The federal judge overseeing a class action lawsuit against embattled telecommunications company Comverse Technology has vacated a magistrate judge’s decision recommending the appointment of Lerach Coughlin Stoia Geller Rudman & Robbins as lead plaintiff’s counsel.
Finding that Lerach Coughlin’s client, Plumbers and Pipefitters National Pension Fund (P&P), did not in fact have the greatest financial interest in the litigation, Eastern District Judge Nicholas G. Garaufis, in In re Comverse Technology, Inc. Securities Litigation, 06-CV-1825, last week granted a request by Pomerantz Haudek Block Grossman & Gross to serve as lead plaintiff’s counsel.In appointing the firm that role under the Private Securities Litigation Reform Act, the judge said Pomerantz Haudek’s client, the Menorah Group, purchased “the greatest number of net shares” of Comverse stock, “expanded the greatest number of net funds” and suffered “the greatest loss.”
