We efficiently represented Ernst & Young earlier than the Second Circuit on plaintiffs’ attraction and obtained an important ruling establishing the requirement that plaintiffs plead subjective falsity as to statements of opinion in Section eleven securities claims. Represented Ernst & Young in a purported securities class action beneath Section eleven of the Securities Act of 1933 introduced by debt and fairness holders of Overseas Shipholding Group. We obtained early summary judgment for our client after Overseas Shipholding Group filed for bankruptcy after disclosing that it owed almost $500 million in tax liability underneath Section 956 of the Internal Revenue Code. Judge Scheindlin, of the SDNY, entered judgment after concluding that the alleged corrective disclosure did not disclose any details about Ernst & Young and that the case couldn’t be saved by relying upon a materialization of a danger concept. Cowles and Thompson frequently defends licensed healthcare professionals and institutions against malpractice claims. Our attorneys also appear before hospital credentialing committees and state companies in reference to complaints, licensure, and grievance proceedings.
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