United States: Orrick Team Secures Dismissal Of Securities Class Action Against Client ARCA
Last Updated: November 9 2016

An Orrick securities litigation team successfully represented client Appliance Recycling Centers of America ("ARCA") and its directors and officers in obtaining the dismissal with prejudice of a securities fraud class action in the United States District Court for the Central District of California.  ARCA is a leading provider of appliance retailing and recycling services.

Led by partner Michael Tu, our team persuaded the U.S. District Court to dismiss successive amended complaints alleging securities fraud in connection with ARCA's restatement of its financial statements for several years in connection with a sales and use tax issue concerning ARCA's appliance replacement sales in California during 2011-2013. On October 21, 2016, U.S. District Judge John A. Kronstadt entered final judgment and dismissal of all claims in the lawsuit with prejudice.

No payment or any other consideration was paid by ARCA or its officers in connection with the dismissal of the lawsuit, which was originally filed by the plaintiff in March 2015, and sought to pursue claims against a putative class consisting of purchasers of the Company's common stock between March 15, 2012 and February 11, 2015. 

In addition to Michael, who is based in our Los Angeles office, the Orrick team included partner Mark Wine and associates Kevin Askew and Michelle Van Oppen.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Press Releases from this Firm
Recent Content from this Firm
By Annette Hurst
By Cristopher Grew, Shawn Atkinson
By Employment Law And Litigation
By Equal Pay Pulse
By IP Landscape
By Trade Secrets Watch, Tierra Piens
By Securities Litigation, Investigations And Enforcement
By Barrie VanBrackle, Howard S. Altarescu
By Alessandro Mainardi, Camillo Melotti Caccia
By A. Zarnowiecki, Christopher Gladbach, Rohit Sachdev
Tools
Print
Font Size:
Translation
Channels