Bernstein
Liebhard & Lifshitz, LLP was established in 1993 as a boutique
law firm to represent investors and consumers in complex class
action and corporate governance litigation throughout the United
States. The Firm has grown to more than 45 lawyers, with offices
in New York and Pennsylvania. Bernstein Liebhard & Lifshitz,
LLP is nationally recognized for its securities and corporate
governance, antitrust, and consumer practices. The National Law Journal has named the Firm, for the fourth consecutive year,
as one of the top plaintiffs’ litigation firms in the country.
Moreover, the Firm has received Martindale-Hubbell's highest ratings
for legal ability (A) and ethical standards (V).
The Firm brings together a unique array of talent, including former government prosecutors and former SEC trial attorneys, as well as attorneys with accounting backgrounds, and a wealth of experience in securities and class action litigation, to pursue three goals on behalf of its clients: to recover losses in securities and consumer fraud class litigation, to enforce and improve shareholder rights, and to ensure the accountability of corporate wrongdoers. With the support of the Firm's investigative staff, the attorneys and paralegals at Bernstein Liebhard & Lifshitz, LLP have pursued hundreds of securities and consumer cases, recovering approximately two billion dollars for our clients and effecting corporate governance changes that are intended to strengthen corporate responsibility, as well as the democratic rights of public shareholders. The Firm typically represents large individual and institutional investors - including public and multi-employer pension funds - in securities and corporate litigation.
The attorneys at Bernstein Liebhard & Lifshitz, LLP enjoy a national reputation for quality and integrity. We have an established track record of success and the respect of the defense bar and D&O insurance carriers. Our reputation has been built not only on the Firm's successes, but also on the expectation that we will mount a vigorous prosecution; defense counsel know that we will take our cases to trial to achieve the maximum result obtainable for our clients. We take pride in our accomplishments and our Firm's leadership role in protecting the interests of aggrieved shareholders and consumers.
BERNSTEIN
LIEBHARD & LIFSHITZ, LLP HAS SIGNIFICANT EXPERIENCE IN PROSECUTING
SECURITIES CLASS ACTIONS
OUTSTANDING
TRACK RECORD OF CLIENT RECOVERIES
We have significant experience
in prosecuting complex securities class actions. For example,
the Firm, as a lead counsel, has successfully recovered approximately two
billion dollars in the settlement of securities class actions
and complex cases. These cases include:
- Deutsch Telekom AG Securities Litigation (S.D.N.Y.) ($120 million);
- Cigna Corp. Securities Litigation (E.D. Pa.) ($93 million);
- Bankers Trust Securities Litigation (S.D.N.Y.) ($58 million);
- Bausch & Lomb, Inc. Securities Litigation (N.D.N.Y.)
($42 million);
- BellSouth Corp. Securities Litigation (N.D. Ga.) ($35 million);
- Riscorp Inc. Securities Litigation (M.D. Fla.) ($21 million);
- Taser International Securities Litigation (D. Ariz.) ($20 million);
- Rush v. Footstar, Inc. (S.D.N.Y.) ($19.3 million);
- AXA Financial Shareholders Litigation (Del. Ch.) ($500
million increased merger consideration);
- Lin Broadcasting Corporation Shareholders Litigation (Del.
Ch.) ($64 million increased merger consideration); and
- Arco Chemical Company Shareholders Litigation (Del. Ch.)
($17.6 million).
OUTSTANDING TRACK RECORD OF CORPORATE
GOVERNANCE CHANGES
The
Firm has had particular success in using litigation to accomplish
corporate governance improvements for shareholders. We have served
as lead counsel in numerous corporate governance and corporate
takeover litigations (both hostile and friendly) on behalf of
the shareholders of public corporations, and have prosecuted actions
challenging numerous highly publicized corporate transactions
that violated fair process and fair price, as well as the applicability
of the business judgment rule. These efforts have brought about multi-million
dollar improvements in transaction terms and in strengthening
the democratic rights of public shareholders.
In In re Sears & Roebuck Derivative Litigation, founding
partner Stanley Bernstein pioneered the use of litigation to achieve
corporate governance reform in the early 1990s, requiring the addition
of outside directors to Sears's board, and expanding the role
of outside directors in the company's nominating committee.
In In re Cablevision Systems Corp. Shareholder Litigation, the Firm (along with co-lead counsel) successfully deterred a going-private transaction proposed by Cablevision's controlling shareholder at an inadequate price. The proposal was ultimately converted to a $2.5 billion special dividend payable ratably to all cablevision shareholders.
In In re MONY Group, Inc. Shareholders Litigation, the Delaware Chancery Court issued a preliminary injunction enjoining the shareholder vote on a merger pending the issuance of curative disclosures by the MONY defendants. The Firm (along with co-lead counsel) acheived a settlement that included the forfeiture of approximately $7.4 million in change-of-control payments from MONY executives, which increased the consideration received by MONY's shareholders in the merger.
In In re Plains Resources, Inc. Shareholders Litigation, the Firm (along with co-lead counsel) successfully increased the consideration offered in a buyout of the public shares of Plains Resources by two of the company's senior executives and Vulcan Energy, an affiliate of Paul Allen.
In In re Archer Daniels Midland Corp. Derivative Litigation, the Firm, as lead counsel, effected important corporate governance
improvements, such as requiring the majority of the board to be
comprised of outside directors, creating a nominating committee,
requiring the audit committee to oversee corporate compliance,
and requiring the audit committee to be composed of outside directors.
In Arco Chemical Company Shareholders Litigation, the Firm's
advocacy led the Delaware Supreme Court to require the company
to broaden the rights of public shareholders in change-of-control
transactions.
In Shapiro v. Quickturn Systems, Inc., the Firm successfully represented the public shareholders
of Quickturn Design Systems in a trial in the Delaware Chancery
Court, which invalidated a modified "dead-hand" poison
pill anti-takeover provision. The Delaware Supreme Court affirmed
the trial verdict, paving the way for a takeover of Quickturn
at a premium of approximately $51 million.
The Firm's efforts in In re Foamex International Inc. Shareholders
Litigation achieved numerous corporate governance improvements,
such as the requirement that the company appoint two independent
directors and constitute a nominating committee to search for and
recommend new independent directors, as well as the requirement that any related-party
transaction be reviewed and approved by a majority of disinterested
directors.
OUTSTANDING
REPUTATION WITH THE JUDICIARY
Courts have repeatedly praised the efforts of the Firm and its
partners. For example:
- In a consumer action brought in federal court under the Florida Deceptive and Unfair Trade Practices Act, Magistrate Judge (now District Court Judge) Marcia Morales Howard wrote that the settlement achieved by the Firm “accomplish[ed] an exceptional result because of the nationwide benefit to all women diagnosed with [Polycystic Ovarian Syndrome] and the benefit to the medical community . . . . The result is also exceptional given the uphill battle Plaintiffs would have encountered in certifying a class and proving Defendants’ knowledge that their product did not work for women with PCOS.” Wagner v. Inverness Medical Innovations Inc., No. 3:03-cv-404-J-20MMH (M.D. Fl. Aug. 14, 2006).
- Judge
Denise Cote, in approving a recent settlement where the Firm
served as sole lead counsel, found that: "Plaintiffs
are represented by counsel who are skilled in federal securities
and class action litigation . . . . Counsel have been diligent
and well prepared. Jeffrey Haber, in particular, was especially
helpful
. . . . Plaintiffs' counsel has performed an important public
service in this action and have done so efficiently and with
integrity . . . . You have the thanks of this court."
In re Take Two Interactive Software, Inc. Securities Litigation,
01 Civ. 9919 (S.D.N.Y.), Transcript of Hearing, October 4,
2002, at 40, 44.
- Vice
Chancellor (now Delaware Supreme Court Chief Justice) Myron T. Steele,
in approving a shareholder class action settlement, stated
"I'm impressed with the innovative nature . . . of the
benefit that's been provided . . . . It's my turn to make a
compliment in open court: that the plaintiff is represented
by highly competent counsel, a counsel that demonstrates consistently
to me an incredible work ethic in achieving the benefits that
were achieved here." In re Illinois Central Corporation
Shareholders Litigation, C.A. 16184 (Del. Ch.), Transcript
of Hearing, February 25, 1999, at 29-30.
- Judge
Wayne Andersen of the Northern District of Illinois, in approving
a proxy fraud settlement, commented to partner Stanley Bernstein:
"Mr. Bernstein, it has actually been a pleasure getting
to know and work with you on this . . . .
[Y]ou make a really good presentation." Hager v. Schawk,
Inc., No. 95 C6974 (N.D. Ill.), Transcript of Hearing,
May 21, 1997, at 22.
- In approving
a settlement on behalf of the purchasers of Tower Air, Inc.
securities and describing the Firm's services for the class
as sole lead counsel, Judge Reena Raggi of the Eastern District
of New York (now a judge on the Second Circuit Court of Appeals) commented: "[t]he quality of the legal
work throughout has been high and conscientious . . . ."
In re Tower Air, Inc. Securities Litigation, 94 Civ.
1347 (E.D.N.Y.), Transcript of Hearing, February 9, 1996,
at 52.
- Judge
Robert Cindrich of the Western District of Pennsylvania, in
approving a securities fraud settlement, endorsed the findings
that: "Counsel . . . have been professional and realistic
in this matter . . . . The court has been impressed with the
competence and candor of counsel . . . ." DeCicco v.
American Eagle Outfitters, Inc. C.A. 95-1937 (W.D. Pa.),
Report and Recommendation of Magistrate Judge Kenneth Benson,
November 25, 1996, at 6 (adopted as opinion of Court by Judge
Cindrich, December 12, 1996).
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