October 12, 2008
Bernstein Liebhard LLP announced that on August 25‚ 2008‚ Judge Deborah A. Batts gave final approval to a $20.1 million settlement with Lumenis Ltd. and certain individual defendants in In re Lumenis Securities Litigation, No. 02-CV-1989 (S.D.N.Y.). The lead plaintiffs had alleged that defendants engaged in improper revenue recognition.
The case settled during the pendency of defendants’ motion to dismiss‚ after lead plaintiffs‚ represented by co-lead counsel Bernstein Liebhard‚ had reviewed more than 100‚000 pages of documents produced by Lumenis relating to lead plaintiffs’ allegations.
In approving the settlement‚ Judge Batts noted that “the quality of the representation to achieve what they have achieved speaks for itself. The quality was extremely high.”
The settlement‚ secured at an early stage of the litigation‚ represents an excellent result for the class. Said Bernstein Liebhard partner Jeffrey M. Haber‚ “We are happy to have achieved a result that is truly in the Class’s best interests.”
Bernstein Liebhard is one of the preeminent plaintiffs’ law firms in the country, representing shareholders and consumers in both class and individual cases. The firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” for the last six years.