The Rosen Law Firm in New York joins the ranking this year having built up a strong track record of high-value settlements in landmark cases. A prime example is the $250m settlement it secured in a multi-district certified class action against Alibaba arising out of the company’s issuance of materially false and misleading business information in connection with its IPO. Managing partner Laurence Rosen and Phillip Kim led that matter. The eight-partner practice, which focuses almost exclusively on securities litigation, also includes Noel Chandonnet, who provides portfolio monitoring services to public and union pension funds, mutual funds, hedge funds, endowments and family offices, both domestically and overseas. The Alibaba case continues the firm’s track record of success in cases against companies based in China, though it also handles significant domestic matters, a key example being its work to secure a proposed $48m settlement in Infinity Q Diversified Alpha Fund Securities Litigation. The firm is also sole lead counsel in a class action against Robinhood Financial alleging market manipulation arising out of the historic “Meme Stock” events in 2021.
Work highlights
- In Christine Asia Co Ltd. v. Alibaba Group Holding Ltd., No. 15-md-2631 (CM) (SDA) case, the firm was sole class counsel in this multidistrict certified class action, the complaint alleged violations of §§10b and 20(a) of the Securities Exchange Act arising out of the Company’s issuance of materially false and misleading business information. The parties settled this action for $250 million in cash.
- In Pirnik v. Fiat Chrysler Automobiles, N.V., 15-CV-7199 (JMF) case, the firm was co-Class Counsel in this class. The complaint alleged violations of §§10b and 20(a) of the Securities Exchange Act arising out of the Company’s issuance of materially false and misleading statements about its true business condition. The parties settled this action for $110 million in cash.
- In Robinhood case, No. 1:21-md-02989-CMA, the firm is currently serving as sole class counsel in this class action, Laurence is currently the lead attorney for a large MDL in the Southern District of Florida against Robinhood Financial alleging market manipulation arising out of the historic “Meme Stock” events in January 2021 where Robinhood shut down trading in Meme Stocks causing their prices to crash and inflicting billions of damages on investors.
Practice head
The lawyer(s) leading their teams.
Laurence Rose