A litigation team led by Bob Hemley and Matt Byrne scored another victory for the founder and officers of a publicly-traded company in a proposed securities class action. On December 20, 2013, Judge William Sessions dismissed the claims with prejudice.
The victory follows a dismissal that Gravel & Shea obtained in a related proposed securities class action on September 26, 2013. Rather than amending their complaint, the plaintiffs in that action elected to pursue an appeal to the United States Court of Appeals for the Second Circuit.
A copy of the opinion is available here.