Today Kehoe Law Firm reaffirmed its commitment to the Louisiana Trustee Education Council (LATEC), a distinguished organization devoted to advancing the expertise of fiduciaries overseeing trust assets. The firm officially renewed its membership, emphasizing its dedication to promoting education and proficiency within the investment community.​

LATEC’s central mission revolves around encouraging and facilitating ongoing education for its members in all facets related to their roles as guardians of trust assets. Recognizing the crucial role fiduciaries play in managing trust assets, LATEC is devoted to equipping them with the necessary tools and knowledge to effectively fulfill their responsibilities.

To achieve this goal, LATEC actively engages in developing and implementing comprehensive educational programs tailored to empower trustees, administrators, and pension fund staff with the expertise needed to navigate the complexities of fiduciary duties under relevant laws.

Beyond educational initiatives, LATEC is committed to establishing networking opportunities that bring together trustees, administrators, and pension fund staff. These gatherings are designed to facilitate the exchange of insights, experiences, and best practices, fostering a collaborative environment that contributes to the continuous enhancement and maintenance of the high level of expertise expected from fiduciaries.

Kehoe Law Firm’s engagement with LATEC comes at a pivotal moment as the association undergoes growth and expansion of its services.  Commenting on the firm’s involvement, Kevin P. Cauley, Director of Business Development, stated, “As a firm, we are dedicated to safeguarding the interests of pension funds and the individuals they serve. Joining LATEC enables us to contribute to a community of like-minded professionals, pooling our expertise to address the evolving challenges facing public pension funds in Louisiana and beyond.”​

For further information about Kehoe Law Firm and its contributions to institutional investing matters, please reach out to Kevin P. Cauley at [email protected] or call (215) 792-6676.

The Kehoe Law Firm proudly announces that on January 5, 2024, U.S. District Judge John P. Cronan denied in significant part a motion to dismiss filed by digital solutions provider TaskUs and certain of its executives over alleged false statements they made regarding the company’s turnover and Glassdoor ratings.​

U.S. District Judge John P. Cronan on Friday issued an opinion and order stating that plaintiffs Humberto Lozada and the Oklahoma Firefighters Pension and Retirement System that the IPO and SPO filings contained misleading statements about TaskUs’ Glassdoor ratings and that plaintiffs have adequately pleaded that TaskUs misled investors to believe its Glassdoor ratings “accurately reflected the company’s positive workplace culture.”

According to the suit, the ratings were the result of a policy at TaskUs requiring brand new employees to submit a review while still in training and “were still excited about [TaskUs] based on management’s promises that it was a ‘fun place to work,’ and had not yet experienced the disappointing reality of working at TaskUs.”

The judge said that while an individual, “after embarking on a substantial effort,” could figure out that new employees did all the ratings, it does not mean that such information or data was “feasibly digestible.”​

“A reasonable investor cannot be expected to have the ability to design or obtain a program to collect information from thousands of different Glassdoor ratings and associated rater profiles,” the order stated. “More fundamentally, public data on the raters’ tenures would not have revealed the alleged reason so many reviews came from new employees: the existence of a policy at TaskUs requiring new employees to submit reviews.”​

The case is Lozada v. TaskUs Inc. et al., 1:22-cv-01479, in the U.S. District Court for the Southern District of New York.​

For more information about Kehoe Law Firm and its involvement in this matter, please contact Michael Yarnoff at [email protected] or call (215) 792-6676.

In a move that underscores our dedication to the well-being of public safety personnel and pension funds, the Kehoe Law Firm today announces that we have officially renewed our membership with the Illinois Public Pension Fund Association (IPPFA).

Founded in 1985, the IPPFA has been at the forefront of advocating for the interests of police and fire defined benefit retirement funds in the state of Illinois. The organization was born out of a shared concern among elected fund trustees, who recognized the challenges and responsibilities that came with their roles. Over the years, the IPPFA has focused on educating pension fund trustees, offering legal advice and representation, and actively supporting legislation that enhances the prospects of Illinois Pension Funds.

Kehoe Law Firm’s decision to become a part of IPPFA aligns with our original goals, reflecting a shared commitment to the well-being and security of public safety personnel in the state. The law firm, known for its role in high-stakes legal matters related to pensions and retirement funds, brings a wealth of experience to the association.  “We are thrilled to remain a part of the IPPFA family,” said Kevin P. Cauley, Director of Business Development. “Our dedication to providing legal counsel and representation for pension funds aligns seamlessly with IPPFA’s mission. It reinforces our collective efforts to ensure the retirement security of public safety personnel in Illinois.”​

Kehoe Law Firm’s involvement with the IPPFA comes at a crucial time, as the association continues to evolve and expand its services.  “As a firm, we are committed to safeguarding the interests of pension funds and the individuals they serve,” commented Mr. Cauley. “Joining IPPFA allows us to contribute to a community of like-minded professionals, pooling our expertise to address the evolving challenges facing public pension funds in Illinois.”​

For more information about Kehoe Law Firm and its involvement in institutional investing matters, please contact Kevin P. Cauley at [email protected] or call (215) 792-6676.

The Southeastern Pennsylvania Transportation Authority (“SEPTA”) and Teamsters Local 710, co-lead plaintiffs in the Abbott Laboratories shareholder derivative case, filed a comprehensive amended complaint on October 16, 2023. The amended complaint presents detailed allegations addressing claims related to Abbott’s production and sale of infant formula products.​

The amended complaint asserts that Abbott officers and directors breached fiduciary duties by concealing safety protocol lapses at the Sturgis facility, leading to environmental contamination with Cronobacter sakazakii bacteria.  Following a February 2022 FDA inspection confirming Cronobacter contamination, Abbott issued a recall of various infant formula products, impacting the U.S., Canada, and other markets. The amended complaint alleges that Abbott portrayed the recall as proactive, concealing the FDA investigation.​

The closure of the Sturgis facility, due to safety concerns, resulted in massive formula shortages in the U.S., prompting the federal government to invoke the Defense Production Act to address the crisis.  Further, the amended complaint references a whistleblower complaint, publicly disclosed in April 2022, alleging Abbott management’s awareness of issues at the Sturgis facility, including false test records, releasing untested infant formula, and attempts to mislead the FDA.​

John A. Kehoe, Partner at Kehoe Law Firm, commented on the strength of the amended complaint: “The detailed amended complaint filed by SEPTA and Teamsters Local 710 underscores the gravity of the allegations against Abbott. The document meticulously outlines breaches of fiduciary duties, concealment of safety issues, and the subsequent impact on the market. We believe these allegations are robust and compelling, reflecting our commitment to pursuing justice for shareholders and ensuring corporate accountability.”​

The filing of the amended complaint marks a significant milestone in the Abbott shareholder derivative case. Kehoe Law Firm remains dedicated to representing institutional investors in cases that uphold shareholder rights and seek to improve corporate governance.

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.

The Kehoe Law Firm is proud to announce that its client, the Policemen’s Annuity and Benefit Fund of Chicago (“PABF”), court-appointed lead plaintiff in the Twist Bioscience Corporation securities class action, has taken a significant step forward in the pursuit of justice. On October 11, 2023, PABF filed an amended complaint in the ongoing litigation against Twist Bioscience Corporation.​

John Kehoe, Partner with the Kehoe Law Firm, commented on the filing, saying, “Our client, the Policemen’s Annuity and Benefit Fund of Chicago, remains steadfast in its commitment to seeking justice on behalf of the class of investors. The filing of the amended complaint is a crucial step in the legal process, allowing us to present a more comprehensive case that reflects the latest developments and information relevant to the securities class action against Twist Bioscience Corporation.”​

The securities class action alleges that Twist Bioscience Corporation, a biotechnology company specializing in synthetic DNA and DNA products, made false and misleading statements regarding its growth prospects and financial health. The amended complaint provides additional context and evidence supporting the claims made by PABF and the proposed class of investors.​

The Kehoe Law Firm continues to work diligently to represent the interests of PABF and the class, leveraging its experience and expertise in securities litigation to hold Twist Bioscience Corporation accountable for alleged securities law violations.​

The complaint is pending in the U.S. District Court for the Northern District of California and captioned, Peters v. Twist Bioscience Corp., et. al., 5:22-CV-8168. 

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.

In a significant development, the United States District Court for the Northern District of Illinois Eastern Division issued an order consolidating multiple Abbott shareholder derivative cases, with the Teamsters Local 710 Pension Fund and Southeastern Pennsylvania Transportation Authority (SEPTA) appointed as co-lead plaintiffs. Kehoe Law Firm, representing institutional investors, welcomes this decision, emphasizing the importance of streamlined proceedings to address allegations related to Abbott Laboratories. 

The order, issued by Judge Manish S. Shah on September 18, 2023, grants the motion to consolidate cases and appoint co-lead plaintiffs, filed by the Teamsters Local 710 Pension Fund and SEPTA. The court also denied competing motions from other plaintiffs, including New York State Comptroller Thomas P. DiNapoli, as Trustee of the New York State Common Retirement Fund.  

The action concerns whether the Individual Defendants concealed lapses in safety protocols at Abbott’s Sturgis, Michigan facility, and thereby breached their fiduciary duties and violated federal securities laws. The alleged lapses resulted in environmental contamination with Cronobacter sakazakii bacteria, a critical issue affecting the manufacturing of Abbott’s infant formula and leading to a notional shortage. 

John A. Kehoe, Partner at Kehoe Law Firm, expressed his satisfaction with the court’s decision: “We are pleased with the court’s order to consolidate the Abbott shareholder derivative cases, bringing efficiency and focus to the legal proceedings. The appointment of SEPTA the Teamsters Local 710 Pension Fund as co-lead plaintiffs underscores the court’s confidence in their ability to represent shareholder interests effectively. At Kehoe Law Firm, we remain committed to representing investors in cases that contribute to corporate governance accountability and protect shareholder value.” 

The court’s decision acknowledges the competence of all parties involved, highlighting the dedication of SEPTA and Teamsters Local 710, along with their chosen counsel, in navigating the complexities of the case. The consolidated action is captioned, In Re Abbott Laboratories Infant Formula Shareholder Derivative Litigation, 22-CV-5513 (N.D. IL).​

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.