Monday, February 3, 2014
Labaton Sucharow Reaches $12.8 Million Cash Settlement on Behalf of Public Pension Funds
NEW YORK (February 3, 2014) – Labaton Sucharow recently secured a $12.8 million cash settlement with KV Pharmaceutical Company (KV) on behalf of Norfolk County Retirement System and the State-Boston Retirement System in securities class action case, Public Pension Fund Group, et al. v. KV Pharmaceutical Company, et al.
Led by Labaton Sucharow partner Jonathan M. Plasse the Firm served as court appointed lead counsel in a case involving allegations that KV misstated and omitted information during the Class Period regarding its compliance with regulatory requirements of the Food and Drug Administration and Current Good Manufacturing Practices in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and rule 10b-5. The lead plaintiffs also claimed that they purchased or acquired KV securities during the Class Period at artificially inflated prices, which resulted in damages.
On January 28, 2014, the Honorable Carol E. Jackson of the United States District Court for the Eastern District of Missouri, Eastern Division preliminarily approved the settlement.