Contact Information: Contact: Ashley Kanigher 650-843-5721 akanigher@cooley.com
Cooley Achieves Major Securities Class Action Ruling
| Source: Cooley Godward Kronish
NEW YORK, NY--(Marketwire - April 30, 2008) - Cooley Godward Kronish announced today that it
has achieved a major victory in a securities class action in which the Firm
represented the law firm of Clifford Chance. It is one of the first
opinions applying the United States Supreme Court's decision in Stoneridge
Investment Partners v. Scientific-Atlanta.
Plaintiffs alleged that Clifford Chance was liable under a 10-b(5) scheme
liability theory for a fraud allegedly perpetrated by its former (and now
defunct) client, DVI, a medical equipment finance company. The district
court denied class certification as to Clifford Chance, holding that the
fraud on the market presumption did not apply since no public statements
were attributed to the firm and the firm had not engaged in any conduct
that could be relied upon by investors.
In Re: Civil Action DVI Inc. Securities Litigation (2:03-cv-05336-LDD) was
filed in United States District Court for the Eastern District of
Pennsylvania.
The case was handled by William J. Schwartz and Celia G. Barenholtz,
partners in Cooley's New York office.
About Cooley's Litigation Practice
Cooley's 300-lawyer litigation department represents many global
businesses, particularly in the technology and life sciences sectors, in
high-profile trials and major litigation matters in state and federal
venues across the country. The Firm has one of the largest patent and IP
litigation practices in the country. Cooley litigators also handle a wide
range of white collar, regulatory and governmental enforcement matters, and
have depth in securities litigation, antitrust, a wide range of consumer
class actions, bankruptcy, tax controversy, employment and commercial
litigation.
Last year The National Law Journal named Cooley's litigation department to
its prestigious "Defense Hot List." This recognition validates the Firm's
growing reputation as a "short list" choice of general counsel and boards
of directors in the most important matters and disputes facing their
companies.
About Cooley Godward Kronish LLP
Cooley Godward Kronish's 650 attorneys have an entrepreneurial spirit and
deep, substantive experience, and are committed to solving clients' most
challenging legal matters. From small companies with big ideas to
international enterprises with diverse legal needs, Cooley has the breadth
of legal resources to enable companies of all sizes to seize opportunities
in today's global marketplace. The Firm represents clients across a broad
array of dynamic industry sectors, including technology, life sciences,
real estate, financial services, retail and energy.
The Firm has full-service offices in major commercial, government and
technology centers nationwide: Palo Alto, CA, New York, NY, San Diego CA,
San Francisco, CA, Reston, VA, Broomfield, CO, Washington, DC and Boston,
MA.