Miami Partners Joseph A. Sacher and Leonor Lagomasino, working with additional outside co-defense counsel at McDermott Will & Emery, obtained an order granting dismissal with prejudice of all claims against a New York-based entrepreneur/founder and her company, as well as various domestic and international investors.
The plaintiff, a co-founder and former officer represented by a major global firm, filed suit in the Complex Business Litigation division for the Miami-Dade Circuit Court. The original complaint asserted various contract and tort-based claims. The defendants quickly moved to dismiss the complaint, leading to the plaintiff voluntarily amending plaintiff voluntarily amending it to assert new statutory and tort-based claims against her co-founder and former company, as well as newly added investors.
The amended complaint asserted various claims, primarily against the original defendants, for breach of fiduciary duty, securities fraud under Fla. Stat. 517.301, conspiracy to commit securities fraud, fraud in the inducement, conspiracy to commit fraud, and negligent misrepresentation. The plaintiff sought millions of dollars in damages and attorneys’ fees. However, the Complex Business Litigation Judge entered a 26-page order detailing the numerous overlapping bases for dismissal with prejudice of the claims and action.
“Our clients are thrilled with the result and feel vindicated after more than a year of litigation that could have lasted much longer but for our laser-focused challenge to the baseless claims and the Court’s meticulous analysis,” said lead defense counsel and Co-Chair of GRSM Securities Litigation, Joseph Sacher. “This was a terrific result, and if the plaintiff chooses to appeal, we will certainly know how to deal with that as well.”
Learn more about the GRSM Securities Litigation practice group.