Ropes & Gray Secures Dismissal of Securities Class-Action Lawsuit for TriNet
A Ropes & Gray litigation team secured a complete dismissal of a securities class-action lawsuit on behalf of TriNet, its CEO, Burton Goldfield, and former CFO, Bill Porter, and several of its directors. Filed in the Northern District of California, the lawsuit alleged that TriNet and its officers and directors defrauded investors by misrepresenting TriNet’s ability to predict claims activity.
On December 18, 2017, U.S. District Judge Beth Labson Freeman dismissed the complaint in its entirety and with prejudice through a nearly 60-page ruling, by which she accepted all of Ropes & Gray’s arguments. The court held that several of the allegedly false and misleading statements were inactionable as a matter of law, that Plaintiff had not provided enough facts to show that any of the others were false or misleading, and that the complaint failed in its entirety to allege that the defendants acted with an unlawful state of mind.
The San Francisco based Ropes & Gray team included business and securities litigation partners Rick Gallagher and Anne Johnson Palmer, and associates Matthew Tolve and Nicole Horowitz