SOURCE: Cooley Godward Kronish

April 30, 2008 09:00 ET

Cooley Achieves Major Securities Class Action Ruling

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.

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