Shareholder Derivative Actions

Sarepta Therapeutics, Inc. (SRPT) Accused of Misleading Shareholders According to the complaint for alleged violations of the Securities Exchange Act of 1934 between September 6, 2017 and August 19, 2019, in September 2017, Sarepta Therapeutics, Inc. (SRPT) announced positive results from its first-in-human study for the safety, tolerability,...

(N.D. Cal.) (Ilston, J.) (Co-Lead Counsel) (settlement which secured significant governance reforms and corporate initiatives, including $36.5 million in funding for homeownership down-payment assistance in communities affected by the financial crisis and high foreclosure rates). This case involved alleged “robo-signing,” i.e., the execution and...

(MANx) (C.D. Cal.) (Plaintiff’s Counsel). The firm served as Plaintiffs’ Counsel in this shareholder derivative action arising from the backdating of stock options. The case resulted in a settlement including extensive corporate governance reforms, financial contributions to the Company by certain Individual Defendants, and a tender offer in...

(W.D. Wash.) (Plaintiff’s Counsel). Mr. Miles served as Plaintiff’s counsel in this shareholder derivative action brought on behalf of Costco Wholesale Corporation alleging breaches of fiduciary duty and other violations of law arising from the backdating of stock options. The case resulted in a settlement which included substantive corporate...

(D. Mass.) (Lindsay, J.) (Co-Lead Counsel). Mr. Miles served as Co-Lead Counsel in this derivative action which resulted in a settlement with the company’s board of directors agreeing to implement numerous and sweeping corporate governance changes.

(N.D. Ga.) (Thrash, J.) (Co-Lead Counsel). Mr. Miles served as Co-Lead Counsel and on Plaintiffs’ Executive Committee in this shareholder derivative action in which the Court denied in most aspects defendants motions to dismiss the action. See In re AFC Enterprises Inc. Derivative Litigation, 224 F.R.D. 515 (N.D. Ga. Aug. 12, 2004). The case...

(D. Mass) (Gertner, J.) (Co-Lead Counsel). Mr. Miles was appointed Co-Lead Counsel in this consolidated derivative action and was involved in all aspects of the case. The Court denied defendants’ motion to dismiss. See In re Biopure Corporation Derivative Litig., 424 F.Supp.2d 305 (D. Mass. 2006). The case resulted in a settlement where...

(JRT/FLN) (D. Minn.) (Tunheim, J.) (Plaintiff’s Counsel) Mr. Miles served as Plaintiffs’ counsel in this shareholder derivative action against the Board of Directors of The St. Paul Travelers Companies, Inc. (“SPT”) alleging breaches of fiduciary duties over the company’s use of “contingent commission.” The case resulted in a settlement requiring...

(Sup. Ct. Santa Clara, CA) (Co-Counsel) (substantive corporate governance reforms and a contribution of more than $22 million in stock options to the company from four executives and directors of the board). Mr. Miles served as Plaintiffs’ Counsel in this shareholder derivative action alleging company executives had back dated stock options to...