AFFIDAVIT OR AFFIRMATION IN SUPPORT (Motion #004) - Affirmation of Joseph Russello filed of Behalf of Robbins Geller Rudman & Dowd LLP in Support of Application for Award of Attorney's Fees and Expenses February 25, 2021 (2024)

 
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 FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK: COMMERCIAL DIVISION X MICHAEL PLUTTE, Individually and on : Index No. 655436/2018 Behalf of All Others Similarly Situated, : : The Honorable Jennifer G. Schecter, J.S.C. Plaintiff, : : PART 54 vs. : : Motion Sequence No. 004 SEA LIMITED, FORREST XIAODONG LI, : GANG YE, TONY TIANYU HOU, : AFFIRMATION OF JOSEPH RUSSELLO COLLEEN A. DE VRIES, YUXIN REN, : FILED ON BEHALF OF ROBBINS GELLER NICHOLAS A. NASH, DAVID HENG CHEN : RUDMAN & DOWD LLP IN SUPPORT OF SENG, KHOON HUA KUOK, GOLDMAN : APPLICATION FOR AWARD OF SACHS (ASIA) L.L.C., MORGAN STANLEY : ATTORNEYS’ FEES AND EXPENSES & CO. INTERNATIONAL PLC, CREDIT : SUISSE SECURITIES (USA) L.L.C., CLSA : LIMITED, CITIGROUP GLOBAL : MARKETS INC., COWEN AND COMPANY, : LLC, NOMURA SECURITIES : INTERNATIONAL, INC., PIPER JAFFRAY : & CO., STIFEL NICOLAUS & COMPANY, : INCORPORATED, PT MADIRI : SEKURITAS, TUDOR, PICKERING, HOLT : & CO. SECURITIES, INC., BDO CAPITAL : & INVESTMENT CORPORATION, : CATHAY SECURITIES CORPORATION : OFFSHORE SECURITIES UNIT, DBS : BANK LTD.,VIET CAPITAL SECURITIES : JSC and COGENCY GLOBAL INC., : : Defendants. : X 1 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 JOSEPH RUSSELLO, an attorney duly admitted to practice before the Courts of the State of New York, hereby affirms the following, pursuant to Rule 2106 of the New York Civil Practice Law and Rules, to be true under penalty of perjury: 1. I am a member of the firm of Robbins Geller Rudman & Dowd LLP (“Robbins Geller” or the “Firm”), counsel for Plaintiff Michael Plutte and the Settlement Class herein. I have personal knowledge of this matter and am familiar with the facts referenced herein. I respectfully submit this affirmation in support of my Firm’s application for an award of attorneys’ fees, expenses and charges (“expenses”) in this action (the “Litigation”). 2. The information in this affirmation regarding the Firm’s time and expenses is taken from time and expense reports and supporting documentation prepared and/or maintained by the Firm in the ordinary course of business. I am the partner who oversaw and conducted the day-to-day activities in the Litigation and I reviewed these reports (and backup documentation where necessary or appropriate) in connection with preparing this affirmation. The purpose of this review was to confirm the accuracy of the entries on the reports as well as the necessity for, and reasonableness of, the time and expenses committed to the Litigation. As a result of this review, reductions were made to both time and expenses in the exercise of billing judgment. Based on this review and the adjustments made, I believe that the time reflected in the Firm’s lodestar calculation and the expenses for which payment is sought are reasonable and were necessary for the effective and efficient prosecution and resolution of the Litigation. In addition, I believe that these expenses are all of a type that would normally be charged to a fee-paying client in the private legal marketplace. 3. After the reductions referred to above, the number of hours spent on the Litigation by the Firm is 1,281.60. A breakdown of the lodestar is provided in the attached Exhibit A. The lodestar amount for attorney/paraprofessional time based on the Firm’s current rates is $938,884.50. 2 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 The hourly rates shown in Exhibit A are the usual and customary rates set by the Firm for each individual. 4. The Firm seeks an award of $31,638.38 in expenses and charges in connection with the prosecution of the Litigation. Those expenses and charges are summarized by category in the attached Exhibit B. 5. The following is additional information regarding certain of these expenses: (a) Filing, Witness and Other Fees: $2,190.65. These expenses have been paid to the Court for filing fees and to attorney service firms which served process of the complaint. The vendors who were paid for these services are set forth in the attached Exhibit C. (b) Court Hearing Transcript: $146.20. The vendor paid for this service is listed in the attached Exhibit D. (c) Consultants (ValueScope, Inc.): $11,809.06. Scott Hakala, Ph.D., CFA, of ValueScope, Inc., served as a financial consultant and expert in connection with this Litigation. He and his staff provided insight regarding the damages Plaintiff and the Settlement Class could potentially recover at trial and the complexities associated with establishing and recovering damages. We continued to consult with Dr. Hakala when negotiating the final terms of the Settlement, and he developed the proposed Plan of Allocation for the Settlement Class. (d) Outside Photocopies: $150.00. A breakdown of this outside charge is set forth in the attached Exhibit E. (e) Online Legal and Financial Research: $3,815.83. This category includes vendors such as LexisNexis Products, Thomson Financial, and Westlaw. These resources were used to obtain access to SEC filings, factual databases and legal research and for cite-checking briefs. This expense represents expenses incurred by Robbins Geller for use of these services in connection with this Litigation. The charges for these vendors vary depending upon the type of services. For -2- 3 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 example, Robbins Geller has flat-rate contracts with some of these providers for use of their services. When Robbins Geller utilizes online services provided by a vendor with a flat-rate contract, access to the service is by a billing code entered for the specific case litigated. At the end of each billing period in which such service is used, Robbins Geller’s costs for such services are allocated to specific cases based on the percentage of use in connection with that specific case in the billing period. As a result of the contracts negotiated by Robbins Geller with certain providers, the Settlement Class enjoys substantial savings in comparison with the “market-rate” for a la carte use of such services which some law firms pass on to their clients. For example, the “market rate” charged to others by LexisNexis for the types of services used by Robbins Geller is more expensive than the rates negotiated by Robbins Geller. 6. The expenses pertaining to this case are reflected in the books and records of this Firm. These books and records are prepared from receipts, expense vouchers, check records and other documents and, to my knowledge, are an accurate record of the expenses. 7. Information on the background of my Firm and its partners is attached hereto as Exhibit F. Executed this 25th day of February, 2021, at Melville, New York. /s/Joseph Russello JOSEPH RUSSELLO -3- 4 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 PRINTING SPECIFICATIONS STATEMENT 1. Pursuant to 22 N.Y.C.R.R. §202.70(g), Rule 17, the undersigned counsel certifies that the foregoing affirmation was prepared on a computer using Microsoft Word. A proportionally spaced typeface was used as follows: Name of Typeface: Times New Roman Point Size: 12 Line Spacing: Double 2. The total number of words in this affirmation, exclusive of the caption, title, signature block, and this Certification, is 865 words. DATED: February 25, 2021 ROBBINS GELLER RUDMAN & DOWD LLP JOSEPH RUSSELLO /s/ Joseph Russello JOSEPH RUSSELLO 58 South Service Road, Suite 200 Melville, NY 11747 Telephone: 631/367-7100 631/367-1173 (fax) jrussello@rgrdlaw.com 5 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT A 6 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT A Michael Plutte v. Sea Limited, et al., Index No. 655436/2018 Robbins Geller Rudman & Dowd LLP Inception through January 19, 2021 NAME HOURS RATE LODESTAR Gusikoff Stewart, Ellen A. (P) 71.00 1080 $ 76,680.00 Jaconette, James I. (P) 15.90 995 15,820.50 Rudman, Samuel H. (P) 55.15 1325 73,073.75 Russello, Joseph F. (P) 638.10 880 561,528.00 Boroosan, Moshe O. (A) 168.80 520 87,776.00 Delaney, Sarah E. (A) 63.60 250 15,900.00 Geddish, William J. (A) 4.50 610 2,745.00 Serra, Vincent M. (A) 41.70 660 27,522.00 Blasy, Mary K. (OC) 15.25 895 13,648.75 Cortes, Denise I. (SA) 6.50 375 2,437.50 Hensley, Austin B. (EA) 8.00 295 2,360.00 Vue, Chong (EA) 4.00 335 1,340.00 Roelen, Scott R. (RA) 4.40 295 1,298.00 Brandon, Kelley T. (I) 6.50 290 1,885.00 McDonald, Andrew A. (I) 75.50 290 21,895.00 Paralegals 102.70 275-350 32,975.00 TOTAL 1,281.60 $ 938,884.50 (P) Partner (A) Associate (OC) Of Counsel (SA) Staff Attorney (EA) Economic Analyst (RA) Research Analyst (I) Investigator 7 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT B 8 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT B Michael Plutte v. Sea Limited, et al., Index No. 655436/2018 Robbins Geller Rudman & Dowd LLP Inception through November 24, 2020 CATEGORY AMOUNT Filing, Witness and Other Fees $ 2,190.65 Postage 0.50 Messenger, Overnight Delivery 146.14 Court Hearing Transcript 146.20 Consultants (ValueScope, Inc.) 11,809.06 Mediation Fees (Philips ADR Enterprises, P.C.) 13,380.00 Outside Photocopies 150.00 Online Legal and Financial Research 3,815.83 TOTAL $ 31,638.38 9 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT C 10 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT C Michael Plutte v. Sea Limited, et al., Index No. 655436/2018 Robbins Geller Rudman & Dowd LLP Filing, Witness and Other Fees: $2,190.65 DATE VENDOR PURPOSE 11/02/18 Clerk of the Court 11/01/18 fee for filing complaint 11/29/18 Clerk of the Court 11/28/18 RJI filing fee 06/27/19 Class Action Research & 11/06/18 Personal Service: Tudor, Litigation Support Services, Inc. Pickering, Holt & Co. Securities, Inc.: Summons, Class Action Complaint and Notice of Electronic Filing 06/27/19 Class Action Research & 11/06/18 Personal Service: Stifel Nicolaus Litigation Support Services, Inc. & Company, Inc.: Summons, Class Action Complaint and Notice of Electronic Filing 06/27/19 Class Action Research & 11/06/18 Personal Service: Piper Jaffray & Litigation Support Services, Inc. Co.: Summons, Class Action Complaint and Notice of Electronic Filing 06/27/19 Class Action Research & 11/06/18 Personal Service: Nomura Litigation Support Services, Inc. Securities International, Inc.: Summons, Class Action Complaint and Notice of Electronic Filing 06/27/19 Class Action Research & 11/06/18 Personal Service: Cowen and Litigation Support Services, Inc. Company, LLC: Summons, Class Action Complaint and Notice of Electronic Filing 06/27/19 Class Action Research & 11/06/18 Personal Service: Citigroup Litigation Support Services, Inc. Global Markets, Inc.: Summons, Class Action Complaint and Notice of Electronic Filing 06/27/19 Class Action Research & 11/06/18 Personal Service: Credit Suisse Litigation Support Services, Inc. Securities (USA), LLC: Summons, Class Action Complaint and Notice of Electronic Filing 06/27/19 Class Action Research & 11/06/18 Personal Service: Goldman Sachs Litigation Support Services, Inc. (Asia) L.L.C.: Summons, Class Action Complaint and Notice of Electronic Filing 06/27/19 Class Action Research & 11/05/18 Personal Service: Sea Limited: Litigation Support Services, Inc. Summons, Class Action Complaint and Notice of Electronic Filing 08/31/19 Class Action Research & 02/05/19 Personal Service: Colleen A. Litigation Support Services, Inc. DeVries: Summons, Amended Class Action Complaint and Notice of Electronic Filing 11 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 DATE VENDOR PURPOSE 08/31/19 Class Action Research & 02/01/19 Personal Service: Cogency Global Litigation Support Services, Inc. Inc.: Summons, Amended Class Action Complaint and Notice of Electronic Filing 08/31/19 Class Action Research & 01/28/19 Personal Service: Cogency Global, Litigation Support Services, Inc. Inc.: Summons, Class Action Complaint and Notice of Electronic Filing 10/20/20 Clerk of the Court 10/19/20 Filing fee for Stipulation 11/06/20 Clerk of the Court 11/05/20 Fee for filing Notice of Motion 12 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT D 13 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT D Michael Plutte v. Sea Limited, et al., Index No. 655436/2018 Robbins Geller Rudman & Dowd LLP Court Hearing Transcript: $146.20 DATE VENDOR PURPOSE 12/23/19 Vincent J. Palombo 12/18/19 Motion transcript 14 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT E 15 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT E Michael Plutte v. Sea Limited, et al., Index No. 655436/2018 Robbins Geller Rudman & Dowd LLP Outside Photocopies: $150.00 (detailed below) DATE VENDOR PURPOSE 07/23/19 United Lawyers Service, Inc. Working copies of opposition 16 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 EXHIBIT F 17 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 FIRM RESUME Robbins Geller Rudman&Dowd lip (800) 449-4900 | rgrdlaw.com 18 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 TABLE OF CONTENTS Introduction 1 Practice Areas and Services 2 Securities Fraud.................................................................................................... 2 Shareholder Derivative and Corporate Governance Litigation.......................... 8 Options Backdating Litigation............................................................................. 11 Corporate Takeover Litigation............................................................................ 11 Antitrust................................................................................................................ 14 Consumer Fraud and Privacy.............................................................................. 15 Human Rights, Labor Practices, and Public Policy............................................. 18 Environment and Public Health.......................................................................... 19 Pro Bono............................................................................................................... 20 Prominent Cases, Precedent-Setting Decisions, and Judicial Commendations 23 Prominent Cases................................................................................................... 23 Precedent-Setting Decisions................................................................................. 32 Additional Judicial Commendations.................................................................... 39 Attorney Biographies 46 Partners................................................................................................................. 46 Of Counsel............................................................................................................ 125 Special Counsel..................................................................................................... 148 Forensic Accountants............................................................................................ 149 19 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 INTRODUCTION Robbins Geller Rudman & Dowd LLP (“Robbins Geller” or the “Firm”) is a 200-lawyer firm with offices in Boca Raton, Chicago, Manhattan, Melville, Nashville, San Diego, San Francisco, Philadelphia, and Washington, D.C. (www.rgrdlaw.com). The Firm is actively engaged in complex litigation, emphasizing securities, consumer, antitrust, insurance, healthcare, human rights, and employment discrimination class actions. The Firm’s unparalleled experience and capabilities in these fields are based upon the talents of its attorneys, who have successfully prosecuted thousands of class action lawsuits and numerous individual cases, recovering billions of dollars. This successful track record stems from our experienced attorneys, including many who came to the Firm from federal or state law enforcement agencies. The Firm also includes several dozen former federal and state judicial clerks. The Firm is committed to practicing law with the highest level of integrity in an ethical and professional manner. We are a diverse firm with lawyers and staff from all walks of life. Our lawyers and other employees are hired and promoted based on the quality of their work and their ability to treat others with respect and dignity. We strive to be good corporate citizens and work with a sense of global responsibility. Contributing to our communities and environment is important to us. We often take cases on a pro bono basis and are committed to the rights of workers, and to the extent possible, we contract with union vendors. We care about civil rights, workers’ rights and treatment, workplace safety, and environmental protection. Indeed, while we have built a reputation as the finest securities and consumer class action law firm in the nation, our lawyers have also worked tirelessly in less high-profile, but no less important, cases involving human rights and other social issues. Robbins Geller Rudman & Dowd LLP | 1 20 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 RECEIVED NYSCEF: 02/25/2021 PRACTICE AREAS AND SERVICES Securities Fraud As recent corporate scandals demonstrate clearly, it has become all too common for companies and their executives – often with the help of their advisors, such as bankers, lawyers, and accountants – to manipulate the market price of their securities by misleading the public about the company’s financial condition or prospects for the future. This misleading information has the effect of artificially inflating the price of the company’s securities above their true value. When the underlying truth is eventually revealed, the prices of these securities plummet, harming those innocent investors who relied upon the company’s misrepresentations. Robbins Geller is the leader in the fight to protect investors from corporate securities fraud. We utilize a wide range of federal and state laws to provide investors with remedies, either by bringing a class action on behalf of all affected investors or, where appropriate, by bringing individual cases. The Firm’s reputation for excellence has been repeatedly noted by courts and has resulted in the appointment of Firm attorneys to lead roles in hundreds of complex class-action securities and other cases. In the securities area alone, the Firm’s attorneys have been responsible for a number of outstanding recoveries on behalf of investors. Currently, Robbins Geller attorneys are lead or named counsel in hundreds of securities class action or large institutional-investor cases. Some notable current and past cases include: In re Enron Corp. Sec. Litig., No. H-01-3624 (S.D. Tex.). Robbins Geller attorneys and lead plaintiff The Regents of the University of California aggressively pursued numerous defendants, including many of Wall Street’s biggest banks, and successfully obtained settlements in excess of $7.2 billion for the benefit of investors. This is the largest securities class action recovery in history. Jaffe v. Household Int’l, Inc., No. 02-C-05893 (N.D. Ill.). As sole lead counsel, Robbins Geller obtained a record-breaking settlement of $1.575 billion after 14 years of litigation, including a six- week jury trial in 2009 that resulted in a securities fraud verdict in favor of the class. In 2015, the Seventh Circuit Court of Appeals upheld the jury’s verdict that defendants made false or misleading statements of material fact about the company’s business practices and financial results, but remanded the case for a new trial on the issue of whether the individual defendants “made” certain false statements, whether those false statements caused plaintiffs’ losses, and the amount of damages. The parties reached an agreement to settle the case just hours before the retrial was scheduled to begin on June 6, 2016. The $1.575 billion settlement, approved in October 2016, is the largest ever following a securities fraud class action trial, the largest securities fraud settlement in the Seventh Circuit and the seventh-largest settlement ever in a post-PSLRA securities fraud case. According to published reports, the case was just the seventh securities fraud case tried to a verdict since the passage of the PSLRA. Robbins Geller Rudman & Dowd LLP | 2 21 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 PRACTICERECEIVED AREAS AND SERVICES NYSCEF: 02/25/2021 In re Valeant Pharms. Int’l, Inc. Sec. Litig., No. 3:15-cv-07658 (D.N.J.). As sole lead counsel, Robbins Geller attorneys obtained preliminary approval of a $1.2 billion settlement in the securities case that Vanity Fair reported as “the corporate scandal of its era” that had raised “fundamental questions about the functioning of our health-care system, the nature of modern markets, and the slippery slope of ethical rationalizations.” The settlement resolves claims that defendants made false and misleading statements regarding Valeant’s business and financial performance during the class period, attributing Valeant’s dramatic growth in revenues and profitability to “innovative new marketing approaches” as part of a business model that was low risk and “durable and sustainable.” Pending court approval, Valeant is the largest securities class action settlement against a pharmaceutical manufacturer and the ninth largest ever. In re Am. Realty Cap. Props., Inc. Litig., No. 1:15-mc-00040 (S.D.N.Y.). As sole lead counsel, Robbins Geller attorneys zealously litigated the case arising out of ARCP’s manipulative accounting practices and obtained a $1.025 billion settlement. For five years, the litigation team prosecuted nine different claims for violations of the Securities Exchange Act of 1934 and the Securities Act of 1933, involving seven different stock or debt offerings and two mergers. The recovery represents the highest percentage of damages of any major PSLRA case prior to trial and includes the largest personal contributions by individual defendants in history. In re UnitedHealth Grp. Inc. PSLRA Litig., No. 06-CV-1691 (D. Minn.). Robbins Geller represented the California Public Employees’ Retirement System (“CalPERS”) and demonstrated its willingness to vigorously advocate for its institutional clients, even under the most difficult circ*mstances. The Firm obtained an $895 million recovery on behalf of UnitedHealth shareholders, and former CEO William A. McGuire paid $30 million and returned stock options representing more than three million shares to the shareholders, bringing the total recovery for the class to over $925 million, the largest stock option backdating recovery ever, and a recovery that is more than four times larger than the next largest options backdating recovery. Moreover, Robbins Geller obtained unprecedented corporate governance reforms, including election of a shareholder-nominated member to the company’s board of directors, a mandatory holding period for shares acquired by executives via option exercise, and executive compensation reforms that tie pay to performance. Alaska Elec. Pension Fund v. CitiGroup, Inc. (In re WorldCom Sec. Litig.), No. 03 Civ. 8269 (S.D.N.Y.). Robbins Geller attorneys represented more than 50 private and public institutions that opted out of the class action case and sued WorldCom’s bankers, officers and directors, and auditors in courts around the country for losses related to WorldCom bond offerings from 1998 to 2001. The Firm’s attorneys recovered more than $650 million for their clients, substantially more than they would have recovered as part of the class. Luther v. Countrywide Fin. Corp., No. 12-cv-05125 (C.D. Cal.). Robbins Geller attorneys secured a $500 million settlement for institutional and individual investors in what is the largest RMBS purchaser class action settlement in history, and one of the largest class action securities settlements of all time. The unprecedented settlement resolves claims against Countrywide and Wall Street banks that issued the securities. The action was the first securities class action case filed against originators and Wall Street banks as a result of the credit crisis. As co-lead counsel Robbins Geller forged through six years of hard-fought litigation, oftentimes litigating issues of first impression, in order to secure the landmark settlement for its clients and the class. In re Wachovia Preferred Sec. & Bond/Notes Litig., No. 09-cv-06351 (S.D.N.Y.). On behalf of investors in bonds and preferred securities issued between 2006 and 2008, Robbins Geller and co- Robbins Geller Rudman & Dowd LLP | 3 22 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 PRACTICERECEIVED AREAS AND SERVICES NYSCEF: 02/25/2021 counsel obtained a significant settlement with Wachovia successor Wells Fargo & Company and Wachovia auditor KPMG LLP. The total settlement – $627 million – is one of the largest credit-crisis settlements involving Securities Act claims and one of the 20 largest securities class action recoveries in history. The settlement is also one of the biggest securities class action recoveries arising from the credit crisis. The lawsuit focused on Wachovia’s exposure to “pick-a-pay” loans, which the bank’s offering materials said were of “pristine credit quality,” but which were actually allegedly made to subprime borrowers, and which ultimately massively impaired the bank’s mortgage portfolio. Robbins Geller served as co-lead counsel representing the City of Livonia Employees’ Retirement System, Hawaii Sheet Metal Workers Pension Fund, and the investor class. In re Cardinal Health, Inc. Sec. Litig., No. C2-04-575 (S.D. Ohio). As sole lead counsel representing Cardinal Health shareholders, Robbins Geller obtained a recovery of $600 million for investors on behalf of the lead plaintiffs, Amalgamated Bank, the New Mexico State Investment Council, and the California Ironworkers Field Trust Fund. At the time, the $600 million settlement was the tenth-largest settlement in the history of securities fraud litigation and is the largest-ever recovery in a securities fraud action in the Sixth Circuit. AOL Time Warner Cases I & II, JCCP Nos. 4322 & 4325 (Cal. Super. Ct., Los Angeles Cnty.). Robbins Geller represented The Regents of the University of California, six Ohio state pension funds, Rabo Bank (NL), the Scottish Widows Investment Partnership, several Australian public and private funds, insurance companies, and numerous additional institutional investors, both domestic and international, in state and federal court opt-out litigation stemming from Time Warner’s disastrous 2001 merger with Internet high flier America Online. After almost four years of litigation involving extensive discovery, the Firm secured combined settlements for its opt-out clients totaling over $629 million just weeks before The Regents’ case pending in California state court was scheduled to go to trial. The Regents’ gross recovery of $246 million is the largest individual opt-out securities recovery in history. In re HealthSouth Corp. Sec. Litig., No. CV-03-BE-1500-S (N.D. Ala.). As court-appointed co-lead counsel, Robbins Geller attorneys obtained a combined recovery of $671 million from HealthSouth, its auditor Ernst & Young, and its investment banker, UBS, for the benefit of stockholder plaintiffs. The settlement against HealthSouth represents one of the larger settlements in securities class action history and is considered among the top 15 settlements achieved after passage of the PSLRA. Likewise, the settlement against Ernst & Young is one of the largest securities class action settlements entered into by an accounting firm since the passage of the PSLRA. Jones v. Pfizer Inc., No. 1:10-cv-03864 (S.D.N.Y.). Lead plaintiff Stichting Philips Pensioenfonds obtained a $400 million settlement on behalf of class members who purchased Pfizer common stock during the January 19, 2006 to January 23, 2009 class period. The settlement against Pfizer resolves accusations that it misled investors about an alleged off-label drug marketing scheme. As sole lead counsel, Robbins Geller attorneys helped achieve this exceptional result after five years of hard-fought litigation against the toughest and the brightest members of the securities defense bar by litigating this case all the way to trial. In re Dynegy Inc. Sec. Litig., No. H-02-1571 (S.D. Tex.). As sole lead counsel representing The Regents of the University of California and the class of Dynegy investors, Robbins Geller attorneys obtained a combined settlement of $474 million from Dynegy, Citigroup, Inc., and Arthur Andersen LLP for their involvement in a clandestine financing scheme known as Project Alpha. Most notably, the settlement agreement provides that Dynegy will appoint two board members to be nominated by The Regents, which Robbins Geller and The Regents believe will benefit all of Dynegy’s stockholders. Robbins Geller Rudman & Dowd LLP | 4 23 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM INDEX NO. 655436/2018NYSCEF DOC. NO. 102 PRACTICERECEIVED AREAS AND SERVICES NYSCEF: 02/25/2021 In re Qwest Commc’ns Int’l, Inc. Sec. Litig., No. 01-cv-1451 (D. Colo.). In July 2001, the Firm filed the initial complaint in this action on behalf of its clients, long before any investigation into Qwest’s financial statements was initiated by the SEC or Department of Justice. After five years of litigation, lead plaintiffs entered into a settlement with Qwest and certain individual defendants that provided a $400 million recovery for the class and created a mechanism that allowed the vast majority of class members to share in an additional $250 million recovered by the SEC. In 2008, Robbins Geller attorneys recovered an additional $45 million for the class in a settlement with defendants Joseph P. Nacchio and Robert S. Woodruff, the CEO and CFO, respectively, of Qwest during large portions of the class period. Fort Worth Emps.’ Ret. Fund v. J.P. Morgan Chase & Co., No. 1:09-cv-03701 (S.D.N.Y.). Robbins Geller attorneys served as lead counsel for a class of investors and obtained court approval of a $388 million recovery in nine 2007 residential mortgage-backed securities offerings issued by J.P. Morgan. The settlement represents, on a percentage basis, the largest recovery ever achieved in an MBS purchaser class action. The result was achieved after more than five years of hard-fought litigation and an extensive investigation. Smilovits v. First Solar, Inc., No. 2:12-cv-00555 (D. Ariz.). As sole lead counsel, Robbins Geller obtained a $350 million settlement in Smilovits v. First Solar, Inc. The settlement, which was reached after a long legal battle and on the day before jury selection, resolves claims that First Solar violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. The settlement is the fifth-largest PSLRA settlement ever recovered in the Ninth Circuit. NECA-IBEW Health & Welfare Fund v. Goldman Sachs & Co., No. 1:08-cv-10783 (S.D.N.Y.). As sole lead counsel, Robbins Geller obtained a $272 million settlement on behalf of Goldman Sachs’ shareholders. The settlement concludes one of the last remaining mortgage-backed securities purchaser class actions arising out of the global financial crisis. The remarkable result was achieved following seven years of extensive litigation. After the claims were dismissed in 2010, Robbins Geller secured a landmark victory from the Second Circuit Court of Appeals that clarified the scope of permissible class actions asserting claims under the Securities Act of 1933 on behalf of MBS investors. Specifically, the Second Circuit’s decision rejected the concept of “tranche” standing and concluded that a lead plaintiff in an MBS class action has class standing to pursue claims on behalf of purchasers of other securities that were issued from the same registration statement and backed by pools of mortgages originated by the same lenders who had originated mortgages backing the lead plaintiff’s securities. Schuh v. HCA Holdings, Inc., No. 3:11-cv-01033 (M.D. Tenn.). As sole lead counsel, Robbins Geller obtained a groundbreaking $215 million settlement for former HCA Holdings, Inc. shareholders – the largest securities class action recovery ever in Tennessee. Reached shortly before trial was scheduled to commence, the settlement resolves claims that the Registration Statement and Prospectus HCA filed in connection with the company’s massive $4.3 billion 2011 IPO contained material misstatements and omissions. The recovery achieved represents more than 30% of the aggregate classwide damages, far exceeding the typical recovery in a securities class action. In re AT&T Corp. Sec. Litig., MDL No. 1399 (D.N.J.). Robbins Geller attorneys served as lead counsel for a class of investors that purchased AT&T common stock. The case charged defendants AT&T and its former Chairman and CEO, C. Michael Armstrong, with violations of the federal securities laws in connection with AT&T’s April 2000 initial public offering of its wireless tracking stock, one of the largest IPOs in American history. After two weeks of trial, and on the eve of scheduled testimony by Armstrong and infamous telecom analyst Jack Grubman, defendants agreed to settle the case for $100 million. Robbins Geller Rudman & Dowd LLP | 5 24 of 169FILED: NEW YORK COUNTY CLERK 02/25/2021 04:41 PM 

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