Securities Litigation

Experienced Securities Litigation Counsel with a National Reputation for Results

For almost 50 years, CERA LLP and its predecessors have represented clients in securities law actions. The Firm has significant experience with individual and class actions brought by defrauded investors, as well as shareholder derivative and corporate governance matters. The Firm is presently counsel to plaintiffs in several securities class action lawsuits. Our clients have included:

  • Institutional investors
  • Limited partnerships
  • Hedge funds
  • Investment advisers
  • Money managers
  • High net worth individuals
  • Bankruptcy trustees
  • Other large investors

Our attorneys have substantial experience litigating claims based on:

  • False or misleading statements made in SEC filings and press releases
  • Illegal insider trading
  • Violation of proxy disclosure requirements
  • Accounting practices that violate GAAP or GAAS
  • Inadequate internal controls
  • Self-dealing or conflict of interest
  • Breaches of fiduciary duties by officers, directors, and/or general partners

Examples of the Firm’s Successes in Securities Litigation

Tronox Securities Litigation

The Firm, acting as Court-approved lead counsel in the United States District for the Southern District of New York, recovered $37,000,000 for purchasers of Tronox, Inc. securities. The lawsuit alleged that Kerr-McGee Corporation spun-off Tronox, Inc. to avoid hundreds of millions of dollars in environmental remediation expenses. Recovery was made against Tronox’s officers and directors, its auditor, and Kerr-McGee, which had been acquired by Anadarko Petroleum Corporation.

Peregrine Securities Litigation

The Firm, acting as co-lead counsel in a case in the United States District Court for the Southern District of California, obtained more than $117,000,000 for Peregrine shareholders. The lawsuit stemmed from a massive accounting scandal at Peregrine, which ultimately led to a $500 million financial restatement. After Peregrine filed for bankruptcy protection, the Firm also pursued claims in the Bankruptcy Court, which led to a significant recovery for shareholders. The Firm made substantial recoveries from several officers and directors of Peregrine, as well as from Peregrine’s former auditor.

Other Securities cases in which the Firm has played a lead role in achieving substantial recoveries:
  • Pacific Lumber Sec. Litig.($140 million recovered) (New York, N.Y.)
  • Peregrine Systems, Inc. Sec. Litig.($117 million recovered) (San Diego, California)
  • Legato Systems Sec. Litig.($85 million recovered) (San Jose, California)
  • Nucorp Energy Sec. Litig.($54 million recovered) (San Diego, California)
  • Hedged Investment Assoc. Sec. Litig.($50 million recovered) (Denver, Colorado)
  • First Capital Holdings Sec. Litig.($47.5 million recovered) (Los Angeles, California)
  • Itel Corporation Sec. Litig.($40 million recovered) (San Francisco, California)
  • Sonus Securities Litig.($40 million recovered) (Boston, Massachusetts)
  • Hallwood Realty Partners, L.P. Sec. Litig.
    ($35.5 million recovered) (San Francisco, California)
  • American Energy Resources Sec. Litig.($33 million recovered) (San Francisco, California)
  • CBT Group PLC Sec. Litig.($32 million recovered) (San Jose, California)
  • Wickes Cos. Securities Litig.
    ($32 million recovered) (San Diego, California)
  • Rent-Way Sec. Litig.
    ($30 million recovered) (Erie, Pennsylvania)
  • Sun Microsystems Sec. Litig.
    ($30 million recovered) (San Jose, California)
  • Consolidated Capital Sec. Litig.
    ($29.5 million recovered) (San Francisco, California)
  • HPL Technologies, Inc. Sec. Litig.
    ($25.5 million recovered) (San Francisco, California)
  • Diasonics Sec. Litig.
    ($25 million recovered) (San Jose, California)
  • Textainer Sec. Litig.
    ($10 million recovered) (San Francisco, California)