INSTITUTIONAL INVESTORS

ASSET PROTECTION & RECOVERY PROGRAM

The passage of the 1995 Private Securities Litigation Reform Act (PSLRA) established a clear incentive and opportunity for institutional investors to protect their investments and recover losses resulting from securities fraud. The PSLRA provides several benefits to induce institutional investors to actively participate in litigation by acting as Lead Plaintiff. For instance, the Lead Plaintiff can dramatically influence settlement negotiations and allocations, bargain for significantly reduced legal fees and effectuate salient changes in the corporate governance of the defendant, thereby enhancing future value to shareholders. As a result, numerous institutional investors have chosen to proactively pursue securities litigation as Lead Plaintiff.

Abbey Spanier has been competitively selected by a number of public pension funds and institutional investors to be included in their pools of qualified law firms to serve as their monitoring and/or securities class action litigation counsel.

State of New Jersey (“New Jersey”)

Abbey Spanier represented the State of New Jersey in State of New Jersey v. Gemstar - TV Guide Int’l et al., Case No. GC030987 (Ca. Super. Ct.). The action, brought in the California Superior Court, asserted that Gemstar made material misrepresentations by improperly recognizing and reporting revenue under expired licensing agreements. Gemstar’s former licensees disputed the validity of Gemstar's intellectual property rights in the licensed technology. The former licensees also refused to pay Gemstar licensing fees after the expiration of their agreements. Gemstar disclosed the existence of the disputes but omitted to disclose that its reported revenue included the disputed revenue under the expired licenses. The action further asserted that Gemstar engaged in sham "barter" transactions with no economic substance, thereby artificially inflating its earnings. Abbey Spanier defeated a motion to dismiss. Following discovery, numerous depositions and hearings, the Firm successfully negotiated a settlement through which the State of New Jersey recovered approximately 50% of its losses.

New York State Common Retirement Fund (“NYSCRF”)

Abbey Spanier was selected as litigation counsel for NYSCRF in 2004. Abbey Spanier was selected to represent NYSCRF in its application to be appointed as the lead plaintiff in a securities class action against Merck & Co., Inc. arising out of the withdrawal of its Vioxx arthritis drug because of safety concerns.

Eminence Capital, LLC

Abbey Spanier is representing Eminence Capital, LLC in In re Adelphia Commc’ns Corp. Sec. & Derivative Litig., 03 MD 1529 (LMM) (S.D.N.Y.). This ongoing action arises out of one of the most egregious financial frauds ever uncovered at a public company. From 1998 through 2002, Adelphia Communications Corporation – the nation’s sixth largest cable company – systematically and fraudulently failed to report billions in loans. At present, plaintiffs have entered into partial settlements in the aggregate amount of $455 million with the Company’s independent auditors, Deloitte & Touche, LLP., investment banking firms which underwrote offerings of Adelphia securities, and lending banks. Judge Lawrence M. McKenna observed: “If the Lead Plaintiff(s) had been represented by less tenacious and competent counsel, it is by no means clear that [they] would have achieved the success [they] did here on behalf of the Class.”

Retirement Plan for Chicago Transit Authority Employees (“CTA”)

Abbey Spanier is presently representing the CTA as the lead plaintiff in an action captioned In re Bradley Pharmaceuticals, Inc. Sec. Litig., Case No. 05-CV-1219 (D. N.J.). This action is brought on behalf of purchasers of the common stock of Bradley Pharmaceuticals, Inc. between October 28, 2004 and February 25, 2005.

P. Schoenfeld Asset Management LLC

Abbey Spanier represented P. Schoenfeld Asset Management LLC in Semerenko v. Cendant Corp., 98-4734 (WHW) (D.N.J.). Just prior to the announcement that it was restating its financial statements, Cendant was the victor in a 1998 takeover battle for American Bankers Insurance Co. (“ABI”). Abbey Spanier represented ABI shareholders in this securities class action who alleged that ABI’s stock price was artificially inflated by Cendent’s false financial statements. In a precedent setting decision, the Third Circuit Court of Appeals reversed the dismissal of the action and expanded the right to sue beyond direct purchasers from the issuer. The $26 million settlement of this action was approved by the District Court in July 2006.