911-EFH (D. Mass.) ($10.5 million settlement)
• In re Viisage Technologies, Inc. Securities Litigation, Civil Action No. 05-cv-10438 – MLW (D. Mass.) ($2.3 million settlement)
• In re Ashworth, Inc. Securities Litigation, Master File No. 99cv0121-L(JFS) (S.D. Cal.) ($15.25 million settlement)
• In re SmarTalk Teleservices Inc. Securities Litigation, MDL Docket No. 00-1315 (S.D. Ohio) ($27.1 million)
The Firm also played an integral role in achieving a $20 million settlement in In re IBM Corp. Securities Litigation, No. 05 Civ. 6279 (AKH) (S.D.N.Y.) and $16.75 million settlement in In re American Business Financial Services, Inc. Noteholders Litigation, No. 05-232 (E.D. Pa.), both of which are subject to Court approval. Indeed, the Firm’s reputation is such that when a public company, CompuDyne Corp. (NASDAQ: CDCY) itself was injured by the fraudulent acts of its placement agent and others who illegally traded on inside information in connection with the company’s $30 million private placement, CompuDyne selected the Firm to represent it in an action to recover its damages. To date, the Firm has recovered $4.8 million for CompuDyne.
Among the securities case the Firm is currently prosecuting, the Firm has been appointed as Court-appointed co-lead counsel, In re Infosonics Corp. et al., Case No. 06cv1231 BTM(WMc) and has a significant role in the prosecution of In re American Business Financial Services, Inc. Noteholders Litigation, No. 05-232 (E.D. Pa.).
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