Lalo v. Apple, Inc et al

Filing 45

Recommendation that Milberg LLP be Appointed Interim Class Counsel, Submitted Pursuant to 36 Court Order Dated March 15, 2011 filed by Anthony Chiu. (Attachments: # 1 Declaration, # 2 Exhibit A, # 3 Exhibit B, # 4 Exhibit C, # 5 Exhibit D, # 6 Exhibit E, # 7 Exhibit F, # 8 Exhibit G, # 9 Exhibit H, # 10 Exhibit I, # 11 Proposed Order)(Related document(s) 36 ) (Westerman, Jeff) (Filed on 3/25/2011) Modified text on 4/4/2011 (dhm, COURT STAFF).

Lalo v. Apple, Inc et al

Doc. 45 Att. 10

EXHIBIT I

Dockets.Justia.com

Milberg LLP Wins Major Securities Fraud Trial Against Vivendi
On behalf of an international class of investors, Milberg LLP represented lead plaintiff the Retirement System for the General Employees of the City of Miami Beach and several individuals in the successful prosecution of the recent securities fraud trial against French conglomerate Vivendi S.A. The case culminated in a critical jury verdict for the plaintiffs on January 29, 2010. Tried before Judge Richard J. Holwell in New York federal court, the Vivendi litigation is one of only nine securities class actions tried to verdict based on conduct occurring after the passage of the Private Securities Litigation Reform Act in 1995.

February 2010 milberg.com

Plaintiffs filed the action in 2002, alleging that defendants concealed Vivendi's true liquidity condition from the investing public during the period October 30, 2000 to August 14, 2002. Milberg attorneys successfully resisted defendants' several motions to dismiss as well as their subsequent motions for reconsideration. The litigation involved extensive discovery, including the review of over 4 million pages of documents and depositions of over 60 witnesses. Many of the depositions were conducted overseas pursuant to international litigation procedures set forth in the Hague Convention. The jury trial commenced on October 5, 2009 and lasted for nearly four months. Plaintiffs succeeded in thematically juxtaposing Vivendi's internal communications against its public statements -- a contrast that one French reporter called the "masterpiece" of the plaintiffs' presentation. Milberg senior partners Matthew Gluck and Michael Spencer conducted the examinations of the most important fact witnesses, including Vivendi's former CEO and CFO, and examined both sides' accounting and economic loss causation experts.

Judge Richard J. Holwell stated, "I can only say that this is by far the best tried case that I have had in my time on the bench."

The jury found Vivendi liable for securities fraud in connection with 57 false or misleading statements made during the class period. The case is now in post-verdict proceedings. Even with claimants who made foreign purchases removed from the class after the Supreme Court's Morrison decision, total damage claims exceed $1 billion.

The round-the-clock efforts of Milberg's attorneys and support staff enabled plaintiffs to navigate the logistical difficulties of this extremely complex trial and to oppose defendants' numerous trial motions. In describing the work of the attorneys trying the case, Judge Richard J. Holwell stated, "I can only say that this is by far the best tried case that I have had in my time on the bench. I don't think either side could have tried the case better than these counsel have." In re Vivendi Universal, S.A. Securities Litigation, No. 02-5571 (S.D.N.Y.).

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