May 5, 2020 | Securities Class Action Archive
Shareholder Derivative Action Filed Against Certain Officers and Directors of Align Technology – Kehoe Law Firm, P.C. Investigating Breach of Fiduciary Duty Claims
Kehoe Law Firm, P.C. is making investors aware that on May 4, 2020, a verified shareholder derivative complaint was filed in United States District Court, Northern District of California, against certain officers and directors of Align Technology, Inc. (“Align” or the “Company”) (NASDAQ: ALGN) seeking to remedy alleged breaches of fiduciary duties, insider trading, and violations of §10(b) of the Securities Exchange Act of 1934.
According to the complaint:
Align is a medical device company that designs, manufactures, and markets devices to treat misaligned teeth. It has two operating segments: (i) Clear Aligners, which markets Invisalign clear dental aligners; and (ii) Scanners and Services, which markets iTero intraoral scanners used to diagnose misalignment and fit Invisalign aligners. China, which is part of the Asia Pacific geographical market, is the second largest market for the Company after the United States.
In April 2019, the Company stated that its first quarter 2019 results reflected strong growth in markets led by certain countries, including China. At conferences throughout May and June 2019, Align continued to represent that, despite competition, the Company experienced growth in China due to recent investments including manufacturing and training facilities near its Chinese customers.
On July 24, 2019, Align revealed lower case shipments of its Invisalign product during second quarter 2019 “primarily due to a softness in China.”
On this news, Align’s stock price fell $74.26, or nearly 27%, to close at $200.90 per share on July 25, 2019.
These revelations precipitated the filing of a securities class action in this District against Align and certain of defendants, captioned City of Roseville Employees’ Retirement System v. Align Technology, Inc., et al. . . ..
The shareholder derivative complaint alleges that the Align
. . . Defendants’ conduct set forth [in the shareholder derivative complaint] was due to their intentional or reckless breach of the fiduciary duties they owed to the Company. The Individual Defendants intentionally or recklessly breached or disregarded their fiduciary duties to protect the rights and interests of Align.
In breach of their fiduciary duties owed to Align, the Individual Defendants willfully participated in and caused the Company to expend unnecessarily its corporate funds, rendering them personally liable to the Company for breaching their fiduciary duties.
In particular, the Individual Defendants knowingly or recklessly made untrue statements and/or permitted the Company’s public filings, disclosures, and statements to misleadingly represent the demand for Align’s products in China.
As a direct and proximate result of the Individual Defendants’ breaches of their fiduciary obligations, Align has sustained and continues to sustain significant damages. Including direct monetary damages, exposure to liability from securities litigation and a loss of goodwill in the capital markets. As a result of the misconduct alleged herein, defendants are liable to the Company. [Emphasis added.]
Investors who have continuously held Align Technology stock since August 2017 are encouraged to contact Kehoe Law Firm, P.C. by completing the form on the right or e-mailing [email protected] to discuss the investigation or potential legal claims.
May 5, 2020 | Consumer Protection, Employment & Technology Archive
Lawsuit Filed Against The Hertz Corporation To Recover Unpaid Overtime On Behalf of Body Damage Appraisers
Kehoe Law Firm, P.C. is making individuals aware that a class and collective action complaint has been filed in United States District Court, Northern District of California, against The Hertz Corporation (“Hertz”) to recover unpaid overtime pay on behalf of Hertz Body Damage Appraisers who, allegedly, were misclassified as exempt from federal and state overtime requirements.
Hertz, according to the complaint,
. . . required and/or knowingly permitted Plaintiff and other [Body Damage] Appraisers to work hours considerably in excess of eight hours a day and/or 40 hours a week. Plaintiff is informed and believes that it was Hertz’s policy and practice to require and/or knowingly permit [Body Damage] Appraisers to work overtime hours without receiving overtime compensation.
Hertz did not have a policy or practice to provide duty and control free meal periods to Plaintiff and its other [Body Damage] Appraisers.
Hertz did not have a policy or practice to permit and/or authorize duty and control free rest breaks to Plaintiff and its other [Body Damage] Appraisers.
. . .
As a result of Hertz misclassifying [Body Damage] Appraisers as ‘exempt,’ it failed to pay premium overtime compensation to Plaintiff and similarly situated [Body Damage] Appraisers for hours worked over eight in a day and 40 in a week.
As a result of misclassifying [Body Damage] Appraisers as ‘exempt,’ Hertz willfully failed to pay [Body Damage] Appraisers at the time of termination of employment all accrued overtime, meal period, and rest break compensation.
Plaintiff is informed and believes that Hertz misclassified [Body Damage] Appraisers as exempt to avoid paying overtime wages, providing off-duty meal periods and rest breaks to employees who worked overtime hours, and compensating [Body Damage] Appraisers for missed meal period and rest breaks. [Emphasis added.]
Do You Believe Your Wage and Hour or Overtime Pay Rights Have Been Violated?
If you believe your wage and hour or overtime pay rights have been violated please either contact Kehoe Law Firm, P.C. Partner Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], complete the form on the right or send an e-mail to [email protected] for a free, no-obligation case evaluation of your facts to determine whether your wage and hour or overtime rights have been violated and whether there is a basis for a class action lawsuit.
Kehoe Law Firm, P.C. prosecutes wage and hour class actions on a contingent-fee basis; thus, plaintiffs and the class members do not pay out-of-pocket attorney’s fees or litigation costs. Subject to court approval, attorney’s fees and litigation costs are derived from the recovery obtained for the class.
May 5, 2020 | Consumer Protection, Employment & Technology Archive
Lawsuit Filed Against Dick’s Sporting Goods Seeking To Recover Unpaid Overtime Compensation On Behalf Of Assistant Sales Managers and Assistant Store Managers
Kehoe Law Firm, P.C. is making individuals aware that a class and collective action complaint has been filed in United States District Court, Western District of Pennsylvania, against Dick’s Sporting Goods, Inc. (“Dick’s”) to recover unpaid overtime compensation on behalf of Dick’s Assistant Sales Managers and Assistant Store Managers who, allegedly, were misclassified as exempt from state and federal overtime requirements.
According to the complaint, Dick’s Sporting Goods
. . . was aware that Plaintiffs and the Class Members worked more than 40 hours per workweek, yet Defendant [Dick’s] failed to pay overtime compensation for hours worked over 40 in a workweek.
Defendant [Dick’s] did not keep accurate records of hours worked by Plaintiffs or the Class Members.
Plaintiffs’ and the Class Members’ primary duties were routine, non-exempt tasks including, but not limited to: running the registers, stocking, cleaning, processing shipments, building displays, selling firearms, covering cashier’s breaks, helping with trucks by unloading and putting the items in their proper department, cutting open boxes, and putting items away.
Plaintiffs and the Class Members spent the majority of their time as Assistant Managers performing these duties that were the same as or similar to tasks performed by hourly, non-exempt employees.
Plaintiffs’ and the Class Members’ primary duties as Assistant Managers did not differ substantially from the duties of hourly, non-exempt employees. [Emphasis added.]
Do You Believe Your Wage and Hour or Overtime Pay Rights Have Been Violated?
If you believe your wage and hour or overtime pay rights have been violated please either contact Kehoe Law Firm, P.C. Partner Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], complete the form on the right or send an e-mail to [email protected] for a free, no-obligation case evaluation of your facts to determine whether your wage and hour or overtime rights have been violated and whether there is a basis for a class action lawsuit.
Kehoe Law Firm, P.C. prosecutes wage and hour class actions on a contingent-fee basis; thus, plaintiffs and the class members do not pay out-of-pocket attorney’s fees or litigation costs. Subject to court approval, attorney’s fees and litigation costs are derived from the recovery obtained for the class.
May 4, 2020 | Whistleblower
Approximately $2 Million Awarded To SEC Whistleblower – Approximately $450 Million Awarded By The SEC In Whistleblower Awards Since 2012
Kehoe Law Firm, P.C. is making individuals aware that on May 4, 2020, the Securities and Exchange Commission announced an award of nearly $2 million to a whistleblower whose information and assistance helped the agency bring a successful enforcement action and allowed investors to recover much of their money.
The SEC has awarded approximately $450 million to 82 individuals since issuing its first award in 2012. All payments are made out of an investor protection fund established by Congress that is financed entirely through monetary sanctions paid to the SEC by securities law violators. No money has been taken or withheld from harmed investors to pay whistleblower awards. Whistleblowers may be eligible for an award when they voluntarily provide the SEC with original, timely, and credible information that leads to a successful enforcement action. Whistleblower awards can range from 10 percent to 30 percent of the money collected when the monetary sanctions exceed $1 million.
As set forth in the Dodd-Frank Act, the SEC protects the confidentiality of whistleblowers and does not disclose information that could reveal a whistleblower’s identity.
Source: U.S. Securities and Exchange Commission – SEC.gov
Kehoe Law Firm, P.C.
May 4, 2020 | Securities Class Action Archive
Shareholder Derivative Action Filed Against Certain Officers and Directors of Crown Castle International Corp. – Kehoe Law Firm, P.C. Investigating Breach of Fiduciary Duty Claims Against Certain Officers And/Or Directors of Crown Castle
Kehoe Law Firm, P.C. is making investors aware that a shareholder derivative action has been filed in United States District Court for the District of Delaware for the benefit, of Crown Castle International Corp. (“Crown Castle” or the “Company”) (NYSE: CCI) seeking to remedy the individual Crown Castle Defendants’ breach of fiduciary duties, waste of corporate assets, unjust enrichment, and violation of Section 10(b) of the Securities Exchange Act of 1934 that occurred between February 27, 2018 through the present (the “Relevant Period”) and have caused substantial harm to the Company.
According to the complaint, Crown Castle Defendants
. . . issued materially false and/or misleading statements, because the statements misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations and prospects, which were known to the Individual Defendants or recklessly disregarded by them. Specifically, Individual Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s internal control over financial reporting and disclosures controls and procedures were ineffective and materially weak; (ii) the Company’s financial accounting and reporting was not in accordance with GAAP; (iii) the Company’s net income, adjusted EBITDA, and AFFO were inflated; (iv) the Company would need to restate its financial statements for the years ended December 31, 2018 and 2017, and unaudited financial information for the quarterly and year-to-date periods in the year ended December 31, 2018, and for the first three quarters in the year ended December 31, 2019; and (v) as a result, Individual Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Crown Castle investors who have held Crown Castle securities continuously since at least February 27, 2018 are encouraged to contact Kehoe Law Firm, P.C., Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to discuss potential legal claims.
