In re DVI, Inc. Securities Litigation

In re DVI, Inc. Sec. Litig., 2:03-CV-05336-LDD (E.D. Pa.) (We currently represent institutional investors and were appointed by the court as sole lead and class counsel on behalf of both equity and debt securities purchasers in securities fraud litigation involving the collapse and bankruptcy liquidation of a $2 billion medical equipment finance company; to-date we have overcome numerous legal challenges, reviewed millions of documents, taken over seventy depositions, retained and challenged numerous experts on issues of market efficiency, accounting and auditing matters, loss causation and damages, obtained a court order granting class certification, which the Third Circuit Court of Appeals affirmed; prevailed on summary judgment motions, and recovered over $21 million from certain inside and outside directors, paid from their own personal funds, certain third-parties and one of the company’s largest shareholders; we continue to vigorously pursue federal securities fraud claims against the company’s auditors and certain directors and officers).  Notable reported decisions in this case include: In re DVI, Inc. Sec. Litig., 249 F.R.D. 196 (E.D. Pa. 2008) (granting plaintiffs’ motion for class certification against all but one defendant), aff’d, 639 F.3d 623 (3d Cir. 2011) (rejecting defendants’ challenges to the adequacy of lead plaintiffs based on their trading strategies and the efficiency of DVI’s stock and bond markets); In re DVI, Inc. Sec. Litig., 2005 WL 1307959 (E.D. Pa. May 31, 2005) (denying defendants’ motions to dismiss); and  Janovici et al. v. DVI, Inc. et al., 2003 WL 22849604 (E.D. Pa. 2003) (appointing our client as lead plaintiff and our firm as lead class counsel over the objection of applications filed by larger class action firms).

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