Robbins Geller Secures $107.5 Million Recovery for Micro Focus Shareholders
On February 7, 2023, the Superior Court of California, County of San Mateo granted preliminary approval to a $107.5 million settlement against Micro Focus International plc. The settlement resolves the California state securities case and a related case in federal court in the Southern District of New York that was dismissed and subsequently went on appeal. Robbins Geller Rudman & Dowd LLP and co-counsel Cotchett, Pitre & McCarthy LLP and Scott+Scott Attorneys At Law LLP prosecuted the state securities action and resolved both cases in a global settlement benefiting a nationwide class of investors.
In 2018, several class action cases were filed by investors who purchased American Depositary Shares (“ADSs”) alleging Micro Focus made false or misleading statements and/or omitted material information in its Registration Statements when issuing the ADSs. Robbins Geller and co-counsel represented plaintiffs in the California state securities action. After the related federal case was dismissed and on appeal, a settlement for $15 million was proposed in that case. Robbins Geller and co-counsel opposed the settlement and continued to litigate the state case, obtaining certification of a nationwide class of investors, and proceeding through fact discovery, including dozens of depositions.
“This is a particularly interesting case in light of its procedural posture,” said partner James I. Jaconette, who served as one of the lead counsel for the plaintiffs. “It was a tough case, and we’re grateful to our clients for their commitment to vigorously prosecuting and securing an outsized recovery for the class.”
The $107.5 million settlement, if it receives final approval from the court, will resolve both the state and federal cases.
Robbins Geller attorneys Samuel H. Rudman, James I. Jaconette, Joseph Russello, Philip T. Merenda, William A. Massa, and Brent E. Mitchell obtained this result for the class.
About Robbins Geller
Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex litigation firms, representing plaintiffs in securities fraud, shareholder derivative, antitrust, corporate takeover, and consumer fraud and privacy cases. With 200 lawyers in 9 offices, Robbins Geller is one of the world’s largest plaintiffs’ firms, and the Firm’s attorneys have obtained many of the largest securities, antitrust, and consumer class action recoveries in history.
The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 — more than triple the amount recovered by any other plaintiffs’ firm. The Firm secured the largest-ever securities fraud class action settlement — $7.2 billion — in In re Enron Corp. Securities Litigation.
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