On September 6, 2017, the United States District Court for the District of Columbia granted co-lead counsel Spector Roseman & Kodroff’s motion to certify a class of investors who purchased the common stock of Liquidity Services, Inc. (“LSI”) from February 1, 2012 through May 7, 2014. SRK prevailed and obtained class certification over LSI’s various arguments. The Court also appointed SRK class counsel.
The Court also agreed with SRK by denying LSI’s motion for partial summary judgment. In that motion, LSI contended that there were no genuine issues of material fact as to whether the Plaintiffs were entitled to a presumption that they relied on the allegedly false and misleading statements issued by LSI and members of its senior management during the class period. Here again, the Court rejected all of LSI’s arguments and found that Plaintiffs may be entitled to a presumption of reliance.
Following this victory, SRK is pursuing discovery against LSI.