January 18, 2019
Legal newswire Law360 recently named BLB&G as one of its 2018 “Class Action Groups of the Year.” One of only five firms nationally recognized in this category, BLB&G was honored for its “creative approaches that maximized high-dollar awards.”
Law360’s profile of the firm highlights the litigations against Clovis Oncology, Inc. and comScore Inc. as examples of how BLB&G used its “thinking-outside-the-box” approach to maximize recoveries for investors.
In Clovis, BLB&G recovered $142 million from the cash-strapped pharmaceutical company accused of publicly lying to investors about the efficacy of one of its cancer drugs. In structuring the settlement, BLB&G and the plaintiffs purchased stock in Clovis which grew into a larger recovery instead of settling for a lesser amount in cash. This allowed Clovis enough resources to continue developing and marketing its other ovarian cancer-treating drug, rucaparib. According to John Browne, BLB&G partner and lead counsel in this litigation, “The stock did well. We sold the stock for the benefit of the class. I’m really proud of us being creative there.”
BLB&G used a similar approach in comScore, recovering $110 million for investors from the media analytics company accused of misleading investors about its true financial condition. Mr. Browne, who also led the prosecution of this action, explains, "You're always against the company. But sometimes your interest isn't to litigate the company into the ground, your interest is to try to find a solution that lets the company get itself back on its feet and lets the class members that you represent share in that upside."
The Law360 profile also features managing partner, Gerald Silk, weighing in on the philosophy and the strategy of the firm that has helped it achieve such exceptional results for its clients. According to him, BLB&G is “always looking to make sure we are committing all the resources necessary to win our cases and hire the best people to do that and work to consider all legal theories and all facts wherever that takes us.”
Mr. Silk also gives due credit to institutional investors who have placed their trust and confidence in BLB&G, allowing the firm to “go toe-to-toe with large corporations and global firms” on their behalf. According to him, the “cases share the commitment of institutional investors who have a stake in the financial markets, who when they see wrongdoing are willing to stand up against some very powerful corporations with the best law firms representing them and fight the fight in what they believe to be right."
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