Zamansky LLC has filed a number of important securities class action lawsuits.
Our securities class actions both help investors recover losses and also shed light on industry wrongdoing and help restore confidence to the marketplace.
Following is a partial list of class action lawsuits Zamansky LLC is involved with or leading:
Hewlett Packard ERISA Litigation
Zamansky LLC was appointed interim lead counsel for the class action lawsuit, In re HP ERISA Litigation, that is pending in federal district court in the Northern District of California. The suit alleges that HP’s fiduciaries responsible for ensuring that HP company stock was a prudent investment offering for the company’s employee 401(k) plan failed to fulfill their duties. Specifically, the suit alleges that the fiduciaries should have undertaken a thorough review of the stock’s prudence as it became clear that the company’s multi-billion-dollar acquisition of Autonomy represented a vast overpay and that the company would have to take a massive writedown, negatively impacting the value of HP stock.
JPMorgan ERISA Litigation
Zamansky LLC was appointed interim co-lead counsel for the class action lawsuit, In re JPMorgan Chase & Co. ERISA Litigation, that is pending in federal district court in the Southern District of New York. The suit alleges that JPMorgan’s fiduciaries failed to live up to their legal obligations when they failed to protect JPMorgan employees who owned company stock through the 401(k) plan from the damaging fallout of the “London Whale” trading losses scandal. The suit alleges that one of the plan fiduciaries had detailed knowledge of—and involvement in—all the misconduct spelled out in the recently released Senate Report, and failed to take proper action, causing heavy losses for plan participants.
Millennium Class Action
Zamansky LLC has filed a class action lawsuit against multiple defendants for their role in the fraudulent marketing and sale of shares in the now-collapsed Millenium Global Emerging Credit Fund. The Fund and the other defendants conspired in a fraudulent scheme to inflate and prop up the purported value of the Fund’s assets and its net asset value. The Fund’s portfolio manager has been criminally indicted and the SEC has ongoing investigations into the misconduct.
CSO Partners Hedge Fund Litigation
Zamansky LLC has filed a class action lawsuit against multiple defendants concerning misconduct at the Citigroup-sponsored CSO Fund, comprised of CSO Ltd., CSO US Ltd. and Corporate Special Opportunities Ltd. The suit alleges that investors were misled concerning conflicts of interest, risk controls, and other aspects of the hedge fund, and that they suffered substantial damages when the fund was liquidated at three cents on the dollar after entering a highly leveraged, poorly priced position over the portfolio manager’s objections.
Harbinger Capital Partners Litigation
Zamansky LLC and its co-counsel have filed a lawsuit in federal district court in the Southern District of New York on behalf of investors in Phil Falcone’s Harbinger Capital hedge funds. The complaint alleges that the defendants breached contractual and fiduciary duties to the limited partners and made false and misleading statements in the course of soliciting investments in the fund and communicating with the limited partners.
The offering memorandum describes an investment strategy starkly different than the one Falcone actually pursued. Instead of following the strategy he had outlined, Falcone used the limited partners’ funds to buy a controlling stake in SkyTerra, later renamed LightSquared. When Harbinger took its controlling stake, LightSquared was an enormously risky company whose very existence depended on receiving an FCC license to build a vast proposed wireless network.
The military, the commercial aviation industry, agricultural manufacturers and others raised vocal objections. Once numerous tests concluded that the proposed network would severely disrupt the GPS satellites so central to military activities, aviation and farming, the FCC announced that it would not give LightSquared permission to move ahead with its planned network.
The limited partners were misled into investing in the fund and holding their positions, and once they learned the truth about the fund’s stake in LightSquared, it was too late to redeem their interests. As a result, they have suffered enormous losses.
NASDAQ / Facebook IPO Negligence Litigation
Zamansky LLC and its co-counsel have filed an Amended Complaint in the negligence litigation concerning the Facebook IPO in which millions of mom-and-pop investors suffered massive damages as a result of NASDAQ’s negligent inability to properly conduct the IPO. The case is pending in federal district court in the Southern District of New York.
MF Global Litigation
Zamansky LLC has filed a lawsuit in federal district court in the Southern District of New York on behalf of MF Global employees who held company stock through employee stock-purchase plans. The securities fraud cases have now been consolidated and our firm has teamed up with lead securities counsel to prosecute the case on behalf of employees.