Saxena White is pleased to announce, that on September 28, 2020, Judge Michael J. Davis of the U.S. District Court for the District of Minnesota granted Plaintiffs’ motion for class certification in Plymouth County Retirement System v. Patterson Companies, Inc., Case No. 18-cv-00871-MJD-HB (D. Minn.), and appointed Saxena White as co-Class Counsel. With this ruling, Saxena White and the four Lead Plaintiffs in the case now represent the interests of thousands of persons or entities who purchased or otherwise acquired Patterson Companies, Inc. common stock between June 26, 2013 and February 28, 2018 and suffered losses as a result of Defendants’ fraud.
The class action against Patterson and its former CEO, Scott Anderson, alleges that Patterson—one of the U.S.’s largest distributors of dental supplies—made false and misleading statements to investors regarding its compliance with antitrust law and its competition with other dental supply distributors. In reality, Patterson was engaged in an illegal conspiracy with its main competitors to boycott selling to Group Purchasing Organizations that represented small, independent dental practices. When the truth was finally revealed, Patterson’s stock price fell precipitously, causing significant harm to investors. Plaintiffs’ allegations have since been bolstered by an Initial Decision by the Federal Trade Commission finding Patterson liable for violating federal antitrust law through their conspiracy to boycott Group Purchasing Organizations.
Judge Davis granted Plaintiffs’ motion in its entirety, rejecting every single one of Defendants’ arguments. In appointing Saxena White as co-lead counsel for the Class, the Court noted that the firm is “highly qualified” with “extensive experience in securities class action litigation.”