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Recent Developements

Ireland Goes Its Own Way And Rejects Third-Party Litigation Funding

Since 2010, when the U.S. Supreme Court ruled in Morrison v. Australia National Bank Ltd., 561 U.S. 247 (2010) that purchasers of securities that were traded on a non-U.S. exchange could not bring claims under U.S. federal securities laws, we have observed two key trends. First, there has been a significant increase in securities litigation brought on a group basis in Europe, Canada, Australia, Japan and other non-U.S. jurisdictions. Second, and relatedly, third-party litigation funding has greatly expanded in various countries ...

EpiPen Purchasers Accuse Pharmacy Benefit Managers of ERISA Violations in Class Action Lawsuit

A group of EpiPen purchasers have sued their pharmacy benefit managers, known as PBMs, in federal court in Minneapolis. In a lawsuit filed by Berman DeValerio, the EpiPen purchasers claim the PBMs—Express Scripts, CVS Health, and Prime Therapeutics—bear responsibility for the massive increase in the amounts EpiPen purchasers paid out-of-pocket for EpiPen. A copy of the Complaint is available here. The EpiPen purchasers allege that instead of pushing for lower prices from Mylan, the drug company that markets and sells EpiPen, the PBMs demanded rebates from Mylan—and kept a significant amount of those rebates for themselves.

Snap IPO Triggers Outcry Over Non-Voting Shares

On March 1, 2017, Snap Inc. made history by becoming the first U.S. company to go public by selling only non-voting shares. Of the 200 million shares offered in the IPO for the company behind the popular mobile messaging app Snapchat, absolutely none have any right to vote on directors, executive compensation, a corporate sale or other key corporate matters. Rather, those rights rest exclusively in the hands of Snap insiders. Many institutional investors and shareholder advocates are alarmed about Snap's dual-class structure that deprives shareholders of a voice. Many want to avoid owning such shares, but worry that if Snap is added to an established index, then ownership may become inevitable. To avoid such a scenario, several investor groups are advocating that index providers exclude Snap from major stock indices.

Supreme Court To Decide Liability for Failing to Disclose Known Trends

The U.S. Supreme Court recently accepted an appeal to resolve a circuit split over whether companies have an actionable duty to disclose known trends or uncertainties that could affect their business. The case—Leidos, Inc. v. Indiana Public Retirement System, No. 16-581 (U.S.)—may significantly impact the ability of investors to hold companies liable for omitting information from their financial reporting.

SEC Limits Power to Issue Subpoena

The Acting Chair of the U.S. Securities and Exchange Commission recently moved to limit who at the SEC can authorize the issuance of subpoenas. The abrupt change, which the SEC did not announce publicly, removes the ability to issue subpoenas from approximately 20 senior officials in the SEC's Enforcement Division—limiting that power to just the Director of that division.

Berman DeValerio In The News

Berman DeValerio and Its Attorneys Recognized as Litigation Leaders By Chambers and The Legal 500

Berman DeValerio and several of its partners have been recognized as leaders in their areas of practice by some of the legal industry's leading publications.

Legal Food Frenzy Raises Money to Provide 225,000 Meals, With Berman DeValerio Topping Its Field

Berman DeValerio raised enough funds to provide 15,000 meals for the Greater Boston Food Bank as part of the two-week Legal Food Frenzy. That is more than any other firm of its size, making it the winner of the charitable challenge in the "medium firm" category.

Lavallee and Saif Publish Article on Non-GAAP Accounting

Berman DeValerio partner Nicole Lavallee and associate Justin Saif recently published an article in the Fall 2016 issue of the magazine of the California State Association of County Retirement Systems. 

Berman DeValerio Volunteer Day at Raphael House Family Shelter

On Friday, December 2nd, Berman DeValerio's San Francisco office volunteered at Raphael House family shelter. Raphael House is a privately funded, community-supported organization, which provides homeless and low-income families in the San Francisco Bay Area personalized family-centered solutions, including transitional housing along with mental health counseling, career services, and educational workshops, children's programs and tutoring, to help at-risk families achieve stable housing and financial independence while strengthening family bonds and personal dignity.

Benchmark Litigation 2017 ranks “Highly Recommended” Berman DeValerio as a Top Ten Plaintiffs’ Firm

Benchmark Litigation, a publication of U.K.-based Euromoney Institutional Investor plc, has published its 2017 10th Anniversary Edition profiling U.S. law firms. Berman DeValerio is ranked as "Highly Recommended 2017" — the sixth time the firm has received such ranking from Benchmark Litigation.


Corporate Disputes
"Delaware Corporations Turn to Bylaws, Again, to Discourage Lawsuits" by Norman Berman and Nathaniel Orenstein

Corporate Disputes
"US Supreme Court to Decide Whether Investors Must Take Individual Actions to Preserve Securities Act Claims" by Nicole Lavallee and Jay Eng

The TexPERS Pension Observer
"Supreme Court Hands Investors Victory in Amgen Class Action" by Nicole Lavallee