Cooley Successfully Defends Leadis Technology
Palo Alto, Calif. – March 8, 2006 — Cooley Godward announced today that it has successfully defended Leadis Technology, Inc. in a Section 11 securities class action lawsuit. The complaint, filed in March 2005, had alleged that the defendants violated federal securities laws by making allegedly false and misleading statements in Leadis’ prospectus for its June 2004 initial public offering. On March 1, 2006, the United States District Court for the Northern District of California granted, with prejudice, defendants’ first motion to dismiss the complaint against Leadis and certain of its officers and directors.
“It is rare in Section 11 cases to obtain a dismissal with prejudice on the first motion,” said Cooley partner Grant Fondo, who led Leadis’ defense. “We and our client are extremely pleased with the judge’s ruling.”
About Cooley Godward’s Securities Litigation Practice
Cooley Godward’s Securities Litigation practice has represented clients in litigation involving every significant aspect of federal and state securities law. Last fall Cooley successfully represented Siebel Systems, Inc. (now part of Oracle Corporation) and two of its senior officers in one of the most closely watched securities cases of 2005. The firm defended Siebel in one of the first-ever contested Regulation FD enforcement action, which was closely monitored by officers and directors of public companies and their counsel as they struggled to understand the limits Regulation FD placed on their ability to communicate with investors and analysts.
About Cooley Godward
Cooley Godward is an established provider of strategic litigation and business transaction services and a recognized leader in the representation of high-growth private and public companies, financial institutions, venture capital firms and nonprofit organizations. Our singular focus on providing the highest quality legal services has enabled our clients to achieve their strategic business objectives and garnered for Cooley recognition as one of the country's leading law firms.
Cooley was recently named to The American Lawyer magazine’s 2005 “A List,” the publication’s annual ranking of “the best of the best” among the nation's top law firms. For additional information please visit www.cooley.com.
Cooley Godward LLP
Cooley Godward LLP