Notable Cases
In re: MF Global Holdings Ltd 12-MD-2338 (S.D.N.Y.). Click here to view the Complaint
Robbins v. Koger Properties Inc., 116 F.3d 1441 (11th Cir. 1997). In this securities fraud case against a former big six accounting firm, Mr. Fleischman obtained a verdict of $81.3 million after a five week federal trial.
Novak v. Kasaks, 216 F.3d 300 (2nd Cir. 2000). Mr. Fleischman litigated and argued before the Second Circuit this significant decision which established precedent as to the appropriate pleading standard under the Private Securities Litigation Reform Act of 1995 ('PSLRA') and as to the disclosure of confidential informants, and has been cited and followed by courts throughout the United States.
In re Marsh & McLennan Companies, Inc. Securities Litigation, No. 04-8144 (S.D.N.Y.). In this federal securities class action that took over four years to successfully complete, it was alleged that the company, its officers, directors, auditors and underwriters participated in a fraudulent scheme involving, among other things, bid-rigging and secret agreements to steer business to certain insurance companies in exchange for 'kick-back' commissions. Mr. Fleischman spearheaded the litigation team and, working closely with the Ohio Attorney General's office and state pension funds, achieved a $400 million settlement on behalf of the firm's clients co-lead plaintiffs the Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio. This settlement represents the 25th largest securities class action settlement to date under the PSLRA.
In re Satyam Computer Services Ltd. Securities Litigation, No. 09-02027 (S.D.N.Y.). In this case involving India's own version of 'Enron', the plaintiff shareholders alleged that Satyam CEO Rama Raju, his brother and board chairman Ramalinga Raju, and other senior officers concocted nearly $1 billion worth of false customer contracts, created false invoices for the contracts and booked fictitious revenues based on these contracts. Mr. Fleischman and a team of other lawyers obtained a settlement comprising a cash payment of $125 million and 25 percent of any recovery should the company decide to sue its auditor, PricewaterhouseCoopers (which prepared and signed the misleading audit reports).
In re BellSouth Corp. Securities Litigation, No. 1:02-CV-02142 (N.D. Ga.). In this securities fraud class action alleging that the directors and officers of BellSouth engaged in accounting fraud and artificially inflated the company's stock price, Mr. Fleischman led the litigation team that obtained a $35 million settlement from the defendants.
In re Sprint Shareholder Litigation, No. 04-cv-01714 (District Court, Johnson County, Kansas). In this class action, Mr. Fleischman was co-lead counsel and chief litigator on behalf of investors who alleged that Sprint and certain of its directors and officers caused holders of PCS, a tracking stock created by Sprint to track its wireless business separately from its traditional wire-line business, to receive an improperly low conversion ratio when the PCS shares were recombined with Sprint shares. This action was resolved in return for a $57.5 million settlement.
In re TASER International Securities Litigation, No. C05-0115 (D. Ariz.). Mr. Fleischman was co-lead counsel on behalf of purchasers of TASER common stock who alleged that the defendants violated the federal securities laws by making material misrepresentations and/or material omissions about, inter alia, the safety of TASER's weapons, the findings of studies concerning them, and the independence of such studies. A settlement of $20 million was achieved.
In re Shuffle Master, Inc. Securities Litigation, No. 07-cv-00715 (D. Nev.). In this securities fraud action arising from a restatement by Shuffle Master, Inc., Messrs. Fleischman and Ta represented lead plaintiffs, City of Tulsa Municipal Employees' Retirement Plan and Oklahoma Firefighters Pension and Retirement System, and obtained a settlement of $13 million.
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For more information on the above cases and any other case in which the Firm and its attorneys are currently involved, please contact us by telephone or email.