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Faruqi and Faruqi LLP – Faruqi Law Practice

Recent News From the Faruqi & Faruqi Law Firm, New York City 2015

 Faruqi & Faruqi, LLP Wins Historic Appeal In Case Against Chelsea Therapeutics

On March 16, 2015, the United States Court of Appeals for the Fourth Circuit determined that the claims asserted against Chelsea Therapeutics International, Ltd. should be remanded for further proceedings because the claims had been erroneously dismissed by the district court:

“Upon our review, we hold that the district court erred in taking judicial notice of the challenged documents filed with the SEC, because those documents did not relate to the contents of the complaint. We further hold that this error was not harmless, because the court incorrectly construed these documents as supporting its holding that the plaintiffs’ allegations of scienter were legally insufficient. Finally, we hold that based on the defendants’ failure to disclose critical information about the weaknesses of the new drug application, the plaintiffs’ allegations were sufficient to support a strong inference of scienter. We therefore vacate the district court’s judgment dismissing the plaintiffs’ complaint and remand the case for further proceedings.”

 

Since the enactment of the Private Securities Litigation Reform Act of 1995, this was the first time that the Fourth Circuit reversed a dismissal of a securities fraud suit where the district court had determined that the plaintiffs had failed to plead that the defendants acted with the requisite state of mind.

Plaintiff is represented by Richard W. Gonnello, Megan Sullivan, and Katherine Lenahan of Faruqi & Faruqi, LLP.

Faruqi EZ Seed Class Action Case

On January 26, 2015, Judge Vincent Briccetti of the United States District Court for the Southern District of New York granted plaintiffs motion to certify a class of purchasers of Scotts Turf Builder EZ Seed product (“EZ SEED”).The suit, which challenges defendants marketing of EZ Seed, alleges numerous causes of action for false advertising, breach of warranty, and unjust enrichment under New York and California law.Additionally, Judge Briccetti appointed Faruqi & Faruqi as co-lead class counsel in the matter, citing Faruqi & Faruqi’s “substantial experience in consumer class action litigation.”

Commenting on the ruling, Plaintiffs’ attorney Antonio Vozzolo said, “we are pleased with the court’s well-reasoned and thorough analysis on granting class certification.”

Philanthropic Endeavors By Law Firms

Putting Our Hands Together Law Philanthropy

Impact Exchange Prototype Unveiled for Law Based Marketing Efforts Through Philanthropy
Promising a solution to the Achilles heel of nonprofits and the age-old conundrum for philanthropists and funders, unveiled a prototype of its proprietary data platform in 2014. Designed to provide access, transparency and aggregated intelligence for the players who are trying to solve some of society’s biggest problems, the platform is scheduled to go into beta by Spring 2014 and fully functional by end of year.
“Laywers should be leaders in the growing new solution economy,”. “Impact Exchange is a game-changer for every stakeholder in the philanthropic industry – giving nonprofits the ability to satisfy the ever-increasing data demands of funders and providing the performance reports funders are looking for but rarely get.”
When Impact Exchange goes fully live later this year, it will serve as an online community that reimagines the logistics of philanthropy by uniting data, analytics, performance measurement, grant management and storytelling on a cloud-based social network platform to connect every stakeholder in the nonprofit sector. Law firms and Nonprofits will provide Impact Exchange with data about their organization, using gamified technology, so they can finally reap rewards parallel to the data and effort they provide. Funders – foundations, philanthropists, institutions and lawyers – receive access to the cloud data platform and nonprofit intelligence dashboard to access the information, create reports, get matched up with nonprofits that align with their funding initiatives, and make grants to the organizations in a few quick clicks.
As a result, nonprofits get to tell their story to an interested audience, build new relation-ships with funders, raise more money, confirm their impact, cultivate volunteers, reduce administration fatigue and become “investment ready.” Funders are able to receive secure direct, immediate exposure to the results of grants and investments, monitor and evaluate grants, manage a strategic portfolio, measure portfolio performance against third-party

sector benchmarks, obtain sector insights, trends and reports and obtain criteria based “opportunity “alerts for joint ventures and projects. In addition, constituents and volunteers get to provide feedback, suggest ideas, share their experiences, connect with others, see what’s needed and get matched with nonprofits based on their interests and skills.
“Impact Exchange uses existing technology for it’s application to address the barriers to accelerating progress particular to the philanthropic sector and their interactions with law firms, We aren’t re-creating the wheel, it’s more like swapping a horse and buggy for a Porsche. They’ll both get you there but why wouldn’t you want to go faster?”

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