Robbins Geller Rudman & Dowd LLP Announces Plaintiff’s Verdict in Securities Class Action Trial Against Puma Biotechnology, Inc. and Its Ceo, Alan H. Auerbach
San Diego – February 4, 2019 – Robbins Geller Rudman & Dowd LLP announces that a federal jury trial concluded today with a verdict finding that defendants Puma Biotechnology, Inc. and its CEO, Alan H. Auerbach, committed securities fraud and awarding shareholders up to $100 million in damages. Robbins Geller represented a class of investors at trial, including lead plaintiff and class representative Norfolk County Council, as Administering Authority of the Norfolk Pension Fund. The jury found that Puma and Auerbach knowingly misled investors about the effectiveness of Puma’s lone product, a drug known scientifically as “neratinib” and later released commercially as Nerlynx. The case, titled Hsu v. Puma Biotechnology, No. SACV15-0865, is pending in the U.S. District Court for the Central District of California before the Honorable Andrew J. Guilford.
“Any day we can hold bad actors responsible for investor losses is a good day,” noted Patrick J. Coughlin, one of Robbins Geller’s trial team members. The Puma case is only the fifteenth securities class action case tried to a verdict since the Private Securities Litigation Reform Act was enacted in 1995. “It’s hard to overstate the significance of this verdict because it confirms that jurors and investors alike demand integrity from corporations and their executives,” said Jason A. Forge, another member of the trial team.
“We are very proud of our trial team. It is gratifying to know that the jury has held Puma and its CEO accountable for their fraudulent misconduct,” noted Darren J. Robbins. While trials in shareholder class actions are rare, Robbins Geller has tried nine shareholder class action cases including today’s success in Puma. Robbins Geller’s Puma trial team includes Patrick Coughlin, Jason Forge, Tor Gronborg, Trig Smith, Marco Janoski, and Ting Liu.
Robbins Geller is one of the world’s leading law firms representing investors in securities litigation, having recovered tens of billions of dollars on behalf of aggrieved shareholders. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For five consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in both the amount recovered for shareholders and the total number of class action settlements. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.
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