Jamie M. McCall

Current Cases

• Catalent, Inc.

  CASE CAPTION	In re City of Warwick Ret. Sys. v. Catalent, Inc. et al.
  COURT	United States District Court for the District of New Jersey
  CASE NUMBER	3:23-cv-01108
  JUDGE	Honorable Zahid N. Quraishi
  PLAINTIFFS	SEB Investment Management AB; Public Employees’ Retirement System of Mississippi
  DEFENDANT	Catalent, Inc., John Chiminski, Alessandro Maselli, and Thomas Castellano
  CLASS PERIOD	August 30, 2021 through May 7, 2023, inclusive

  This securities fraud class action brings claims against Catalent, Inc. (“Catalent” or the “Company”), an outsourced drug manufacturer for pharmaceutical and biotech companies, and certain of its former senior executives (together, “Defendants”). The case arises out of Defendants’ alleged material misrepresentations and omissions regarding the Company’s key production facilities and revenue in the face of declining demand for COVID-19 vaccine products. 

  According to Plaintiffs, Catalent initially benefitted from the COVID-19 pandemic, which increased demand for Catalent’s services and catapulted the Company to record high revenues. However, as demand for COVID-19 vaccines waned as a critical mass of Americans were vaccinated, so too did demand for Catalent’s services, leaving the Company with diminishing revenues, a bloated headcount, excess production capacity at its newly expanded facilities, and increasing safety and quality control issues at key production facilities in Bloomington, Indiana; Brussels, Belgium; and Harmans, Maryland.

  Rather than admit this truth, however, Defendants made a set of false and misleading statements during the Class Period touting: (i) the good condition and well-maintained nature of Catalent’s key production facilities (the “Quality Control Statements”); (ii) the Company’s compliance with Generally Accepted Accounting Principles (the “GAAP Compliance Statements”); and (iii) non-COVID related demand for the Company’s products and services (the “Non-Vaccine Demand Statements”).

  On September 15, 2023, Plaintiffs filed a 187-page complaint on behalf of a putative class of investors alleging that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On November 15, 2023, Defendants moved to dismiss the complaint, which Plaintiffs opposed on January 12, 2024. Briefing on the motion was completed on February 15, 2024.

  On June 28, 2024, Honorable Judge Zahid N. Quraishi granted in part and denied in part Defendants’ motion to dismiss. In the Order, Judge Quraishi held that a subset of Plaintiffs’ alleged Quality Control Statements and GAAP Compliance Statements were actionably misleading. The case is now in fact discovery.

• Goldman Sachs Group, Inc.

  CASE CAPTION	Sjunde AP-Fonden v. The Goldman Sachs Group, Inc. et al.
  COURT	United States District Court for the Southern District of New York
  CASE NUMBER	1:18-cv-12084-VSB
  JUDGE	Honorable Vernon S. Broderick
  PLAINTIFF	Sjunde AP-Fonden (“AP7”)
  DEFENDANTS	The Goldman Sachs Group (“Goldman Sachs” or the “Company”), Lloyd C. Blankfein, Gary D. Cohn, and Harvey M. Schwartz
  CLASS PERIOD	February 28, 2014 to December 20, 2018, inclusive

  This securities fraud class action case arises out of Goldman Sachs’ role in the 1Malaysia Development Berhad (“1MDB”) money laundering scandal, one of the largest financial frauds in recent memory.

  In 2012 and 2013, Goldman served as the underwriter for 1MDB, the Malaysia state investment fund masterminded by financier Jho Low, in connection with three state-guaranteed bond offerings that raised over $6.5 billion. Goldman netted $600 million in fees for the three bond offerings—over 100 times the customary fee for comparable deals.

  In concert with Goldman, Low and other conspirators including government officials from Malaysia, Saudi Arabia, and the United Arab Emirates ran an expansive bribery ring, siphoning $4.5 billion from the bond deals that Goldman peddled as investments for Malaysian state energy projects. In actuality, the deals were shell transactions used to facilitate the historic money laundering scheme. Nearly $700 million of the diverted funds ended up in the private bank account of Najib Razak, Malaysia’s now-disgraced prime minister who was convicted for abuse of power in 2020. Other funds were funneled to Low and his associates and were used to buy luxury real estate in New York and Paris, super yachts, and even help finance the 2013 film “The Wolf of Wall Street.”

  AP7 filed a 200-page complaint in October 2019 on behalf of a putative class of investors alleging that Goldman and its former executives, including former CEO Lloyd Blankfein and former President Gary Cohn, violated Section 10(b) of the Securities Exchange Act by making false and misleading statements about Goldman’s role in the 1MDB fraud. As alleged, when media reports began to surface about the collapse of 1MDB, Goldman denied any involvement in the criminal scheme. Simultaneously, Goldman misrepresented its risk controls and continued to falsely tout the robustness of its compliance measures. Following a series of revelations about investigations into allegations of money laundering and corruption at 1MDB, Goldman’s stock price fell precipitously, causing significant losses and damages to the Company’s investors.

  In October 2020, the U.S. Department of Justice announced that Goldman’s Malaysia subsidiary had pled guilty to violating the Foreign Corrupt Practices Act (“FCPA”) which criminalizes the payment of bribes to foreign officials, and that Goldman had agreed to pay $2.9 billion pursuant to a deferred prosecution agreement. This amount includes the largest ever penalty under the FCPA.

  On June 28, 2021, The Honorable Vernon S. Broderick of the U.S. District Court for the Southern District of New York sustained Plaintiff's complaint in a 44-page published opinion. On July 31, 2023, the Court granted Plaintiff’s motion to amend the complaint to conform the pleadings to the evidence adduced during discovery, which is now complete. 

  Plaintiff first moved for class certification in November 2021. While that motion was pending, the Court granted Plaintiff’s motion to amend the complaint and subsequently ordered that Plaintiff’s motion for class certification be newly briefed in light of the amended pleading. On September 29, 2023, Plaintiff renewed its motion for class certification. On April 5, 2024, Magistrate Judge Katharine H. Parker of the U.S. District Court for the Southern District of New York issued a 59-page Report and Recommendation recommending that the District Court grant Lead Plaintiff AP7’s motion to certify the class. Meanwhile, expert discovery is ongoing.

  Read Third Amended Class Action Complaint Here

  Read Opinion and Order Granting and Denying in Part Motion to Dismiss Here 

  Read the Report and Recommendation on Motion for Class Certification Here

• Kessler Topaz Achieves Class Certification Win in 1MDB Fraud Suit Against Goldman Sachs

  April 9, 2024
• Former Federal Prosecutor Jamie M. McCall Joins Kessler Topaz Meltzer & Check Securities Litigation Group

  September 15, 2020