Schoengold & Sporn began specializing in shareholder class and derivative securities litigation with its representation of one of the parties in the seminal case of Escott v. Barchris Construction Corp., 283 F.Supp. 643 (S.D.N.Y. 1968). Barchris is recognized as the leading securities case dealing with the appropriate standards of liability for issuers, underwriters, accountants and lawyers.
Federal courts throughout the country have long noted the firm's experience and ability in complex securities litigation. Among the cases in which the firm’s credentials were recognized are:
· In Maley v. Del Global Technologies Corp., 00-CV-8495 (S.D.N.Y.), a case in which Schoengold & Sporn acted as sole lead counsel, Judge McMahon commended the firm for "going the extra mile" in obtaining a settlement representing approximately 41 percent of the maximum recoverable damages incurred by the class, observing: "Through (Schoengold Sporn Laitman & Lometti's) efforts, after intensive investigation, concentrated litigation and extensive arm's-length bargaining, and without the benefit of any governmental agency's investigation, Class Counsel have secured a settlement fund which confers an excellent benefit to the Class. . . I can't ever remember having participated as a lawyer or a judge in a settlement of a securities fraud class action that yielded in excess of a forty percent rate of recovery."
· In In re Westar Energy, Inc. Securities Litigation., 03-CV-4003(D. Kansas), a case in which the class recovered over 34% of total damages, Judge Robinson noted "Class Counsel are highly skilled. They have brought some unique and creative allegations...not based solely on the work of others...but much of which has been based on their own work...the attorneys have great experience, a national reputation, and substantial ability. [T]hey are highly experienced...more than competent...and have diligently represented the class."
· In In re SPX Corp. Sec. Litig., 3:04-CV-99 (W.D.N.C.), the Court commended the firm for its "skill, perseverance[,] … diligent advocacy" and "aggressive representation" of the class in achieving "from a financial standpoint, a very fair settlement" aggregating $10 million, or approximately 22 percent of the maximum recoverable damages, noting that SSL&L is among the "leading attorneys in the country in the area of class actions" and is "extremely competent" and "very experienced."
· In Kriegel v. Pacific Scientific Co., 98-CV-4163 (C.D. Cal.), a case in which the class received approximately 27 percent of their claimed maximum damages (which was 25 times defendants’ estimation of damages), Judge Morrow concluded that the firm's "significant expertise” and the hard fought settlement that was obtained on the eve of trial directly contributed to the case’s "positive outcome.”
· In Behr v. APAC Teleservices, Inc., 97-CV-9145 (S.D.N.Y.), Judge Jones recognized the "long efforts" of counsel in litigating the case and their "thorough investigation" of plaintiffs' claims, concluding that the "substantial settlement" obtained "saved [the class] a lot of years of complex litigation."
· In In re Rite Aid Corp. Derivative Litigation, 99-CV-1349 (E.D.Pa.), Judge Dalzell noted that Schoengold & Sporn "worked efficiently to help produce a result that benefits the corporation and, through it, its shareholders."
· In In re Datascope Corp. Securities Litigation, 93-CV-4954 (D.N.J.), Judge Bassler observed: "I have been continually impressed with the quality of the work in the case . . . in terms of the way this matter was handled, the professionalism, quality of the legal work, I've never seen anything better, so and for that I’m very grateful to everybody."
· In In re Anadigics, Inc. Securities Litigation, CV-98-917 (D.N.J.), a case in which the class received approximately 44 percent of their legally recoverable damages, Magistrate Judge Wolfson praised the firm's achievement in resolving a difficult and complex case without prolonging the litigation and noted that the attorneys handling the matter were well respected and experienced practitioners.
· In In re Versatility, Inc. Securities Litigation, 98-CV-1676 (S.D.N.Y.), Judge Sprizzo commended the firm for negotiating a settlement that reflects . . . "the best interests of the shareholders and the intelligence of the lawyers."
· In Ostroff v. Hemisphere Hotels Corp., (CCH) Fed. Sec. L. Rep. & 94,713 (S.D.N.Y.), Judge Bonsal observed that "Messrs. Schoengold and Sporn are able attorneys, especially in Securities acts cases."
· In Abramson v. Hyatt International, (CCH) Fed. Sec. L. Rep. & 98,447 (S.D.N.Y.), Judge Lowe commented that "Counsel on both sides are highly respected members of the bar and have substantial experience in stockholder litigation, federal securities litigation and class action litigation.
· In IDI Securities Litigation, 84-CV-3870 (S.D.N.Y.), where shareholders received over 95 percent of their recognized losses, Judge Broderick stated that the legal work done on behalf of the class was "excellent" and "the result was an excellent result."
· In re Harmonic, Inc. Securities Litigation, C-00-2287 (N.D. Cal.)
· In re SPX Corp. Securities Litigation, 3:04-CV-99 (W.D.N.C.)
· In re PNC Finacial Services Group, Inc. Securities Litigation, 02-CV-271(W.D. Penn.)
· In re Westar Energy, Inc. Securities Litigation, 03-CV-4003 (D. Kansas)
· In re Nicor, Inc. Securities Litigation, 02-CV-5168 (N.D. Ill.)
Schoengold & Sporn, P.C., World Wide Plaza 393 West 49th Street Suite 5HH, New York, NY 10019, Tel: 212-964-0046, Fax: 212-267-8137
© Copyright , Schoengold & Sporn, P.C., All Rights Reserved.