On June 10, 2009, the Honorable Shira A. Scheindlin of the United States District Court for the Southern District of New York granted preliminary approval to the proposed 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”). The opinion and order are available here.
The IPO Securities Litigation is one of the largest securities class actions in history. It consists 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.
Bernstein Liebhard LLP is one of the preeminent plaintiffs’ class action law firms in the country. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” for the last six years.