News - 2015
Saxena White Wins Motion to Dismiss Against Enzymotec Ltd.
On December 15, 2015, the Court issued an order denying Defendants’ motion to dismiss in part, in the action captioned In re Enzymotec Ltd. Securities Litigation, Civil Action No. 2:14-cv-5556 (D.N.J.). Saxena White is serving as Co-Lead Counsel on behalf of three individual investors in the action. The Court found that Plaintiffs’ core allegations concerning Enzymotec’s financial guidance, its sales of InFat in China, and its knowledge of impending Chinese regulatory changes were properly pled. The Court concluded that “Lead Plaintiffs have set forth sufficient allegations of materially false and misleading statements with respect to guidance, forecasts, and predictions to survive the Motion to Dismiss with respect to InFat”; that the “particularized allegations before this Court of motive viewed in the context of the Amended Complaint as a whole are compelling” and “a reasonable person would deem the inference of scienter at least as strong as any opposing inference”; and that Lead Plaintiffs properly pled their Securities Act claims. The action has now progressed into the discovery phase of litigation.
Happy Holidays from Saxena White
Saxena White would like to wish our friends and families a happy and healthy 2016!
Manuel Miranda Joins Saxena White
Prior to joining Saxena White, Manuel Miranda gained valuable experience working as a Law Clerk for the Honorable Daniel R. Dominguez, United States District Judge for the District of Puerto Rico, and as an intern for the U.S. Department of Justice Civil Division. During his time as a Law Clerk, he researched and drafted opinions and orders, and participated and advised in civil and criminal hearings and conferences.
Mr. Miranda graduated from Bentley University in May 2010, where he received a Bachelor of Science degree in Finance. He received his Juris Doctor from the American University Washington College of Law 2013. During law school, Mr. Miranda had the highest GPA for civil trial advocacy and was a member of the Mock Trial Honor Society.
Mr. Miranda is a member of the Florida Bar and New York Bars and is admitted to practice before the United States District Court for the District of Puerto Rico.
Jorge Amador Joins Saxena White
Jorge A. Amador is Special Counsel to Saxena White and Director of Forensic Accounting. Mr. Amador has extensive experience in analyzing and litigating complex accounting cases. He is a member of the Bar of California, a Certified Public Accountant, and Certified in Financial Forensics.
For over 15 years, Mr. Amador has prosecuted class actions and private actions on behalf of defrauded investors, particularly in the area of accounting fraud. Previously he served as the Director of Forensic Accounting of one of the nation’s largest securities litigation firms, where he led a group of accounting professionals that investigated private securities lawsuits involving complex financial issues. He has participated in the litigation of highly complex accounting scandals involving some of America's largest corporations including Enron, Tyco, Rite Aid, Countrywide, and Xerox.
Prior to beginning a legal career, Mr. Amador was a practicing CPA where he directed audits of public companies and closely-held businesses, ranging from financial services to construction companies. In addition, he led a variety of engagements including due diligence in mergers and acquisitions, investigations related to white-collar crime and consulted and/or testified in business disputes involving valuation issues and piercing of the corporate veil.
Mr. Amador regularly lectures on a variety of accounting and legal topics. He was an adjunct lecturer at Baruch College where he has taught undergraduate and graduate level courses in Financial Accounting, Financial Statement Analysis and Forensic Accounting. He has also been a speaker and the co-chair of the Practising Law Institute's Accounting for Lawyers 2-day conference.
Mr. Amador is currently a member of the California State Bar and is admitted in the Northern District of California, and is a current member of the American Institute of Certified Public Accountants (AICPA). He graduated with a B.S. in Business Administration (Accounting) from Norwich University, in Northfield, Vermont and earned his J.D. from Concord School of Law in Los Angeles, California. He is also fluent in Spanish.
Saxena White P.A. Settles Tower Group International Ltd.
On August 13, 2015, the Court preliminarily approved the proposed settlement. The settlement hearing, which the Court had previously set for November 18, 2015, has been rescheduled for November 23, 2015 at 4:15 p.m. A copy of the order rescheduling the settlement hearing can be found here. A copy of the In re Tower Group International, Ltd. Securities Litigation Notice of Pendency and Proposed Settlement of Class Action, Certification of Settlement Classes, Settlement Fairness Hearing, and Motion for Attorneys' Fees can be found here. A copy of the Proof of Claim and Release Form can be found here.
The Best Lawyers in America 2016 Announcement
We are pleased to announce that Maya Saxena was recently selected by her peers for inclusion in The Best Lawyers in America 2016 for Commercial Litigation. Congratulations to Ms. Saxena for this achievement.
Saxena White P.A. is Appointed Co-Lead in Golf Clubs Away LLC vs. Hostway Corporation, Hostway Services, Inc. and Valueweb
On July 7, 2015, Circuit Court Judge William Haury of the Seventeenth Judicial Circuit in and for Broward County, Florida entered a significant order in the action entitled Golf Clubs Away LLC v. Hostway Corporation, et al., Case No. 09-29596-13 (the “Hostway case”). The Court’s Order Granting Class Certification, granted the plaintiff’s motion for class certification on its claims for violations of the Florida Deceptive and Unfair Trade Practices Act (“FDUTPA”), breach of good faith and fair dealing, and unjust enrichment.
The Hostway case involves allegations that the defendant, a company providing email services, failed to notify customers that its servers had been compromised due to hacking and spamming activity. As a result, major Internet Service Providers like Yahoo and AOL blacklisted Hostway customers’ email addresses associated with the compromised servers. The blacklisting meant that Hostway customers’ email transmissions were blocked, obstructing the personal and business communications of these customers.
The Court’s Order allows this action to proceed on a classwide basis and made the following findings of fact (among others): that members of the class experienced interruptions in their ability to send and receive emails because of the blacklisting of defendants’ servers; that the defendants did not notify the class that their emails had been blocked; and that plaintiff and the class paid for uninterrupted email service but did not receive it.
The Court certified the following class:
All customers who directly or indirectly subscribed to defendants’ e-mail services, including email services provided by defendants’ predecessors, affiliates, subsidiaries and/or parents, and whose email accounts utilized Hostway’s shared servers located in Florida that were “blacklisted” at any time from November 1, 2008, through and including March 31, 2009.
The Court also appointed the law firms of Saxena White, P.A. and Wolf Haldenstein Adler Freeman & Herz LLP as Co-Lead Counsel in the action.
A copy of the release with additional details related to the case can be found here. A copy of the Notice of Pendency of Class Action and Exclusion Request form can be found here. A copy of the Order Granting Class Certification can be found here.
Saxena White P.A. Settles Great Lakes Dredge & Dock Company
During the Class Period, Defendants made false and misleading statements and failed to disclose that it had recognized revenue in a manner not consistent with its accounting policy and that certain pending change orders where client acceptance was not finalized were included as revenue. In addition, the Company failed to disclose material weakness in its internal controls to detect or prevent misstatements in its financial statements.
On June 7, 2013, Saxena White was appointed as Lead Counsel for the consolidated action. An Amended Complaint was filed on August 9, 2013. Defendants filed their motion to dismiss the Amended Complaint on October 8, 2013. Plaintiffs filed their opposition to Defendants’ motion to dismiss on December 9, 2013. Defendants filed their reply brief in further support of their motion to dismiss on January 23, 2014.
On September 24, 2014, the Court heard oral argument on Defendants’ motion to dismiss. At the conclusion of the hearing, the Court verbally ordered that Defendants’ motions to dismiss be denied. Thereafter, on September 29, 2014, Defendants filed a motion for reconsideration, which the Court granted on October 1, 2014. On October 21, 2014, the Court issued a full order denying Defendants’ motion to dismiss, in which the Court concluded that the Amended Complaint’s “factual allegations, viewed holistically, support a cogent inference of scienter” and “the inference of scienter favoring Lead Plaintiff—Defendants knew or recklessly publicized false statements—is at least as likely as Defendants' opposing inference.” The Court also directed the parties to submit an agreed written discovery plan within twenty-one days.
Preliminary approval was granted and a final fairness hearing has been set for September 18, 2015.
Saxena White P.A. Settles Knight Capital Group, Inc.
Saxena White P.A. served as Lead Counsel in a securities fraud class action asserting violations of the federal securities laws against Knight Capital Group, Inc. On December 20, 2013, Plaintiffs filed a Second Amended Complaint. On February 18, 2014, Defendants filed their motion to dismiss the Second Amended Complaint, along with documentation in support thereof. On April 21, 2014, Plaintiffs filed a memorandum of law in opposition to Defendants’ motion, and on June 5, 2014, Defendants filed their reply brief in further support of their motion.
After litigating this case for almost two years, Plaintiffs negotiated a $13 million settlement - an outstanding result for the class. The deadline to file a proof of claim is June 29, 2015.
In re Jefferies Group, Inc. Shareholders Litigation Notice of Settlement
A copy of the In re Jefferies Group, Inc. Shareholders Litigation Notice of Pendency and Proposed Settlement of Class Action, Settlement Fairness Hearing, and Right to Appear can be found here.