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Charter Communications, Inc.

In re Charter Communications, Inc. Securities Litigation, No. 02-CV-1186 (E.D. Mo.)   In this securities class action, Pomerantz LLP served as sole lead counsel representing lead plaintiff Stoneridge Investment Partners LLC, which settled for $146.25 million and corporate governance reforms. The recovery represented 85% of recognized losses for claims filed by class members, and was remarkable given Charter’s dire financial posi­tion.  The case proceeded to argument before the U.S. Supreme Court as to two co-defendants who were alleged to have violated Sections (a) and (c) of SEC Rule 10b-5 under a theory of “scheme liability,” but who had earlier been dismissed from the action.  The co-defendants were two vendors who had engaged in sham transactions to create the appearance of revenues for Charter.  Senior Counsel Stanley Grossman argued the case before the Supreme Court.  While the Supreme Court agreed with the our argument that Exchange Act liability can be based on deceptive conduct alone — even when a defendant does not make a misleading statement — the Supreme Court nevertheless affirmed the dismissal of the case against the vendors, reasoning that investors had not relied on the vendors’ misconduct.  See Stoneridge Inv. Partners, LLC v. Scientific-Atlanta, Inc., 552 U.S. 148 (2008).