Securities Fraud Class Actions
California Securities Litigation Attorneys
Pearson, Simon, Warshaw & Penny, LLP (PSW&P) represents large groups of investors and certain individuals in litigation over fraudulent stock transactions and practices. With offices in Los Angeles and San Francisco, we represent shareholders statewide.
Our securities litigation division has had notable success in class action cases involving sophisticated scams perpetrated with the help of accounting and auditing professionals. Call us at (877) 391-8300 to discuss a pending class action or your new case.
Securities Class Actions
PSW&P have recovered millions of dollars in class actions on behalf of investors, successfully suing major brokerage firms:
In 2002, our attorneys led a class action against Homestore.com Inc. on behalf of the California Teachers Retirement Fund, one of the largest shareholder groups. We obtained a settlement of $90 million from the Internet-based real estate company for falsified financial statements and accounting irregularities. In a follow-up class action lawsuit, we secured a $17.5 million settlement from Homestore.com's accounting firm, PricewaterhouseCoopers, for its part in the auditing scheme that artificially increased Homestore.com's profitability.
As lead counsel in a class action against Charles Schwab & Co., we obtained a $2.7 million settlement for unfair maintenance and termination fees that were not properly disclosed to brokerage account holders.
In 2008, following 25 days of hearing and closing arguments before a FINRA arbitration panel, PSWP attorneys obtained a multi-million settlement from a major brokerage firm on behalf of over 25 investors.
PSW&P attorneys have been involved in numerous securities class actions on behalf of investors for over twenty-five years. Among the important cases was the recovery on the evening before trial of over $140 million for the former shareholders of the Pacific Lumber Company. Among the defendants paying into the settlement were Michael Milken, Ivan Boesky, Charles Hurwitz and first tier investment banks.
PSW&P attorneys have also been in the forefront of protecting investors' rights in the appellate courts. Important decisions include Lippitt v. Raymond James, 340 F.3d 1033 (9th Cir. 2003) (preserving investor's right to prosecute claims in state court) and Daniels v. Centennial Group, Inc., 16 Cal.App. 4th 467 (1993) (overturning Superior Court's denial of class certification to investor group of over 25,000).
See Notable Class Actions for more information
Individual Shareholder Suits
PSW&P also represents the interests of minority shareholders who are forced out by "cram down" or other stock manipulations. Our lawyers have recovered damages for victims of hostile takeovers by demonstrating how our clients' shares were intentionally devalued, forcing liquidation.
We have the ability to analyze complex securities transactions and violations of SEC regulations, working closely with federal investigators. If you suffered a substantial investment loss because of false or misleading earnings misstatements or other financial fraud, contact the securities litigation team at Pearson, Simon, Warshaw & Penny, LLP at (877) 391-8300 for a free initial consultation.
