Anthony Ostlund achieves multi-million dollar settlement on behalf of investor clients
Client Issue
These lawsuits arose out of a limited partnership in which plaintiffs invested. The limited partnership, known as Paco Development Partners II (“PDP II”), was sold by means of a Private Placement Memorandum (“PPM”). PDP II formed in 1986 to engage in the research and development of transdermal and ophthalmic pharmaceutical products.
The Anthony Ostlund Approach
Anthony Ostlund commenced a class action and derivative actions in New Jersey State Court and in U.S. District Court for the District of New Jersey for violation of securities laws and for an accounting on behalf of our investor clients.
Results Achieved
After more than 25 party, non-party, and expert depositions were taken and numerous dispositive and non-dispositive motions were brought, a nationwide class was certified and a multi-million dollar settlement obtained on behalf of the class.
DAVID NELSON, PAUL OLFELT, JAMES ADAMS and DALE CLAUSNITZER, individually and on behalf of all persons similarly situated, Plaintiffs, v. IAN FERRIER, BOGART DELAFIELD FERRIER, DEAN WITTER REYNOLDS, INC., PACO TECHNOLOGIES, INC., PACO PHARMACEUTICAL SERVICES, INC., PACO RESEARCH CORPORATION, FIRST ALBANY CORPORATION, ALFRED SCHECHTER, AND RUSSELL HAINES
