Securities Litigation

Lowey Dannenberg served as class counsel, successfully challenging a multi-billion-dollar merger between Xerox Corp. and Affiliated Computer Systems (“ACS”), which overcompensated ACS’ former Chairman Darwin Deason at the expense of other shareholders. Following expedited proceedings, Lowey achieved a $69 million settlement, one of the five largest settlements in Chancery Court history at the time, as well as structural protections in the shareholder vote on the merger.

In re ACS Shareholder Litigation, Consolidated C.A. No. 4940-VCP (Del. Ch.)

The Firm acted as Co-Lead Counsel for a class of seatholders seeking to enjoin the merger between the New York Stock Exchange and Archipelago Holdings, Inc. Lowey’s representation achieved revised merger terms, providing the seatholders with more than $250 million in additional consideration. The NYSE also agreed to retain an independent financial adviser to report on the fairness of the deal, while Plaintiffs provided their expert’s analysis of the new independent financial adviser’s report, both of which were provided to the seatholders prior to the merger vote.

Lowey Dannenberg served as lead counsel, representing the New York City Pension Funds and related class members, alleging that Juniper Networks, Inc. fraudulently concealed the backdating of millions of stock options, resulting in a $900 million financial restatement.

Lowey served as lead counsel representing the New York City Pension Funds and the certified class of investors against one of the nation’s largest hospital systems, Community Health Systems (“CHS”). After nearly 9 years of hard-fought litigation at the district court and appellate levels, Lowey achieved a $53 million settlement with CHS and the company’s CEO and former CFO, which was finally approved in all respects on June 19, 2020 and provided redress for investors in CHS common stock from July 2006 through October 2011.