Bernstein Liebhard LLP Announces Final Approval of the Initial Public Offering Securities Litigation
On October 5, 2009, after more than eight years of hard-fought litigation, the Honorable Shira A. Scheindlin of the United States District Court for the Southern District of New York gave final approval to a $586 million settlement of the consolidated action, styled In re Initial Public Offering Securities Litigation, NO. 21-MC-92 (S.D.N.Y.) (the “IPO Securities Litigation”). Partner Stanley D. Bernstein serves as Chair of the Plaintiffs’ Executive Committee and led all plaintiffs’ counsel in litigating this case to this favorable settlement.
The IPO Securities Litigation is one of the largest securities class actions in history, consisting of 309 class actions involving initial public offerings marketed between 1998 and 2000. The lawsuits allege that the IPOs were manipulated by the investment banks to artificially inflate the market price of securities and to conceal the amounts of compensation actually received by the underwriters. The defendants include the companies brought public, certain of their officers and directors, and fifty-five of the investment banks that underwrote the offerings.
For more information, please visit www.iposecuritieslitigation.com.