vince bonato, et al. v. yahoo! inc., et al. 11-cv-02732 ...securities.stanford.edu ›...

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1 Christopher Heffelfinger (SBN 118058)Anthony D. Phillips (SBN 259688)

2 BERMAN DEVALERIOOne California Street, Suite 900

3 San Francisco, CA 94111Phone: (415) 433-3200

4 Fax: (415) 433-6382Email: [email protected]

5 [email protected]

6 Liaison Counsel for Proposed Lead Plaintiff Thomas Burrissand Proposed Liaison Counsel for the Class

7 Lester L. Levy8 James Kelly

WOLF POPPER LLP845 Third Avenue9 New York, New York 10022

10 Telephone: (212) 759-4600Facsimile: (212) 486-2093E-mail: [email protected] for Proposed Lead Plaintiff Thomas Burriss

12 and Proposed Lead Counsel

13

14 UNITED STATES DISTRICT COURT

15 NORTHERN DISTRICT OF CALIFORNIA

16

17

18 VINCE BONATO, Individually and on ) Case No. CV-11-02732 CRBBehalf of All Others Similarly Situated, )

) DECLARATION OF LESTER L. LEVY19 Plaintiff, ) IN SUPPORT OF MOTION OF THOMAS) BURRISS FOR APPOINTMENT AS20

VS. ) LEAD PLAINTIFF AND APPROVAL OF) HIS SELECTION OF LEAD COUNSEL21 YAHOO! INC., CAROL A. BARTZ, and )

22 JERRY YANG,) Date: Friday, September 9, 2011

23 Defendants. ) Time: 10:00 a.m.) Judge: Charles R. Breyer

24 ) Ctrm. 6

25

26

27

28[CV-11-02732 CR13] DECL. OF LESTER LEVY ISO MO. OF THOMAS BURRISS FOR APPOINTMENT AS

LEAD PL. & LEAD COUNSEL

Case3:11-cv-02732-CRB Document16 Filed08/05/11 Page2 of 74

1 I, Lester L. Levy, hereby declare as follows:

2 1. I am a member of the law firm of Wolf Popper LLP. 1 submit this Declaration in

3 Support of the Motion of Thomas Burriss for Appointment as Lead Plaintiff and for Approval of His

4 Selection of Lead Counsel.

5 2. Attached hereto as Exhibit A is a true and correct copy of the notice published by the

6 plaintiff in Vince Bonato vs. Yahoo! Inc., Carol A. Bartz, and Jerry Yang, Case No. CV-11-02732

7 CRB (N.D. Cal.), on June 6, 2011 by Business Wire

8 3. Attached hereto as Exhibit B is a true and correct copy of the Certification of Plaintiff

9 Thomas Burriss pursuant to the Private Securities Litigation Reform Act of 1995 and Local Rule 3-7.

10 4. Attached hereto as Exhibit C is a true and correct copy of a chart summarizing the

11 losses suffered by Thomas Burriss in this ease, which my firm prepared based on data provided by

12 Thomas Burriss.

13 5. Attached hereto as Exhibit D is a true and correct copy of the firm resume of Wolf

14 Popper LIT.

15 6. Attached hereto as Exhibit E is a true and correct copy of the firm resume of Berman

16 DeValerio.

17 I hereby declare under penalty of perjury that the foregoing is true and correct.

18

19 Executed on this 3' day of August 2011,111 New York, New York.

20

21

22Lester L. Levy

23

24

25

26

27

28 [CV- 11-02732CR81 DEO_ OF LESTER LEVY ISO MO. OF TEEOMAS BURRISS FOR APPOINTMENT AS

Jue LEAD PL. Sc, LEAD COUNSEL

Ca se3:11-cv-02732-CRB Document16 Filed08/05/11 Page3 of 74

EXHIBIT A

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Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Yahoo!Inc.

Press Release Source: Robbins Geller Rudman & Dowd LLP On Monday June 6, 2011, 8:07 pm EDT

SAN DIEGO--(BUSINESSWIRE)-- Robbins Geller Rudman & Dowd LLP ("Robbins Geller") (II ttp j iwww igt conveaseslyah twine')

today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of

purchasers of Yahoo! Inc. ("Yahoo") (NASDAQ:YHOO - News) common stock during the period between April 19, 2011 and May 13, 2011

(the "Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have anyquestions concerning this notice or your rights or interests, please contact plaintiff's counsel, Darren Robbins of Robbins Geller at

800149-4900 or 6191231-1058, or via e-mail at djngThgrdlav, corn. If you are a member of this class, you can view a copy of the complaint as

filed or join this class action online at http w rgrd law comicasecyahooinet. Any member of the putative class may move the Court to serve

as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Yahoo and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Yahoo operates as

a digital media company that delivers personalized digital content and experiences across devices and worldwide.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's

business prospects. Specifically, defendants failed to disclose that an important corporate asset in China had been transferred at much less than

market value. As a result of defendants' false statements and omissions, Yahoo's stock traded at artificially inflated prices during the Class

Period, reaching a high of $18.65 per share on May 6, 2011.

On May 10, 2011, the complaint alleges, Yahoo shareholders learned for the first time that the Company's $1 billion investment in a strategicpartnership with Alibaba Group Holdings Limited ("Alibaba"), China's largest e-commerce company, likely had been severely impaired by the

misappropriation of Alibaba's most valuable asset, Alipay, an e-commerce payment system, from Alibaba to another private company

controlled by Alibaba's Chairman, Jack Ma. On May 15, 2011, Yahoo issued a press release regarding Alipay, stating that Alibaba and its major

stockholders Yahoo and S)ftbank Corporation were "engaged in and committed to productive negotiations to resolve the outstanding issuesrelated to Alipay in a manner that serves the interests of all shareholders as soon as possible." According to news reports, Alibaba received only

$46 million for Alipay's assets, which securities analysts valued at $5 billion. On this news, Yahoo's stock collapsed $0.74 per share to close at

$15.81 per share on May 16, 2011— a decline of 15% from its Class Period high of $18.65 per share.

According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the ClassPeriod, were as follows: (a) Yahoo management had been informed on March 31, 2011, at the latest, that Alipay's structure had been shifted

from Alibaba, reducing the value of Yahoo's investment in Alibaba by billions of dollars; and (b) Chinese regulations regarding foreign

ownership had been anticipated to change as far back as 2009, which would require Yahoo or Alibaba to divest themselves of Alipay, but

Yahoo had failed to develop a strategy to recover the value it had in Alibaba.

Plaintiff seeks to recover damages on behalf of all purchasers of Yahoo common stock during the Class Period (the "Class"). The plaintiff isrepresented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial

fraud.

Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and

Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many

important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The RobbinsGeller Web site (httr iwww rgrdlau.com) has more information about the firm.

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EXHIBIT B

Case3 . 11-cv-02732-CRB Document16 Filed08/05/11 Page7 of 74

PLAINTIFF CERTIFICATION

1, Thomas Burriss, hereby state:

have reviewed a complaint against Yahoo!. Inc., Carol Ban, and Jerry Yang,filed by Vince Bonato in the U.S.D.C. in the Northern District of California and have authorizedthe filing of a lead plaintiff motion on my behalf by Wolf Popper LLP in that action (the-Action").

2. I did not purchase the securities that are the subject of the Action at the directionof counsel or in order to participate in the Action.

3. I am willing to serve as a representative party on behalf of a class, includingproviding testimony at deposition and trial, if necessary,

4. During the period from April 19, 2011 through May 13, 2011,1 made thetransactions in Yahoo!. Inc.. common stock as reflected on the attached schedule.

5. During the three-year period preceding the date of my signing this certification,have not sought to serve, nor have I served, as a representative on behalf of a class in a privateaction arising under the federal securities laws.

6. I will not accept any payment for serving as a representative party on behalf of aclass except to receive my pro rata share of any recovery, or as ordered or approved by theCourt, including the award to a representative party of reasonable costs and expenses includinglost wages relating to the representation of the class.

I declare under penalty of perjury that the foregoing is true and correct.tt

Executed this 13 day of July, 2011

bi • . 6. • Thomas Burriss

Doe 171258


SCHEDULE

Thomas Burriss Date Purchases Purchase Price Per Share Purchase Total

5/11/2011 5,000 $17.67 $88,350,005/11/2011 3,000 $17.37 $52,110.00

Total $140,460.00

Sales Sales Price Per Share Sales Proceeds Total

6/10/2011 8,000 $15.14 $121,120.00

Total $121,120.00

Total Loss ($19,340.00)


EXHIBIT C

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SCHEDULE

Thomas Burriss Date Purchases Purchase Price Per Share Purchase Total

5/11(2011 5,000 817,67 $88,350,005111/2011 3,000 $1727 $52,110.00

Total $140,460.00

Sales Sales Price Per Share Sales Proceeds Total

6/10/2011 8,000 $15,14 $12112000

Total $121,120.00

Total Loss iS19:340,00)

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EXHIBIT D

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Wolf Popper tie

BIOGRAPHICAL SKETCH OF WOLF POPPER LLP

Wolf Popper LLP ("Wolf Popper" or "the Firm") is a nationally recognized law firm withdecades of experience in the fields of securities, consumer, and ERISA class actions and securitiesderivative actions. Since the Firm was founded in 1945, Wolf Popper has been a leader in efforts toprotect the interests of defrauded investors, consumers, and employees, prosecuting hundreds of actionsunder federal and state laws tlu-oughout the United States, and recovering billions for aggrieved parties.

The Firm also has a substantial practice in corporate and commercial law. Wolf Popper'scommercial litigation practice encompasses the representation of defendants as well as plaintiffs. TheFirm's corporate practice includes business transactions, employer/employee relations, and the law offoreign missions. Among the Firm's clients are domestic and international individuals and businesses,and foreign missions to the United Nations.

The Firm's members have been on the faculty of the Practicing Law Institute and are activemembers in a variety of professional legal associations, including serving on or chairing a number ofcommittees of such associations. The Firm's members include graduates from the law schools ofHarvard, Columbia, and New York University, and many of the Firm's members have writtenextensively on a variety of subjects for numerous professional associations and legal periodicals.Many of the Firm's current and former members have held responsible positions in government bothat the federal and the state level. For example, Benedict Wolf (now deceased) was the First Secretaryand Chief Trial Examiner of the National Labor Relations Board, and Martin Popper (now deceased)was a consultant to the U.S. Delegation to the Founding Conference of the United Nations and wasvice-president of the Consular Law Society.

Wolf Popper has an exemplary record in its representation of plaintiffs, and the skill andexperience of the attorneys at the Firm have been repeatedly recognized by Courts throughout thecountry. In recognition of its high standing at the bar, Courts have frequently appointed Wolf Popperto serve as lead or co-lead counsel in complex, multi-party actions, including securities, consumer, andERISA actions. Many of the Wolf Popper attorneys are regularly selected as New York "SuperLawyers"*. This selection represents the top 5% of attorneys practicing in New York City.

Wolf Popper has achieved notable and significant successes over the years, some of which aredetailed below. As a recent example, the Firm was appointed as Co-Lead Counsel in In re Royal Bankof Scotland Group plc Securities Litigation, No.1:09-cv-00300-DAB (S.D.N. Y.). The case stems fromallegations that defendants falsely reassured investors that Royal Bank of Scotland was well capitalizedwhen, in fact, the company was effectively insolvent as a result of impaired assets, bad loans, and itsdisastrous partial acquisition of ABN AMRO. The Firm was appointed interim co-lead counsel in Inre American International Group, Inc. ERISA Litigation II Master File: 09 Civ. 5722 (LTS)(KNF), aconsolidated ERISA class action alleging claims against fiduciaries for, inter alia, mismanagement ofERISA plan assets. The Firm was also recently appointed as co-lead counsel in a class action broughton behalf of all persons or entities who acquired the Mortgage Pass-Through Certificates and Asset-Backed Pass-Through Certificates ("Certificates") of J.P. Morgan Acceptance Corporation. Thecomplaint alleges that J.P. Morgan caused registration statements to be filed with the Securities and

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Wolf Popper LLPPage -2-

Exchange Commission in connection with the issuance of billions of dollars of Certificates that werebacked by pools of mortgage and misrepresented the fact that many of the underlying mortgage loanshad been issued to borrowers who were not qualified to borrow for various reasons.

A sample of some of the outstanding recoveries achieved and decisions obtained by the Firmis described below.

Securities Actions:

• In the Motorola Securities Litigation 03C287 (RRP) (N.D. Ill.), Wolf Popperrepresented the Lead Plaintiff, the State of New Jersey, Department of Treasury, Division ofInvestment. On the eve of trial, the defendants paid $190,000,000 to the class to resolve the federalsecurities litigation. This recovery was obtained after more than four years of litigation. During thelitigation, Wolf Popper, among other things, defeated Motorola's motion to dismiss the complaint(2004 U.S. Dist. LEXIS 18250 (Sept. 9, 2004, N.D. Ill.)) and Motorola's motions for summaryjudgment (2007 U.S. Dist. LEXIS 9530 (Feb. 8, 2007, N.D. Ill.)).

• In Middlesex Retirement System v. Quest Software Inc. No. 06-06863-DOC(RNBx)(C.D. Cal.), Wolf Popper was appointed lead counsel in a federal securities class action against QuestSoftware, Inc. ("Quest"), a company that designs, develops, distributes and supports software products.The case is based on allegations that Quest issued materially false and misleading statements to coverup its failure to account properly for backdated stock options, causing Quest's operating and net incometo be overstated and its stock price to be artificially inflated. Following comprehensive briefingopposing defendants' initial motion to dismiss, the Court denied virtually all of defendants' motion.Defendants filed subsequent motions to dismiss challenging the amended complaint which had addedadditional allegations. The Court denied defendants' motions to dismiss the claims under § 10(b) and§ 20(a) of the Securities Exchange Act of 1934. See Middlesex Retirement System v. Quest Software, Inc., 527 F. Supp.2d 1164 (C.D. Cal. 2007); and Amended Order (C.D. Cal. July 10, 2008). Aftercomprehensive discovery and the giant of plaintiff's motion to compel discovery and plaintiff's motionfor class certification, see Middlesex Retirement System v. Quest Software Inc. Order, CV 06-6863-DOC (RNBx) (C.D. Cal. Jul. 8, 2009), aff'd, Order (C.D. Cal. Sept. 18, 2009) (order grantingPlaintiff's motion to compel); and Order, CV 06-6863-DOC (RNBx) (C.D. Cal. Sept. 8, 2009)(Granting Lead Plaintiff's Motion for Class Certification), the parties entered into a proposedsettlement of the action for $29.4 million (plus the cost of providing notice of the settlement to theclass). The Court preliminarily approved the settlement, stating "[Thu really have the court'sprofound congratulations and compliments," and, on April 26, 2010, gave final approval to thesettlement.

• In Huberman v. Tag-It Pacific Inc., Case No. 2:05-cv-07352-R(Ex) (C.D. Cal.), WolfPopper successfully appealed the district court's grant of summary judgment to defendants and thedenial of class certification. In addition to reversing summary judgment, the Ninth Circuit Court ofAppeals also reversed the district court's denial of class certification, and ordered the district court tocertify the class. Huberman v. Tag-It Pacific Inc., 2009 U.S. App. LEXIS 2780 (9 th Cir. Jan. 16, 2009).The parties have subsequently settled the litigation and the Court approved the settlement on December7, 2009.

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• In Thurber v. Mattel Master File No. CV-99-10368-MRP(CWx) (C.D. Cal.) (§10(b)claims) and Dusek v. Mattel Master File No. CV-99-10864-MRP(CWx) (C.D. Cal.) (§14(a) claims),Wolf Popper was a member of the Executive Committee of Plaintiffs' counsel, but was also specificallyappointed by the Federal Court to have primary responsibility for the prosecution of the Dusek v. Mattel §14(a) claims. After more than three years of extremely hard-fought litigation, including tworounds of motions to dismiss, the production of millions of documents, and the taking or defending ofmore than 40 depositions, both cases settled for the aggregate sum of $122 million, with $61 millionallocated for the Dusek v. Mattel §14(a) claims, believed to be the largest settlement of a § 14(a) case.Upon approving the settlement, the Judge complimented counsel saying that the settlement was an"awfully good result." The Judge also specifically found that "Wolf Popper LLP vigorously prosecutedthe Dusek action and zealously represented the interests of the Dusek class members" and that WolfPopper zealously performed in a "very capable and professional manner."

• Wolf Popper LLP was a co-lead settlement counsel for the plaintiff class in In re Service Corporation Internat'l Civil Action No. H-99-280 (S.D. Tex.). The action alleged that defendantsmade material misrepresentations in connection with Service Corp.'s January 1999 stock-for-stockacquisition of Equity Corp. International. Based on the strength of the amended complaint, andpresentation at mediation sessions, Wolf Popper recovered $63 million for the plaintiff class. Thesettlement, approved in 2004, was an extraordinary recovery inasmuch as there were no allegations ofinsider trading, a SEC investigation, or an accounting restatement, and the District Court had spent overfour years deliberating over defendants' motion to dismiss the complaint, lessening plaintiffs' leveragein settlement negotiations.

• In Stanley v. Safeskin, Lead Case No. 99cv454-BTM(LSP) (S.D. Cal.), Wolf Popperserved as Court-appointed Co-lead Counsel for Plaintiffs, in which the Court approved a $55 millionsettlement in favor of plaintiffs on March 20, 2003. The Honorable Barry T. Moskowitz thereaftercomplimented Plaintiffs' Co-Lead Counsel, noting his "incredible respect for the work that the lawyersdid." Describing Plaintiffs' counsel as "highly skilled in these cases," Judge Moskowitz commentedthat he was "kind of looking forward to trying this case, because it would have the best lawyers in thecountry trying this case...." The Court subsequently further complimented Co-Lead Counsel, statingthat "competency is too weak of a word -- the extraordinary ability of these firms * * * I really thoughtthat the Plaintiffs' law firms in this case not only had extraordinary ability to deal with the complicatedfactual issues -- and it certainly was a difficult case, and you should be applauded in that regard."Paying Plaintiffs' Co-Lead Counsel perhaps an ultimate compliment, the Court further said, "From theplaintiffs' perspective -- and I say this for all the firms -- you handled it on a much higher plane,probably on a textbook or ideal plane. If they would teach people how it should be done in law school,this would be the example of, how the lawyers handle this case."

• In Buxbaum v. Deutsche Bank, A.G. 98 Civ. 8460 (JGK) (S.D.N.Y.), Wolf Popperrecovered $58 million as co-lead counsel in a major securities fraud action against Deutsche Bank,A.G. and its senior officer. The action alleged that Deutsche Bank defrauded Bankers Trustshareholders by misrepresenting the status of takeover negotiations for Deutsche Bank to acquireBankers Trust. The District Court's opinion denying defendants' motion to dismiss is reported at Fed.Sec. L. Rep. (CCH)1j90,969 (S.D.N.Y. 2000). The decision denying defendants' motion for summaryjudgment is reported at 2002 U.S. Dist. LEXIS 1893 (S.D.N.Y., Jan. 30, 2002). The $58 million

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recovery, obtained on the eve of trial, was equivalent to approximately 48% of the class' maximumpossible recovery, and approximately 96% of the class' most likely recovery.

• In In re Sunbeam Sec. Litig. 98-8258-Civ.-Middlebrooks (S.D. Fl.), Wolf Popper wasappointed co-lead counsel. The case was brought against Sunbeam, its auditors, and former officersand directors of the company, including "Chainsaw" Al Dunlap. Plaintiffs reached a partial settlementwith Sunbeam's auditors, Arthur Andersen, for $110 million - one of the largest settlements ever withan accounting firm in a securities class action - and reached a separate settlement with the individualdefendants that included more than $18 million in cash plus a separate $13 million recovery from thecompany's excess insurance policies.

• In In re Providian Financial Sec. Litig., MDL No. 1301 (E.D. Pa.), Wolf Popper was co-lead counsel for the plaintiff class and obtained a $38 million recovery from the defendants. The Court,in approving the settlement in June 2002, remarked on the "extremely high quality" and "skill andefficiency" of plaintiffs' counsel's work, which the Court stated it had seen throughout the litigation.The Court also noted the "extremely high quality" of Wolf Popper's work is reflected in the resultwhich it obtained and in the fact that it is a nationally prominent firm with extensive experience in thefield.

• In In re FTD.com , Inc. Shareholder Litig. C.A. No. 19458-NC (Del. Ch.), Wolf Popperwas co-lead counsel in an action in Delaware Chancery Court that alleged that members of the boardof directors of FTD.com abused their control of the company by taking FTD.com private under termsadvantageous to them but not to FTD.com's public shareholders. After mediation, co-lead counselobtained a recovery which came to more than 99% of the damages claimed by members of the class.

• In Danis v. USN Communications, Inc., No. 98 C 7482 (N.D. Ill., May 30, 2001), theCourt approved a settlement Wolf Popper obtained of approximately $45 million for investors,expressly thanking Plaintiffs' co-lead counsel "for all the work you have done and constructiveresults."

• In Retsky Family Limited Partnership v. Price Waterhouse LLP No. 97 C 7694 (N.D.Ill., June 18, 2001), an arbitration before a court appointed arbitrator, after a full hearing and severaldays of testimony, the arbitrator awarded plaintiffs the total damages claimed.

• Wolf Popper achieved a benefit of over $50 million in the settlement of the litigationover the merger of the American Stock Exchange and the NASD in Philipson v. American StockExchange 98 Civ. 4219 (DC) (S.D.N.Y., Transcript of Proceedings, February 18, 1999, at 8-11), inwhich the Court complimented the Firm for its "terrific job" in negotiating a "substantial [recovery]."

• Wolf Popper was co-lead counsel in In re Chambers Development Co. Sec. Litig. C.A.No. 92-0679 (W.D. Pa.) that resulted in a $95 million cash settlement for the class in 1996.

• Wolf Popper was the Chair of Plaintiffs' Executive and Scheduling Committees in theconsolidated litigation arising out of the national scandal at Wedtech Corporation. In re Wedtech Sec. Litig. M 21-36 (LBS) MDL 735 (S.D.N. Y.). The action was settled in 1992 for $77.5 million, one of



the then largest settlements in a securities fraud action.

• Wolf Popper served as co-lead counsel in In re Prime Motor Inns Shareholder Litig. Master File No. 90-87 (DRD) (D.N.J.). At the conclusion of the case in 1993, Judge Debevoisecomplimented plaintiffs' counsel, stating, "The plaintiffs' attorneys have performed their workaggressively, skillfully and with good effect."

• Wolf Popper served as a member of Plaintiffs' Executive Committee and as Plaintiffs'Lead Settlement Counsel in In re Gulf Oil/Cities Service Tender Offer Litig., 82 Civ. 5253 (MBM)(S.D.N.Y.), where a settlement of $34 million, achieved only after the case was fully prepared for trial,was approved by the Court in May 1992.

• Wolf Popper was the plaintiffs' co-trial counsel in Bella Abzug et ano. v. Kerkorian et al. CA 000981, Superior Court, Los Angeles, California, which was settled during trial in October1990 for $35 million.

• Wolf Popper was the plaintiffs' co-lead counsel in a litigation that resulted in the thenlargest recovery in the history of securities class actions. In In re The Standard Oil Company/BritishPetroleum Litig., Consolidated Case No. 12676, Court of Common Pleas, Cuyahoga County, Ohio,plaintiffs' counsel negotiated and obtained a benefit for the class in excess of $600 million. In its rulingwhich approved in full counsels' application for attorneys' fees, the Court commented favorably on thequality of co-lead counsel:

The professional skill required to achieve the resultant benefits to this Class has beenevidenced on nearly a daily basis by this Court.

As a result of this professional skill and excellent representation, these benefits to theClass would not have otherwise been achieved.

The Court has fully weighed in its decision the benefits bestowed on the Class. At thisjuncture the Court finds that the benefit is unprecedented.

• Wolf Popper was co-lead counsel in the case producing the largest recovery in asecurities class action prior to the Standard Oil litigation. In Joseph, et al v. Shell Oil Company, et al. Consolidated Civil Action No. 7450 (Del. Ch., April 19, 1985), the plaintiff stockholders successfullypetitioned the Delaware Chancery Court to enjoin the proposed merger of Shell Oil Company andRoyal Dutch Petroleum Company, 482 A.2d 335, Del. Ch. 1984). In approving the $205 millionrecovery in the Shell Oil Litigation Vice Chancellor Maurice Hartnett stated . "The results achievedin this case for the class are outstanding."

• Wolf Popper played a major role in representing the rights of shareholders in thenotorious Boesky/Drexel/Milken trading scandal involving Ivan F. Boesky, Dennis B. Levine, KidderPeabody & Co. Incorporated, Goldman, Sachs & Co., Drexel, Michael R. Milken, and others. Theseactions arose from the illegal use by various individuals of non-public information about publiclytraded corporations, conveyed to them from high level executives at these large investment firms, to



reap illicit profits for personal gain. Wolf Popper was appointed co-lead counsel in several of theseactions, including the Boesky insider trading class litigation pending in the Southern District of NewYork, to represent classes of shareholders who suffered losses as a result of these illicit activities. Inre Ivan F. Boesky Sec. Litig., MDL 732, MDL-21-45-MP (S.D.N. Y.). The Firm is also one of the leadcounsel in the Drexel/Milken litigation also pending in the Southern District of New York. In re Drexel Burnham Lambert Group Inc. et al. Debtors, 90 Civ. 6954 (MP), 90-B-10421 (FGC) (S.D.N.Y.).After intensive litigation, the Firm helped recover in excess of $800 million for investors. In the globalsettlement of these Milken related litigations, the Court specifically certified a worldwide class ofinvestors after notice was given throughout the world, in addition to publications in newspapersworldwide.

• Wolf Popper was a court-appointed co-lead counsel representing a class of SalomonBrothers securities purchasers who brought an action under the federal securities laws arising out ofviolations of rules of the United States Department of the Treasury in connection with certain auctionsof government securities, In re Salomon Brothers Inc. Sec. Litig. 91 Civ. 5442 (RPP) (S.D.N.Y.). Thelitigation ultimately settled for over $54 million.

• The Firm was co-lead counsel for plaintiffs in litigation involving the alleged"greenmail" of Walt Disney Company by Saul Steinberg and his Reliance Group, Heckmann v. Ahmanson C.A. 000851 (Superior Court, Cal.) (co-lead counsel for derivative actions). There the LosAngeles Superior Court in September 1989 approved a settlement providing for a cash payment of $45million plus the therapeutic benefit of the termination of certain defendants' claim for rescission whichpotentially would have cost the company in excess of a billion dollars.

Numerous other cases in which the Firm acted as sole lead or co-lead counsel for plaintiffsresulted in multi-million dollar settlements in favor of plaintiffs, including, for example:

• In re Grand Casinos, Inc. Sec. Litig., Master File No. 4-96-890 (JRT/RLE) (settled in August2001; in one of the very early decisions under the Private Securities Litigation Reform Act of1995, the court sustained various claims finding that plaintiffs met rigorous pleading standardsof the then new Act, 988 F. Supp. 1270 (D. Minn. 1997));• Jonas v. Aspec Technology, Inc., Lead Case No. CV775037 (Superior Court of the State ofCalifornia, County of Santa Clara (approved in 2001);• In re Adac Laboratories Sec. Litig., Master File No. C-98-4934-MHP;• In re Exide Corp. Sec. Litig. 98-CV-60061-AA (E.D. Mich.)• In re Archer Daniels Midland Co. Securities Litig., (C.D. Ill.) ($30 million recovery approvedin 1997);• In re JWP, Inc. Sec. Litig.,Master File No. 92 Civ. 5815 (S.D.N.Y.) (recovery of $36.2million from officers, directors, and outside auditors, approved in 1996);• Polikoff v. Eamer Case No. BCO39354 (Superior Court, Los Angeles, Cal.) ( equitable andtherapeutic relief in addition to substantial damages approved in 1996);• PS Group Inc. Sec. Litig. Master File No. 93-2046 (C.D. Ill., October 1995) (approved in1995);• In re Pacific Enterprises Sec. Litig., CV920841 JSL (EEx) (C.D. Ca., March 28, 1994) ($35million recovery approved in 1994)(where the Judge complimented plaintiffs' co-lead counsel

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as being "outstanding lawyers" who "could not be improved on for this kind of litigation," and"this group of lawyers merits [respect].");• In re American Business Computers Corporation Sec. Litig. Docket No. MDL 913 (CLB)(S .D.N. Y.)• In re McDonnell Douglas Equipment Leasing Sec. Litig. MDL No. 873 (S.D.N.Y.)(the Courtdescribed the Firm as "experienced and competent counsel");• In re: Fleet/Norstar Sec. Litig., C.A. No. 90-0173-B (FJB)(D.R.I.);• In re Marion Merrell Dow Inc. Sec. Litig. Master File No. 92-0609-CV-W-6 (W.D. Mo.);• Hwang v. Smith Corona Corp. CA B 89-450 (TFGD) (D. Conn.) ($24.5 million recovery);• Pill v. Metromedia, (Del. Ch. Court);• Watkins v. Beatrice (Del. Ch. Court) ($190 million recovery);• In re International Systems & Controls Sec. Litig. MDL 440 (S.D. Tex.) (recovery for theclass members of 100% of their damages);• American Southwest Mortgage Sec. Litig. Civ. 89-462 TUC RMB (D. Az. 1992);• Seidman v. Stauffer Chemical Co. (D.Conn.);• Flohr v. Borman's, (S.D.N.Y.) (recovery for class members of over 90% of their damages);• In re Elscint, Ltd. Sec. Litig. MDL 675 (D. Mass.);• Zinberg v. Washington Bancorp Inc., (D.N.J.) (recovery for the class members of 200% oftheir damages);• In re Philips N.V. Sec. Litig. Master File 90 Civ. 3044 (RPP) (S.D.N.Y.);• Rand v. Lorimar 88 Civ. 3179 (LLS) (S.D.N.Y.);• In re Jefferson Smurfit Corporation Shareholders' Litig., consolidated C A No. 11006 (Del.Ch.);• In re National Education Corp. Sec. Litig. Master File No. SACV-89-405-AHS (RWRX)(C.D. Cal.);• In re Phillips Petroleum Sec. Litig., Master File No. Misc. 85-75-MMS (D. Del.);• Fine, et al. v. Houston Oil Trust, et al. C.A. No. H-82-551 (S.D. Tex.) (settlement ofapproximately $45 million);• In re Beverly Enterprises Sec. Litig., Master File No. CV-88-01189 (RSWL) (Tx) (C.D.Cal.);• In re Tenneco Inc. Sec. Litig. Master File No. H-912010 (S.D. Tex.) ($50 millionsettlement);• In re Telerate, Inc. Shareholders Litig. Civil Action No. 1115 (consolidated) (Del. Ch.)(acquiring company required to pay $3 more per share);• In re Henley Manufacturing Corporation Shareholders Litig. Consolidated Civil Action No.10445 (Del. Ch.) (class recovery of $10 per share increase in tender offer price, a $26 millionbenefit, plus additional therapeutic benefits);• In re Kaypro Corporation Shareholder Litig., Master File No. 84-2091 N(M) (S.D. Cal.);• Rand v. Lorimar Telepictures Corp. 88 Civ. 3179 (LLS) (S.D.N.Y.);• Grobow v. Dingman Civil No. 575076 (Superior Court, Cal.) and Civil No. 87-0889 JLI(IEG) (S.D. Cal.) (settlement, comprised of monetary and equitable relief, valued by expertsat in excess of $52 million, of federal and state class and derivative actions);• In re E.F. Hutton Banking Practices Litig. MDL No. 649 (WK);• Weinberger v. Shumway Civil No. 547586 (Superior Court., Cal.);• In re Saxon Sec. Litig. 82 Civ. 3103 (S.D.N.Y.);

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• Rubenfeld and Polikoff v. Harte-Hanks Communications, Inc. Civil Action Nos. 7558, 7565(Del. Ch.);• Bacine v. Scharffenberger C.A. 7862 (Del. Ch.);• In re Itel Sec. Litig., C-79-2168A (N.D. Cal.) ($40 million recovery);• In re United States Surgical Corp., (D. Conn. No. B-83-775);• In re Digital Equipment Corporation Sec. Litig. Master File No. CA 83-3255 Y (D. Mass.).

Consumer Class Actions:

Wolf Popper's strong presence in prosecuting class actions on behalf of defrauded consumershas similarly resulted in the return of millions of dollars to thousands of victims of unfair businesspractices. These litigations in which the Firm served as sole lead or co-lead counsel include, amongothers:

• CLRB Hanson Industries, LLC v. Google, Inc. Case No. C 05-03649 JW PVT (N.D.Cal.), in which Wolf Popper is lead counsel, representing advertisers who allege that Googleimproperly overcharged them in connection with Google's Ad Words program. The settlement of theaction in the amount of $20 million was approved by the court in 2009.

• In re Coordinated Title Insurance Cases, Index No.009600/03 (Sup. Ct., Nassau County,NY), a New York consumer fraud action brought against various Title Insurance Companies for theirfailure to charge the discounted rate for title insurance premiums in qualified refinancing transactionsand their failure to provide borrowers with notice of the discount. In approving the settlement of over$31 million, one of the largest consumer class actions in the history of that court, at the hearing heldon July 29, 2005, the court stated:

And it's this Court's very strong opinion that what we have had beforeus on all sides — Plaintiffs' side, which involves two firms, and theDefendants, eight Defendants which involve five firms representing theeight different Defendants — was lawyering of the highest quality. It'salways enjoyable for the Court to have high quality lawyering in frontof it. It's always my opinion that it raises the level of the Bench whenthe lawyers before it proceed in a very high fashion, which has happenedin this case.

• Sims v. First Consumers National Bank, Index No. 01/604536 (Sup. Ct., NY County),this consumer fraud action challenged the misleading disclosure of fees in fine print in connection withthe issuance of the bank's credit cards. The lower court's dismissal of the action was unanimouslyreversed by the appellate court and the action was settled in 2005 with a recovery of 100% of thedamages for the class.

• Canning v. Concord EFS Inc. Docket No. L-6609-02 (Super. Ct., NJ, Law Division,Camden County), a consumer fraud action brought in New Jersey on behalf of recipients of certainpublic assistance benefits who were being illegally surcharged to access their benefits through ATMmachines. The settlement, approved in May 2005, provided for a recovery of 90% of the surcharges

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and an injunction halting the illegal surcharging.

• Taylor v. American Bankers Insurance Group, Inc. 700 N. Y.S.2d 458 (App. Div., 1'Dept. 1999), in which the Firm successfully defended against an appeal by defendants of thecertification of a nationwide class on behalf of consumers who alleged that defendants had violated§§349 and 350 of the General Business Law by misleading consumers about the purchase of insuranceand improperly denying insurance claims. The Firm achieved a complete recovery for class membersas defendants agreed to pay class members' disputed coverage claims in full, as well as revise theirsolicitations to prevent a recurrence.

• Champod v. Iomega Corp. No. 98/600887 (Sup. Ct, N.Y. Cty. 1999), in whichpurchasers of computer storage devices alleged that the product could not read certain tapes that it wasadvertised as being capable of reading, and that they were improperly charged for customer assistancecalls. The Firm achieved a settlement that provided a software fix to correct the problem with readingthe tapes or, if not corrected, ultimately provided for a return of the product; the Firm also obtained arefund of 50% of the charges for the customer assistance calls.

• Princeton Economics Group, Inc. v. American Telephone & Telegraph Co., Civil ActionNo. L-91-3221 (N.J. Super. Ct. 1995), the largest class action ever brought in New Jersey State Court.The action, based upon AT&T's marketing and sales of a telephone system that it advertised as wellsuited to small businesses because of its "conference call" features, revealed that the phone system didnot function as advertised. The participants to calls could not hear each other because the conferencefeature lacked amplification. This litigation resulted in a settlement valued by the Court at $85-90million. At the conclusion of the case, the Court noted the complexity and difficulty of the issuesinvolved and favorably commented that, "Ulf not for the skill and experience of class counsel, asettlement may not have been reached or, if it had been reached, may have resulted in a significantlydiminished recovery for the class."

• Tanzer v. HIP, (1997 WL 773695), in a unanimous decision obtained by the Firm, theNew York Court of Appeals, New York's highest court, upheld a class action complaint on behalf ofinsureds who had been denied medical insurance coverage. The Firm subsequently obtained partialsummary judgment against HIP for breach of HIP's contract with its health insurance subscribers forfailing to reimburse the subscribers for anesthesia-related expenses in conjunction with surgicalprocedures performed in New York State since June 7, 1993. Tanzer v. HIP Index No. 114263-95,slip op., January 27, 1999. Ultimately, a settlement was reached which paid members of the class100% of their damages.

• Feinberg v. Empire Blue Cross-Blue Shield Consumer Litig. 88 Civ. 2532 (RO)(S.D.N.Y.), in which participants in a Blue Cross Blue Shield medical insurance program alleged thatthe program breached its contract with customers by paying subscribers amounts below the "usual andcustomary" rates that it represented it would pay in its contract of insurance. The action was ultimatelysettled with Empire agreeing to reimburse subscribers.

ERISA Litigation



Wolf Popper has been appointed co-lead counsel in several class actions on behalf ofparticipants and beneficiaries of 401(k) plans, including, for example, on behalf of Citigroup and AIG.

• On October 7, 2008, the Court approved the settlement reached by Wolf Popper LLPand its co-counsel, on behalf of former and current employees of AIG, in the amount of $24.2 millionin In re AIG ERISA Litigation No. 04 Civ. 9387 (JES), stating that "without the work of these[plaintiffs] attorneys there would be nothing."

Transactional Litigation

Wolf Popper's transactional litigation department has represented plaintiffs in Delaware andother states' courts when investors in merged or acquired companies are offered inadequatecompensation for their stock or are provided inadequate information to allow such investors to makean informed decision whether to vote for such a transaction, tender their shares in a tender offer, or seekappraisal. Examples of merger and acquisition litigation challenging such transactions where WolfPopper acted as lead or co-lead counsel and contributed to the benefit include:

• Ehrenhaus v. Baker (Wachovia Corp.) Civil Action No: 08-CVS-22632 (N.C. Super. Ct.)• Rice v. Lafarge North America, Inc. Civ. No. 268974-V (Md. Cir.) ($383 million aggregatebenefit)• In re Aramark Corp. Shareholders Litig., Consol. C.A. No. 2117-N (Del. Ch.) ($222 millionaggregate benefit).• In re Nortek, Inc. Shareholder Litig. Consol. C.A. No. 19538-NC (Del. Ch.) ($63 millionaggregate benefit)• In re New Valley Corp. Shareholder Litig., Consol. C.A. No. 1678-N (Del. Ch.) ($28 millionaggregate benefit).• In re Net2Phone, Inc. Shareholders Litig. Consol. C.A. No. 1467-N (Del. Ch.)• In re William Lyon Homes Shareholder Litig., Consol. C.A. No. 2015-N (Del. Ch.)• In re ftd.com Inc. Shareholder Litig. Consol. C.A. No. 19458 (Del. Ch.)

Wolf Popper has served as lead or co-lead counsel in other cases challenging transactionsinvolving, among others: The Topps Co., EDO Corp., James River Group, Inc., CentraCore PropertiesTrust, Bioenvision, Inc., Mossimo, Inc., Genencor International Inc., Uni-Marts, Inc., Nassda Corp.,and Chaparral Steel, Co.

Antitrust Actions:

Wolf Popper's antitrust department has represented plaintiffs nationwide in price fixing casesand other violations of the federal antitrust laws. For example, in In the Matter of the Ocean ShippingAntitrust Litig., MDL 395 (S.D.N.Y.) Wolf Popper was co-lead counsel and recovered over $50 millionon behalf of transatlantic shippers of goods who brought an action against the leading carriers ofcontainerized shipping in the United States-Europe trade for conspiracy to fix the charges made forshipping services. The Firm served as lead or co-lead counsel in numerous other antitrust class actions,including: Wholesale Tobacco Distributors antitrust litigation and in In re Milk Antitrust Litig. 81Civ.1963 (RO), (S.D.N.Y. 1980; In re Bread Antitrust Litig. Master File No. CV-85-2013 (CPS)

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Wolf Popper LLPPage - 11-

(E.D.N.Y.); In re Shopping Carts Antitrust Litig. M.D.L. No. 451 (S.D.N.Y.); In re Wiring Device Antitrust Litig., MDL 331(E.D.N.Y.) (where Chief Judge Weinstein described counsel for the plaintiffsas "outstanding and skillful").

Environmental Or Health Actions:

The Firm's strong commitment to and experience in class actions concerning environmentalor health matters is demonstrated by the Firm's strong presence and important roles in several casesarising from environmental disaster and health hazards. These include, among other cases, In re ExxonValdez Oil Spill Litig., 3AN-89-2533 Civil (Sup. Ct. Alaska) and A-89-095 Civil (D. Alaska) in whichthe jury awarded judgment for the plaintiffs in the amount of $5 billion; In re Asbestos School Litig. 83-0268 (ED. Pa.); Holifield v. BP America Inc. CV-90-0722 RJX (C.D. Cal.); In re Johns-Manville Corporation, Debtors 82 B 11656-11676 (BRL) (Bkr. S.D.N.Y.); and Ross v. A. H. Robins, Inc., 77Civ. 1407 (CBM).

Trial Experience:

One of the reasons Wolf Popper maintains a favorable, formidable reputation is because of theFirm's demonstrated willingness to prosecute cases through trial in order to achieve a favorable resultfor our clients. The Firm's trial (and arbitration) experience includes, among other cases:

• Zuckerman v. FoxMeyer Health Corp., 3-96-CV 2258-L (N.D. Tex. 2002), where WolfPopper successfully prosecuted a mini-trial before a former Magistrate Judge from the N.D. Cal. in thecontext of an ADR Proceeding to determine a binding fair value of a settlement of the action.Notwithstanding the fact that the defendant company was on the brink of insolvency (and subsequentlyfiled for bankruptcy), the company providing the initial layer of insurance coverage was in liquidation,and the individual defendants were not wealthy, after presentation of the evidence, the neutral arbiterdetermined in plaintiffs' favor.

• In an arbitration before a court appointed arbitrator in Retsky Family LimitedPartnership v. Price Waterhouse LLP, No. 97 C 7694 (N.D. Ill., June 18, 2001), after a full hearing andseveral days of testimony, the arbitrator awarded plaintiffs the total damages claimed.

• The Firm served as arbitration counsel in 1997, 1998, and 1999 in several extensivecommercial arbitrations on behalf of an international airline.

• Plaintiffs' co-trial counsel in Abzug et ano. v. Kerkorian et al. CA 000981, SuperiorCourt, Los Angeles, California, which was settled during trial in October 1990 for $35 million.

• The Firm was co-lead counsel for plaintiffs in litigation involving the alleged"greenmail" of Walt Disney Company by Saul Steinberg and his Reliance Group, Heckmann v. Ahmanson C.A. 000851 (Superior Court, Cal.) (co-lead counsel for derivative actions). There the LosAngeles Superior Court in September 1989 approved a settlement at trial providing for a cash paymentof $45 million plus the therapeutic benefit of the termination of certain defendants' claim for rescissionwhich potentially would have cost the company in excess of a billion dollars.



• Citron v. E.I. duPont de Nemours & Co. Del. Ch. (Civil Action No. 6219), in DelawareChancery Court in which the Vice-Chancellor complimented plaintiffs' counsel "for the able way inwhich they presented the case," their "well-done" pre-trial briefs, and the "good job" done.

• Odmark v. Westside Bancorporation, Inc. No. C85-1099R (W.D. Wash.), settled mid-way through trial in Seattle, Washington.

• Co-trial counsel for a plaintiff class in Kreindler v. Sambo's 79 Civ. 4538(WK)(S.D.N.Y.), which was settled during trial.

• Co-counsel for the plaintiff class in the successful trial of Sirota v. Solitron Devices, Inc. 75 Civ. 1383 (CLB) (S.D.N.Y.), a complex securities fraud class action prosecuted under §10(b)of the Securities Exchange Act of 1934. After an eleven-day trial, the jury brought in a verdict for theplaintiff class on all issues of liability and damages which was sustained on appeal. See Sirota v. Solitron Devices Inc. 673 F.2d 566 (2d Cir. 1982).

• Baum v. Centronics Data Computer Corp., 85-363-L (D.N.H.), settled after trial hadcommenced in New Hampshire.

• The Firm also has tried several other actions on behalf of plaintiff classes in securitiesactions in Delaware and elsewhere.

Court Commentary On The Firm:

Throughout the history of the Firm, the Courts before whom Wolf Popper has appeared havecommented favorably and repeatedly on the ability and performance of the Firm and its members. Asampling of some of the praise the Firm has consistently received over the course of its practice includethe following cases:

• In Middlesex Retirement System v. Quest Software Inc. CV 06-6863 DOC (RNBx)(C. D. Cal. Dec. 7, 2009), in which Wolf Popper had been appointed by the Court as Lead Counsel andClass Counsel, the Court stated in preliminarily approving the $29.4 million (plus cost of providingnotice) proposed settlement of the action, "once again on the record. . .I want to compliment counselfor working extraordinarily hard;. ..this appears to be an extraordinarily fair settlement for all partiesconcerned. * * * [Y]ou really have the court's profound congratulations and compliments."

• In approving the $190,000,000 recovery for the Class in the Motorola Sec. Litig. 03C287 (N.D. Ill.), where Wolf Popper represented the lead plaintiff, the Court stated as follows "Youdid a great very professional job here. This was a hard fought, but extremely professionally foughtbattle and I appreciate it Thank you."

• Wolf Popper served as co-lead counsel for plaintiffs in Conolly v. Universal AmericanFinancial Corp., Civ. A. No. 13422/07 (Sup. Ct. NY, Dec. 9, 2008 Tr. at 74-75). At the final hearingin the action, Hon. Alan D. Scheinkman complimented plaintiffs' co-lead counsel, stating: "The Courthas had the opportunity to see these lawyers on numerous occasions and read their submissions, not



just those relating to fees but those relating to the merits of the case and the Court has become familiarwith counsel and is impressed with their skill and knowledge and their professionalism."

• On October 7, 2008, the Court approved the settlement reached by Wolf Popper LLPand its co-counsel, on behalf of former and current employees of AIG, in the amount of $24.2 millionin In re AIG ERISA Litigation No. 04 Civ. 9387 (JES), stating that "without the work of these[plaintiffs] attorneys there would be nothing."

• In In re TJX Companies Retail Security Breach Litig., Master Docket Civil Action No.07-10162, MDL Docket No. 1838, in which Wolf Popper was Co-Lead Counsel, the Court inapproving the settlement on July 15, 2008, stated that Plaintiffs' counsel achieved an "excellentsettlement" for the consumer class, that they "have been very creative" and performed "a wonderfuljob."

• Wolf Popper was appointed interim co-lead counsel by Judge Sidney Stein in January2008, in Gray v. Citigoup Inc., Case No. 07-CV-9790 (S.D.N.Y.) (SHS) (DCF), a consolidatedERISA class action on behalf of participants and beneficiaries of certain of Citigroup's retirementplans. In appointing Wolf Popper as co-lead counsel over competing groups of counsel, Judge Steinstated that "... I think the group most able to represent the plaintiffs as interim lead counsel will beWolf Popper..." because it has "...the deeper experience overall."

• In Dusek v. Mattel Master File No. CV-99-10864-MRP (CWx) (C.D. Cal.), inapproving the settlement of the action along with a companion action, for $122 million, the Judge, inher Findings of Fact and Conclusions of Law entered on November 6, 2003, complimented counselsaying that "Wolf Popper LLP vigorously prosecuted the Dusek action and zealously represented theinterests of the Dusek Class members," and that Wolf Popper performed in a "very capable andprofessional manner."

• The Firm served as Co-Lead Counsel for plaintiffs in Stanley v. Safeskin Lead CaseNo. 99cv454-BTM(LSP) (S.D. Cal.), in which the Judge noted in approving a $55 million settlementthat "Plaintiffs' counsel are highly skilled in these cases" and that he was "kind of looking forward totrying this case, because it would have the best lawyers in the country trying this case. . . ." TheHonorable Barry T. Moskowitz subsequently further complimented Co-Lead Counsel at a hearing onNovember 20, 2003, stating:

I think I learned more about the honorability of the firms and the competency -- andcompetency is too weak of a word -- the extraordinary ability of these firms in handlingthe cost aspects of it, and expenses aspect of it, . . don't think I've seen lawyers sohonest with the Court. . . .I really thought that the Plaintiffs' law firms in this case notonly had extraordinary ability to deal with the complicated factual issues -- and itcertainly was a difficult case, and you should be applauded in that regard.

* * *

And it's not usual that the court sees lawyers behave -- we usually see them behavewell, but this is extraordinarily positive. And I wanted to make that notation... I can --come out of it having incredible respect for the work that the lawyers did in this case.



* * *

From the plaintiffs' perspective -- and I say this for all the firms -- you handled it on amuch higher plane, probably on a textbook or ideal plane. If they would teach peoplehow it should be done in law school, this would be the example of, how the lawyershandle this case.

• In approving the settlement of the In re Exide Corp. Sec. Litig. Case No. 98-CV-60061-AA (E.D. Mich., Transcript of Proceedings, September 2, 1999, at 34, 35-6), the Honorable GeorgeCaram Steeh complimented the Firm for its diligence and skill, saying:

The court is satisfied indeed that the settlement that was reached in arm's lengthbargaining, that was undertaken only after very thorough preparation on the part ofplaintiffs counsel. That the counsel itself was extremely competent and considerableexperience in pursuing such matters. . . .

* * *

So the court is satisfied that the attorneys on both sides of this litigation shouldbe commended for their effort and professionalism in developing and presenting theissues and for their common sense in arriving at the settlement as it has been presentedto the court for confirmation.

• In the In re Marketspan Corporation /LILCO Shareholder Litig., Index No. 15731/98(Sup. Ct., NY, Transcript of Proceedings, April 28, 1999, at 9), Justice Ute Wolff Lally commendedthe Firm when he preliminarily approved a proposed settlement, stating:

Let me first state that having had the stipulation of settlement prior to today, Ihave, of course, perused it at length, and I want to thank and I want to commend theexecutive committee and the head law firm, Wolf Popper, in adhering to the timetablewhich this Court has set in the various orders that have been issued and in completingthe discovery and the complex negotiations in accordance with the Court's order. Thecourt appreciates that because it was an enormously complex litigation, and I certainlycommend you for reaching this agreement.

• In approving the proposed settlement of the litigation over the merger of the AmericanStock Exchange and the NASD, Judge Denny Chin stated in Philipson v. American Stock Exchange 98 Civ. 4219 (DC) (S.D.N.Y., Transcript of Proceedings, February 18, 1999, at 8-11):

I've considered the papers and what I have heard today, and I find that thesettlement is fair, reasonable and adequate The recovery is substantial. There is the$30 million for the seat market program. . . . There is the potential revenue sharing,which I think at a reasonable estimate would be $20.7 million at least, . . . .

So the benefits of the proposed settlement are substantial. * * * I think that the benefitsof the proposed settlement compare very well to any conceivable reasonable potentialrecovery. * * * There are very experienced and very good counsel on both sides. Thenegotiations were difficult and went on for quite a long time. * * * So, having

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considered all those factors, I conclude that the settlement is fair, reasonable andadequate and is approved.

* * *

Terrific job on both sides.

• Judge Donna F. Martinez complimented the Firm when she approved the settlement ofa securities fraud action in Germano v. Cognitronics Securities Corp., Docket No. 3:93-CV-00539(DFM) (D. Conn., Transcript of Proceedings, September 11, 1998, at 2, 3-4), stating:

Your presentations...were extraordinary — extraordinarily thorough and highlyexpert. . . .

* * *

The issues presented were complicated. They were difficult, and as we've allsaid more than once now, they were bitterly and expertly fought.

* * *

You've ended a long piece of litigation. I know that there was hard work involved notonly in the litigation, but a lot of hard work and considerable number of hours that wentinto the efforts to resolve the case, and you're all to be commended for your very, veryexcellent representation of your respective clients.

• In a securities fraud action against Caremark International, Inc. arising out thecompany's failure to disclose violations of state fraud statutes, the Firm served as Co-Lead Counselfor plaintiffs and recovered $25 million on behalf of defrauded investors. The Court complimentedplaintiffs' counsel on their handling of the case, stating:

Congratulations * * *I know [this case] was a complex piece of litigation. * * * thankyou very much for your efforts. I think the class and the defense were very wellrepresented.

In re Caremark International Inc. Sec. Litig. Docket No. 94 C 4751 (Transcript of proceedings,December 15, 1997, at 7-8).

• In the investor actions arising out of the failed public offering involving In-StoreAdvertising in which the Firm was co-lead counsel, Judge Peter K. Leisure, in approving the settlementstated at the settlement hearing held on December 18, 1996:

Now, having reviewed the excellent work of counsel with regard to thepreparation of the papers, and the research that was done, and having conductedindependent research on the law, I am fully satisfied with the quality of the lawyers'work in this matter.

In re In Store Advertising Sec. Litig., Master File No. 90 Civ. 5594 (PKL) (S.D.N.Y., December 18,1996)

• Wolf Popper was lead counsel in Carpi v. McDonnell Douglas Capital Income Fund-I



90 Civ. 3448 (JMC) where 95% of the class damages was recovered for the class. Judge Cannellapraised lead counsel in a decision dated January 21, 1994, as follows:

Plaintiffs' lead counsel has at all times demonstrated to this Court the highest caliberof representation, measurable both in quantitative terms (i.e., the benefits of thesettlement to the class members), and in the professionalism, the timeliness, and thethoroughness of lead counsel's written submissions.

• Wolf Popper was co-lead counsel in investor actions brought against Valley NationalBank of Arizona. Judge Robert C. Broomfield stated in approving a settlement on January 31, 1994:

I commend counsel, particularly counsel who litigated this matter, on the quality oftheirrepresentation of their respective counsel. The quality of representation was very highon behalf of all parties.

Hoexter, et al. v. Simmons et al. No. CV-89-1069-PHX-RCB (D. Az.).

• Judge James F. Holderman complimented counsel for the quality of their efforts in Inre Salton/Maxim Sec. Litig. Docket No. 91 C 7693 (N.D. Ill.), in which Wolf Popper was Co-LeadCounsel, at the hearing approving the settlement and awarding counsel fees, the Court stated.

I want to not only compliment you lawyers for the professionalism that youshowed in the course of reaching this compromise resolution, but I want to complimentyou on the professionalism that you showed during the course of the litigation. Thiswas a hard fought litigation. It was well briefed. The issues were presentedcrisply. . . . [A's a judge presiding over this case, it was a pleasure to preside over itbecause of the skill and the quality of the lawyering on everyone's part in connectionwith this case.

• Judge Dickinson R. Debevoise stated at the February 3, 1993 hearing at which heapproved the settlement in In re Prime Motor Inns Shareholder Litig. Master File No. 90-87 (DRD)(D.N.J.):

The plaintiffs' attorneys have performed their work aggressively, skillfully and withgood effect. I do not detect any duplication of work... .The attorneys have earnedgenerous compensation.

• Judge Leonard B. Sand of the Southern District of New York, in In re Wedtech Sec. Litig. 21-46 (LBS) MDL 735 (S.D.N.Y.), in approving the settlement and counsel's fee application(in which the Firm was Chair of the Plaintiffs' Executive and Scheduling Committees in the con-solidated litigation), stated.

My observation has been that this litigation has at all times been conducted at a veryhigh-skilled professional level. I have had no sense in this case of make-work activityor any sense that the matter was not pursued by all parties diligently but not excessively



. . . .

• In the In re Gulf Oil/Cities Service Tender Offer Litig., 82 Civ. 5253 (MBM)(S.D.N.Y.)litigation, where Wolf Popper served as Plaintiffs' Lead Settlement Counsel and as a member ofPlaintiffs' Executive Committee and in which a settlement of $34 million was achieved only after thecase was fully prepared for trial, the Honorable Michael B. Mukasey stated to the Wolf Popper partnerin charge of the case, at a hearing held on January 3, 1992, "to the extent you have fiduciaryobligations, you have discharged them magnificently in this case. You have gotten the best settlementthat you can negotiate for your client." Judge Mukasey further stated in his Opinion and Orderapproving the settlement and awarding counsel fees:

[P]laintiffs' counsel] did all the work on their own.... class counsel consistently havebeen skillful, resourceful and diligent without also being captious -- no mean feat. Theyinvested time and money in this case, and well deserve the payment they request.

In re Gulf Oil/Cities Service Tender Offer Litig. Fed. Sec. L. Rep. (CCH) lf 96,845, at 93,391(S.D.N.Y. 1992).

• In the International Systems & Controls Sec. Litig. MDL 440 (S.D. Tx.) case, JudgeBlack stated at the conclusion of the action that the quality of the plaintiffs' lawyers was"extraordinary." In Seidman v. Stauffer Chemical Co. B-84-543 (D. Conn.) at the conclusion of thecase, Chief Judge Daly remarked, in approving the settlement, that plaintiffs' co-lead counsel had actedthroughout the litigation "...in accord with the highest standards of the bar, and it was a pleasure to dealwith you and to listen to you, and to review your work...".

• Judge Nicholas H. Politan stated at the hearing approving the settlement in In re Electro-Catheter Corporation Sec. Litig. Civil No. 87-41 (D.N.J. September 7, 1989), in which the Firm wasco-lead counsel:

I'm satisfied that counsel in this case are highly competent, very skilled in thisvery specialized area and were at all times during the course of the litigation that Iparticipated in, which was perhaps the major portion of the Court litigation here, alwayswell prepared, well spoken, and knew their stuff and they were a credit to theirprofession. They are the top of the line. It is good to see top-of-the-line people comein here and top-of-the-line people should be paid top-of-the-line fees. . . . I'm verysatisfied with counsel. . . . I compliment them. . . .

• At the settlement hearing held on September 30, 1985 in In re Saxon Sec. Litig., 81 Civ.3103 (S.D.N. Y.), in which the Firm served as co-lead counsel, Judge Mary Johnson Lowe praised thequality of work performed in the case:

I have never had the pleasure of working with such an outstanding group ofattorneys. . . .

* * *

We had claims which aggregated many times the value of what was available, and I



think you were all just superb, and from this Court to all of the lawyers who participatedyou have my admiration, my thanks -- and I don't know what other accolades I can giveyou other than that, but that is the way I feel about what happened here, and I am veryproud to be a lawyer to be associated with you.

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Lester L. Levy is the Chairman and Managing Partner of Wolf Popper LLP. He is a graduateof Columbia Law School. Mr. Levy has prosecuted hundreds of class actions and has recovered overone billion dollars for the class members he has represented. He is a recognized leader in the field ofcomplex class action litigation and he has lectured in complex litigation at the University of Illinois andthe University of Miami Law Schools.

Mr. Levy's ability to prosecute sophisticated class actions successfully has often been thesubject of judicial recognition.

In the Motorola Securities Litigation, No. 03 C 287 (United States District Court, NorthernDistrict of Illinois), Mr. Levy represented the lead plaintiff, the State of New Jersey, Department ofTreasury, Division of Investment. While approving a $190 million recovery, the Court stated: "Youdid a great very professional job here. This was hard fought, but extremely professionally fought battleand I appreciate it Thank you."

In Buxbaum v. Deutsche Bank, A.G., 98 Civ. 8460 (JGK) (S.D.N.Y.), Mr. Levy was co-leadcounsel for the class in a major securities fraud action against Deutsche Bank, A.G. that recovered $58million on behalf of defrauded Bankers Trust shareholders. The District Court's opinion denyingdefendants' motion to dismiss is reported at Fed. Sec. L. Rep. (CCH)1j90,969 (S.D.N.Y. 2000). Thedecision denying defendants' motion for summary judgment is reported at 196 F. Supp. 2d 367(S.D.N.Y. 2002). The $58 million recovery, obtained on the eve of trial, was equivalent toapproximately 48% of the class's maximum possible recovery, and approximately 96% of the class'smost likely recovery.

In In re Providian Financial Securities Litigation MDL No. 1301 (E.D. Pa), Mr. Levy was co-lead counsel for the plaintiff class and obtained a $38,000,000 judgment from the defendants. TheCourt, in approving the settlement in June, 2002, remarked on the "extremely high quality" and "skilland efficiency" of plaintiffs' counsel's work, which the Court stated it had seen throughout thelitigation.

Judge James F. Holderman remarked on the quality of counsel's efforts in In re Salton/MaximSecurities Litigation, Docket No. 91 C 7693, (United States District Court_Northern District ofIllinois), an action in which Mr. Levy was plaintiffs' co-lead counsel. At the hearing approving thesettlement, the Court stated.

I want to not only compliment you lawyers for the professionalism that youshowed in the course of reaching this compromise resolution, but I want tocompliment you on the professionalism that you showed during the course ofthe litigation. This was a hard fought litigation. It was well briefed. The issueswere presented crisply. . . . [As a judge presiding over this case, it was apleasure to preside over it because of the skill and the quality of the lawyeringon everyone's part in connection with this case.

Mr. Levy was co-lead counsel in one of the largest class actions brought in New Jersey StateCourt, Princeton Economics Group, Inc. v. American Telephone and Telegraph Company, (N.J. Super.Ct. 1995). That case resulted in a settlement valued at $85-90 million. At the conclusion of the case,the Court noted the high level of skill possessed by class counsel and stated that... "If not for the skilland the experience of class counsel, a settlement may not have been reached or, if it had been reached,may have resulted in a significantly diminished recovery for the class."



Mr. Levy was also the lead counsel in In re Coordinated Title Insurance Cases, IndexNo.009600/03 (Sup. Ct., Nassau County, NY), a New York consumer fraud action brought againstvarious Title Insurance Companies for their failure to charge the discounted rate for title insurancepremiums in qualified refinancing transactions and their failure to provide borrowers with notice of thediscount. In approving the settlement of over $31 million, one of the largest consumer class actionsin the history of that court, at the hearing held on July 29, 2005, the court stated.

And it's this Court's very strong opinion that what we have had beforeus on all sides — Plaintiffs' side, which involves two firms, and theDefendants, eight Defendants which involve five firms representing theeight different Defendants — was lawyering of the highest quality. It'salways enjoyable for the Court to have high quality lawyering in frontof it. It's always my opinion that it raises the level of the Bench whenthe lawyers before it proceed in a very high fashion, which has happenedin this case.

Mr. Levy also headed the class action litigation in the State of New York against AmericanBankers Ins. Group Inc. He obtained a nationwide class [Taylor v. American Bankers Ins. Group Inc. 700 N.Y. S. 2d 458 (1st Dept. 1999)] and achieved a complete recovery for class members as thedefendant agreed to pay the class members' disputed coverage claims in full. The defendant also agreedto revise its solicitations to prevent a recurrence.

Mr. Levy was plaintiffs' co-lead counsel in Seidman v. Stauffer Chemical Co., B-84-543(United States District Court, District of Connecticut) where at the successful conclusion of the case,Chief Judge Daly remarked that plaintiffs' co-lead counsel had acted throughout the litigation "...inaccord with the highest standards of the bar, and it was a pleasure to deal with youand to listen to you, and to review your work...".

Mr. Levy played a leading role in the landmark Joseph v. Shell Oil Litigation wherein theplaintiff stockholders successfully petitioned the Delaware Chancery Court to enjoin the proposedmerger of Shell Oil Company and Royal Dutch Petroleum Company. At the conclusion ofthe litigation,which resulted in a $205,000,000 recovery for the class, the Court said that "the results achieved in thiscase for the class are outstanding".

In In re Fidelity Medical, Inc. Securities Litigation 92-1908 (United States District Court,District of New Jersey), where Mr. Levy was a member of plaintiffs' Executive Committee thatprosecuted the case, the Court at the conclusion of the case complemented counsel for their skill andprofessionalism and thanked them for the way the litigation was conducted.

Mr. Levy was co-lead counsel in the TJX Companies Retail Security Breach Litigation (UnitedStates District of Mass.). At the end of the case, the Court commented that co-lead counsel was "quitecreative" in crafting an "excellent settlement" for the class.

The periodical, Securities Class Action Alert, noted in reporting on the Borman's Inc. classaction, wherein Mr. Levy was the Class Counsel:

Lester Levy of Wolf Popper Ross Wolf & Jones made short work of thiscase by winning a quick handsome return for shareholders. In one of thehighest payout ratios in recent memory, eligible investors recovered93% of the money they were deprived of Levy obtained the settlement



in just 15 months and investors received their checks within 6 monthsafter the claim deadline date!

Securities Class Action Alert, p.60 (April 1991).

Other important class actions, wherein Mr. Levy was either lead counsel or co-lead counselinclude:

In re Archer Daniels Midland Co. Securities Litigation United States District Court, CentralDistrict of Illinois ($30 million recovery for the class);

Hwang v. Smith Corona Corp., et al United States District Court, District Court of Connecticut($24.5 million recovery for the class);

Watkins v. Beatrice Delaware Chancery Court ($190 million recovery for class);

In re Adac Securities Litigation (United States District Court, Northern District of Calif.)(recovery of approximately $20 million for the Class);

In re Caremark Securities Litigation United States District Court, Northern District of Illinois(recovery of $25 million for the class); and

Zinberg v. Washington Bancorp Inc., (United States District Court, District New Jersey)(recovery for the class members of 200% of their damages).

In 1997, Mr. Levy argued before the New York Court of Appeals in Tanzer v. Health Insurance Plan of Greater New York, 91 N.Y.2d 850 and won a unanimous decision upholding a class actioncomplaint on behalf of insureds who had been denied medical insurance coverage. Thereafter, the Classreceived 100% of their damages.

Mr. Levy serves as an arbitrator for the United States District Court for the Eastern District ofNew York. Mr. Levy is also active in charitable work. He has received the Lifetime Trustee Awardfrom the National Multiple Sclerosis Society for "outstanding service to the MS community."

James C. Kelly is an associate at Wolf Popper. He is a summa cum laude graduate of BrooklynLaw School, where he received the CALI Award for Excellence in Securities Regulation. Mr. Kelly-Kowlowitz obtained a B.S. in Accounting from the State University of New York at Binghamton,where he was a member of Beta Alpha Psi, National Honor Society. During law school, Mr. Kelly-Kowlowitz interned for the Honorable Allan L. Gropper at the U.S. Bankruptcy Court, S.D.N.Y., andinterned for the New York City Department of Finance, Office of Legal Affairs. Mr. Kelly-Kowlowitzis also a Certified Public Accountant with extensive knowledge of accounting and financial reporting.

Mr. Kelly-Kowlowitz is admitted to the Bar of the State of New York and the Bar of the UnitedStates District Court of the Eastern and Southern Districts of New York.


EXHIBIT E


BERMAN DEVALERIO

THE FIRM

The law firm of Berman DeValerio prosecutes class actions nationwide on behalf of victims ofsecurities and antitrust law violations. Founded in 1982, Berman DeValerio has 37 attorneys inoffices in Boston, San Francisco and South Florida. The firm holds leadership positions insecurities and antitrust actions around the country.

The attorneys at Berman DeValerio have prosecuted hundreds of class actions on behalf ofdefrauded individuals and institutions, recovering billions of dollars overall for their clients andthe classes they have represented. In addition to financial recoveries, the firm has achievedsignificant changes in corporate governance and business practices of defendant companies.

Results

SECURITIES SETTLEMENTS

Berman DeValerio's securities litigation practice group has been selected as monitoring,evaluation and/or litigation counsel by more than 90 institutional investors, including four ofthe five largest public pension funds in the nation and more than a third of all U.S. public fundswith more than $5 billion in defined-benefit assets under management.'

Since the Private Securities Litigation Reform Act of 1995 ("PSLRA") was enacted, the firm hasacted as lead or co-lead counsel in approximately 100 shareholder lawsuits resulting in morethan $2.7 billion in recoveries. The following is a selection of significant results in securitieslitigation:

Carlson v. Xerox Corp., et al., 00cv1621 (D. Conn.). Representing the Louisiana State Employees'Retirement System as co-lead counsel, Berman DeValerio negotiated a $750 million settlementto resolve claims of securities fraud against Xerox, certain top officers and its auditor KPMG LLP.When it received final court approval in January 2009, the recovery was the 10th largestsecurities class action settlement of all time.

In re Bristol-Myers Squibb Sec. Litig., 02cv2251 (S.D.N.Y.). Berman DeValerio represented theFresno County Employees' Retirement Association and Louisiana State Employees' RetirementSystem as co-lead plaintiffs and negotiated a settlement of $300 million in July 2004. At thattime, the settlement was the largest by a drug company in a U.S. securities fraud case.

In re WorldCom, Inc. Sec. Litig., 02cv3288 (S.D.N.Y.). As counsel to court-appointed bondholderrepresentatives, the County of Fresno, Calif. and the Fresno County Employees' RetirementAssociation, Berman DeValerio helped a team of lawyers representing the lead plaintiff, theNew York State Common Retirement Fund, obtain settlements worth more than $6.13 billion.

According to a January 2011 query of Standard & Poor's Money Market Directories. Asset valuation dates vary.

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In re El Paso Sec. Litig., H-02-2717 (S.D. Tex.). Representing the Oklahoma Firefighters Pensionand Retirement System as co-lead plaintiff, Berman DeValerio helped negotiate a settlementtotaling $285 million, including $12 million from auditors PricewaterhouseCoopers. The courtgranted final approval of the settlement in March 2007.

In re Digital Lightwave Sec. Litig., 98-152cvT-24C (M.D. Fla.). As co-lead counsel, BermanDeValerio negotiated a settlement that included changing company management andstrengthening the company's internal financial controls. The class received 1.8 million shares offreely tradable common stock that traded at just below $4 per share when the court approvedthe settlement. At the time the shares were distributed to the members of the class, the stocktraded at approximately $100 per share, and class members received more than 200% of theirlosses after the payment of attorneys' fees and expenses. The total value of the settlement, atthe time of distribution, was almost $200 million.

In re Symbol Technologies, Inc. Sec. Litig., 2:02cv01383 (E.D.N.Y.). Berman DeValeriorepresented the Louisiana Municipal Police Employees' Retirement System as co-lead plaintiff,obtaining a $139 million partial settlement in June 2004. Subsequently, Symbol's formerauditor, Deloitte & Touche LLP, agreed to pay $24 million. The court granted final approval inSeptember 2006.

In re Lernout & Hauspie Sec. Litig., 00-11589 (D. Mass.), and Quaak v. Dexia, S.A., 03-11566 (D.Mass.). As co-lead counsel, Berman DeValerio negotiated in December 2004 what was then thethird-largest settlement ever paid by accounting firms in a securities class action — a $115million agreement with the U.S. and Belgian affiliates of KPMG International. The casestemmed from KPMG's work for Lernout & Hauspie Speech Products, a software companydriven into bankruptcy by a massive fraud. In March 2005, the firm reached an additionalsettlement worth $5.27 million with certain of Lernout & Hauspie's former top officers anddirectors. In the related Quaak case, the Firm negotiated a $60 million settlement with DexiaBank Belgium to settle claims stemming from the bank's alleged role in the fraudulent schemeat Lernout & Hauspie. The court granted final approval of the Dexia settlement in June 2007,bringing the total settlement value to more than $180 million.

In re Prison Realty Sec. Litig., 3:99cv0452 (M.D. Tenn.), (In re Old CCA Sec. Litig., 3:99cv0458).The firm represented the former shareholders of Corrections Corporation of America, whichmerged with another company to form Prison Realty Trust, Inc. The action charged that theregistration statement issued in connection with the merger contained untrue statements.Overcoming arguments that the class' claims of securities fraud were released in prior litigationinvolving the merger, the firm successfully defeated the motions to dismiss. It subsequentlynegotiated a global settlement of approximately $120 million in cash and stock for this case andother related litigation.

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Oracle Cases, Coordination Proceeding, Special Title (Rule 1550(b)) No. 4180 (Cal. Sup. Ct., SMCty.). In this coordinated derivative action, Oracle Corporation shareholders alleged that thecompany's Chief Executive Officer, Lawrence J. Ellison, profited from illegal insider trading.Acting as co-lead counsel, the firm reached a settlement, pursuant to which Mr. Ellison wouldpersonally make charitable donations of $100 million over five years in Oracle's name to aninstitution or charity approved by the company and pay $22 million in attorneys' fees andexpenses associated with the prosecution of the case. This innovative agreement, approved bya judge in December 2005, benefited Oracle through increased goodwill and brand recognition,while minimizing concerns that would have been raised by a payment from Mr. Ellison to thecompany, given his significant ownership stake. The lawsuit resulted in important changes toOracle's internal trading policies that decrease the chances that an insider will be able to tradein possession of material, non-public information.

In re International Rectifier Sec. Litig., 07cv2544 (C.D. Cal.). As co-lead counsel representing theMassachusetts Laborers' Pension Fund, the firm negotiated a $90 million settlement withInternational Rectifier Corporation and certain top officers and directors. The case alleged thatthe company engaged in numerous accounting improprieties to inflate its financial results. Thecourt granted final approval of the settlement in February 2010.

In re State Street Bank & Trust Co. ERISA Litig., 07cv8488 (S.D.N. Y.). The firm acted as co-leadcounsel in this consolidated class action case, which alleged that defendant State Street Bankand Trust Company and its affiliate, State Street Global Advisors, Inc., (collectively, "StateStreet") breached their fiduciary duties under the Employee Retirement Income Security Act of1974 ("ERISA") by failing to prudently manage the assets of ERISA plans invested in State Streetfixed income funds during 2007. After well over a year of litigation, during which BermanDeValerio and its co-counsel reviewed approximately 13 million pages of documents and tookmore than 30 depositions, the parties negotiated an all-cash $89.75 million settlement, whichreceived final approval in 2010.

In re Philip Services Corp. Sec. Litig., 98cv0835 (S.D.N.Y). As co-lead counsel, Berman DeValerionegotiated settlements totaling $79.75 million with the bankrupt company's former auditors,top officers, directors and underwriters. The case alleged that Philip Services and its topofficers and directors made false and misleading statements regarding the company's publiclyreported revenues, earnings, assets and liabilities. The district court initially dismissed theclaims on grounds of forum non conveniens, but the firm successfully obtained a reversal by theSecond U.S. Circuit Court of Appeals. The court granted final approval of the settlements inMarch 2007.

In re Reliant Sec. Litig., 02cv1810 (S.D. Tex.). As lead counsel representing the LouisianaMunicipal Police Employees' Retirement System, the firm negotiated a $75 million cashsettlement from the company and Deloitte & Touche LLP. The settlement received finalapproval in January 2006.

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In re KLA-Tencor Corp. Sec. Litig., 06cv04065 (N.D. Cal.). Representing co-lead plaintiff LouisianaMunicipal Police Employees' Retirement System, Berman DeValerio negotiated a $65 millionagreement to settle claims that KLA-Tencor illegally backdated stock option grants, issued falseand misleading statements regarding grants to key executives and inflated the company'sfinancial results by understating expenses associated with the backdated options. The courtgranted final approval of the settlement in 2008.

Ehrenreich v. Witter, 95cv6637 (S.D. Fla.). The firm was co-lead counsel in this case involvingSensormatic Electronics Corp., which resulted in a settlement of $53.5 million. When it wasapproved in 1998, the settlement was one of the largest class action settlements in the state ofFlorida.

In re Thomas & Betts Sec. Litig., 2:00cv2127 (W.D. Tenn.). The firm served as co-lead counsel inthis class action, which settled for more than $51 million in 2004. Plaintiffs had accused thecompany and other defendants of issuing false and misleading financial statements for 1996,1997, 1998, 1999 and the first two quarters of 2000.

In re Enterasys Networks, Inc. Sec. Litig., C-02-071-M (D.N.H.). Berman DeValerio acted as solelead counsel in a case against Enterasys Networks, Inc., in which the Los Angeles CountyEmployees Retirement Association was lead plaintiff. The company settled in October 2003 for$17 million in cash, stock valued at $33 million and major corporate governance improvementsthat opened the computer networking company to greater public scrutiny. Changes includedrequiring the company to back a proposal to eliminate its staggered board of directors, allowingcertain large shareholders to propose candidates to the board and expanding the company'sannual proxy disclosures. The settlement received final court approval in December 2003.

Giarraputo v. UNUMProvident Corp., 2:99cv00301 (D. Me.). As a member of the executivecommittee representing plaintiffs, Berman DeValerio secured a $45 million settlement in alawsuit stemming from the 1999 merger that created UNUMProvident. Shareholders of bothpredecessor companies accused the insurer of misleading the public about its businesscondition before the merger. The settlement received final approval in June 2002.

In re UCAR International, Inc. Sec. Litig., 98cv0600 (D. Conn.). The firm represented the FloridaState Board of Administration as the lead plaintiff in a securities claim arising from anaccounting restatement. The case settled for $40 million cash and the requirement that UCARappoint an independent director to its board of directors. The settlement was approved in2000.

In re American Home Mortgage Sec. Litig., 07-MD-1898 (E.D.N.Y.). As co-lead counselrepresenting the Oklahoma Police Pension & Retirement System, the firm negotiated a $37.25million settlement — including $4.75 million from auditors Deloitte & Touche and $8.5 million

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from underwriters — despite the difficulties American Home's bankruptcy posed to assetrecovery. The plaintiffs contended that American Home had failed to write down the value ofcertain loans in its portfolio, which declined substantially in value as the credit marketsunraveled. The settlement received final approval in 2010.

In re SmartForce PLC d/b/a Ski//Soft Sec. Litig., 02cv544 (D.N.H.). Representing the Teachers'Retirement System of Louisiana as co-lead plaintiff, Berman DeValerio negotiated a $30.5million partial settlement with SkillSoft. Subsequently, the firm also negotiated an $8 millioncash settlement with Ernst & Young Chartered Accountants and Ernst & Young LLP, SkillSoft'sauditors at the time. The settlements received final approval in September 2004 andNovember 2005, respectively.

In re Centennial Technologies Sec. Litig., 97cv10304 (D. Mass.). Berman DeValerio served assole lead counsel in a class action involving a massive accounting scandal that shot down thecompany's high-flying stock. Berman DeValerio negotiated a settlement that permitted aturnaround of the company and provided a substantial recovery for class members. The firmnegotiated changes in corporate practice, including strengthening internal financial controlsand obtaining 37% of the company's stock for the class. The firm also recovered $20 millionfrom Coopers & Lybrand, Centennial's auditor at the time. In addition, the firm recovered $2.1million from defendants Jay Alix & Associates and Lawrence J. Ramaekers for a total recovery ofmore than $35 million for the class.

In re Avant, Sec. Litig., 96cv20132 (N.D. Cal.). Avant!, a software company, was charged withsecurities fraud in connection with its alleged theft of a competitor's software code, whichAvant! incorporated into its flagship software product. Serving as lead counsel, the firmrecovered $35 million for the class. The recovery resulted in eligible class claimants receivingalmost 50% of their losses after attorneys' fees and expenses.

In re Sykes Enterprises, Inc. Sec. Litig., 8:00cv212-T-26F (M.D. Fla.). The firm represented theFlorida State Board of Administration as co-lead plaintiff. Sykes Enterprises was accused ofusing improper means to match the company's earnings with Wall Street's expectations. Thefirm negotiated a $30 million settlement, which received final approval in March 2003.

In re Valence Sec. Litig., 95cv20459 (N.D. Cal.). Berman DeValerio served as co-lead counsel inthis action against a Silicon Valley-based company for overstating its performance and thedevelopment of an allegedly revolutionary battery technology. After the Ninth Circuit reversedthe District Court's decision to grant summary judgment in favor of defendants, the case settledfor $30 million in Valence common stock.

In re Sybase II, Sec. Litig., 98cv0252-CAL (N.D. Cal.). Sybase was charged with inflating itsquarterly financial results by improperly recognizing revenue at its wholly owned subsidiary inJapan. Acting as co-lead counsel, the firm obtained a $28.5 million settlement.

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BERMAN DEVALERIO

In re Force Protection Inc. Sec. Litig., 08-cv-845 (D.S.C.). As co-lead counsel representing theLaborers' Annuity and Benefit System of Chicago, the firm negotiated a $24 million settlementin a securities class action against armored vehicle manufacturer Force Protection, Inc. Thesettlement addressed the claims of shareholders who accused the company and its top officersof making false and misleading statements regarding financial results, failing to maintaineffective internal controls over financial reporting, and failing to comply with governmentcontracting standards.

In re ICG Communications Inc. Sec. Litig., 00cv1864 (D. Colo.). As co-lead counsel representingthe Strategic Marketing Analysis Fund, the firm negotiated an $18 million settlement with ICGCommunications Inc. The case alleged that ICG executives misled investors and misrepresentedgrowth, revenues and network capabilities. The court granted final approval of the settlementin January 2007.

In re Critical Path, Inc. Sec. Litig., 01cv0551 (N.D. Cal.). The firm negotiated a $17.5 millionrecovery to settle claims of accounting improprieties at a California software developmentcompany. Representing the Florida State Board of Administration, the firm was able to obtainthis recovery despite difficulties arising from the fact that Critical Path teetered on the edge ofbankruptcy. The settlement was approved in June 2002.

In re Sunrise Senior Living, Inc. Sec. Litig., 07cv00102 (D.D.C.). A federal judge granted finalapproval of a $13.5 million settlement between Oklahoma Firefighters Pension and RetirementSystem, represented by Berman DeValerio, and Sunrise Senior Living Inc.

Hallet v. Li & Fung, Ltd., et at, 95cv08917 (S.D.N.Y.). Cyrk Inc. was charged withmisrepresenting its financial results and failing to disclose that its largest customer was endingits relationship with the company. In 1998, Berman DeValerio successfully recovered morethan $13 million for defrauded investors.

In re Warnaco Group, Inc. Sec. Litig., 00cv6266 (S.D.N.Y.). Representing the Fresno CountyEmployees' Retirement Association as co-lead plaintiff, the firm negotiated a $12.85 millionsettlement with several current and former top officers of the company.

Gelfer v. Pegasystems, Inc., et al., 98cv12527 (D. Mass.). As co-lead counsel, Berman DeValerionegotiated a settlement valued at $12.5 million, $4.5 million in cash and $7.5 million in sharesof the company's stock or cash, at the company's option.

Sand Point Partners, L.P. v. Pediatrix Medical Group, Inc., 99cv6181 (S.D. Fla.). BermanDeValerio represented the Florida State Board of Administration, which was appointed co-leadplaintiff along with several other public pension funds. The complaint accused Pediatrix ofMedicaid billing fraud, claiming that the company illegally increased revenue and profit margins

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BERMAN DEVALERIO

by improperly coding treatment rendered. The case settled for $12 million on the eve of trial in2002.

In re Molten Metal Technology Inc. Sec. Litig., 1:97cv10325 (D. Mass.), and Axler v. ScientificEcology Group, Inc., et al., 1:98cv10161 (D. Mass.). As co-lead counsel, Berman DeValerioplayed a key role in settling the actions after Molten Metal and several affiliates filed a petitionfor bankruptcy reorganization in Massachusetts. The individual defendants and the insurancecarriers in Molten Metal agreed to settle for $11.91 million. After the bankruptcy, a trusteeobjected to the use of insurance proceeds for the settlement. The parties agreed to pay thetrustee $1.325 million of the Molten Metal settlement. The parties also agreed to settle claimsagainst Scientific Ecology Group for $1.25 million, giving Molten Metal's investors $11.835million.

In re CHS Electronics, Inc. Sec. Litig., 99-8186-CIV (S.D. Fla.). The firm helped obtain an $11.5million settlement for co-lead plaintiff Warburg, Dillon, Read, LLC (now UBS Warburg).

In re Summit Technology Sec. Litig., 96cv11589 (D. Mass.). Berman DeValerio, as co-leadcounsel, negotiated a $10 million settlement for the benefit of the class.

In re Exide Corp. Sec. Litig., 98cv60061 (E.D. Mich.). Exide was charged with having altered itsinventory accounting system to artificially inflate profits by reselling used, outdated orunsuitable batteries as new ones. As co-lead counsel for the class, Berman DeValerio recoveredmore than $10 million in cash for class members.

In re Fidelity/Micron Sec. Litig., 95cv12676 (D. Mass.). The firm recovered $10 million in cashfor Micron investors after a Fidelity Fund manager touted Micron while secretly selling thestock.

In re lnterspeed, Inc. Sec. Litig., 00cv12090-EFH (D. Mass.). Berman DeValerio served as co-leadcounsel and negotiated a $7.5 million settlement on behalf of the class. The settlement wasreached in an early stage of the proceedings, largely as a result of the financial condition ofInterspeed and the need to salvage a recovery from its available assets and insurance.

In re Abercrombie & Fitch Co. Sec. Litig., M21-83 (S.D.N.Y). As a member of the executivecommittee in this case, the firm recovered more than $6 million on behalf of investors. Thecase alleged that the clothing company misled investors with respect to declining sales, whichaffected the company's financial condition. The court granted final approval of the settlementin January 2007.

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ANTITRUST SETTLEMENTS

Over the past two decades, Berman DeValerio has held leadership roles in scores of complexantitrust cases, negotiating substantial settlements for its clients. These include:

In re Reformulated Gasoline (RFG) Antitrust and Patent Litigation, MDL 05-1671 (C.D. Cal.).Berman DeValerio, as one of four co-lead counsels in the case, negotiated a $48 millionsettlement with Union Oil Company and Unocal. The agreement settled claims that thedefendants manipulated the California gas market for summertime reformulated gasoline andincreased prices for consumers. The settlement is noteworthy because it delivers to consumersa combination of clean air benefits and the prospect of funding for alternative fuel research.The settlement received final court approval in November 2008.

In re Foreign Currency Conversion Fee Antitrust Litig., MDL 1409 (S.D.N.Y.). Berman DeValerio,as head of discovery against defendant Citigroup Inc., played a key role in reaching a $336million settlement. The agreement settled claims that the defendants, which include the VISA,MasterCard and Diners Club networks and other leading bank members of the VISA andMasterCard networks, violated federal and state antitrust laws in connection with fees chargedto U.S. cardholders for transactions effected in foreign currencies.

Sullivan et at v. DB Investments, Inc. et. at, Case No. 04-02819 (D.N.J.). Berman DeValeriorepresented the class in this case, alleging that the De Beers group of companies unlawfullymonopolized the worldwide supply of diamonds in a scheme to overcharge resellers andconsumers. In May 2008, a federal judge approved the settlement, which included a cashpayment to class members of $295 million, an agreement by DeBeers to submit to thejurisdiction of the United States court to enforce the terms of the settlement and acomprehensive injunction limiting DeBeers' ability to restrict the worldwide supply of diamondsin the future. This case is significant not only because of the large cash recovery, but alsobecause previous efforts to obtain jurisdiction over DeBeers in both private and governmentactions had failed. On August 27, 2010, the Third U.S. Circuit Court of Appeals agreed to heararguments over whether to uphold a district court's certification of the class. By agreeing toschedule an en banc appeal before the full Court, the Third Circuit vacated a July 13, 2010 rulingby a three-judge panel of the appeals court that, in a 240-1 decision, had ordered a remand ofthe case back to the district court, which may have required substantial adjustments to theoriginal settlement. The settlement funds remain in an escrow account awaiting finaldisposition.

In re DRAM Antitrust Litig., M:02cv01486 (N.D. Cal). As liaison counsel, the firm activelyparticipated in this Multi-District Litigation, which ultimately resulted in significant settlementswith some of the world's leading manufacturers of Dynamic Random Access Memory ("DRAM")chips. The defendant chip-makers allegedly conspired to fix prices of the DRAM memory chips

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sold in the United States during the class period. The negotiated settlements totaled nearly$326 million.

In re Sorbates Direct Purchaser Antitrust Litig., C 98-4886 CAL (N.D. Cal.). The firm served aslead counsel alleging that six manufacturers of Sorbates, a food preservative, violated antitrustlaws through participation in a worldwide conspiracy to fix prices and allocations to customersin the United States. The firm negotiated a partial settlement of $82 million with four of thedefendants in 2000. Following intensive pretrial litigation, the firm achieved a further $14.5million settlement with the two remaining defendants, Japanese manufacturers, in 2002. Thetotal settlement achieved for the class was $96.5 million.

In re Disposable Contact Lens Antitrust Litig., MDL 1030 (M.D. Fla.). Attorneys in the Floridaoffice acted as co-lead counsel and chief trial counsel. Representing both a national class andthe State of Florida, the firm helped secure settlements from defendants Bausch & Lomb andthe American Optometric Association before trial and from Johnson & Johnson after five weeksof trial. The settlements were valued at more than $92 million and also included significantinjunctive relief to make disposable contact lenses available at more discount outlets and morecompetitive prices.

In re Cardizem CD Antitrust Litig., 99-01278 (E.D. Mich.). In another case involving generic drugcompetition, Berman DeValerio, as co-lead counsel, helped secure an $80 million settlementfrom French-German drug maker Aventis Pharmaceuticals and the Andrx Corporation ofFlorida. The payment to consumers, state agencies and insurance companies settled claimsthat the companies conspired to prevent the marketing of a less expensive generic version ofthe blood pressure medication Cardizem CD. The state attorneys general of New York andMichigan joined the case in support of the class.

In re Toys "R" Us Antitrust Litig., MDL 1211 (E.D.N.Y.). The California office negotiated a $62million settlement to answer claims that the retailer violated laws by colluding to cut off or limitsupplies of popular toys to stores that sold the products at lower prices. The case developedthe antitrust laws with respect to a "hub and spoke" conspiracy, where a downstream powerseller coerces upstream manufacturers to the detriment of consumers. One component of thesettlement required Toys "R" Us to donate $40 million worth of toys to needy childrenthroughout the United States over a three-year period.

In re New Motor Vehicles Canadian Export Antitrust Litigation, 03-md-1532 (D. Me). BermanDeValerio is lead counsel and represents car buyers in litigation against automobilemanufacturers and dealer associations. The litigation includes a federal multidistrict action inthe U.S. District Court for the District of Maine as well as state court actions in Arizona,California, Florida, New Mexico, Tennessee and Wisconsin. The lawsuits allege that thedefendants conspired to reduce competition in the U.S. car market by preventing cheaper, yetvirtually identical, cars from being exported from Canada to the United States during the 2000

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to 2003 time period. Plaintiffs reached partial settlements with Toyota and the CanadianAutomobile Dealers' Association for a total of $35.7 million, which are pending final approval inthe District of Maine. The federal court granted summary judgment to the remaining non-settling defendants. Litigation continues, however, against certain automakers in the relatedstate court actions, such as In re Automobile Antitrust Cases I and II, JCCP Nos. 4298 and 4303,pending in the Superior Court of California for the County of San Francisco.

In re NASDAQ Market-Makers Antitrust Litig., 94cv3996 (S.D.N.Y). The firm played a significantrole in one of the largest antitrust settlements on record in a case that involved alleged price-fixing by more than 30 NASDAQ Market-Makers on about 6,000 NASDAQ-listed stocks over afour-year period. The settlement was valued at nearly $1 billion.

In re Buspirone Antitrust Litig., MDL 1413 (S.D.N.Y). Berman DeValerio attorneys played a keyrole in obtaining a $535 million agreement from Bristol-Myers Squibb Co. to partially settleclaims that the drug company illegally blocked generic competition for its anxiety medication,BuSpar.

In re Abbott Laboratories Norvir Antitrust Litig., 04-1511, 04-4203, (N.D. Cal.). BermanDeValerio acted as co-lead counsel in a case on behalf of indirect purchasers alleging that thedefendant pharmaceutical company engaged in an illegal leveraged monopoly in the sale of itsAIDS boosting drug known as Norvir (or Ritanovir). Plaintiffs were successful through summaryjudgment, including the invalidation of two key patents based on prior art, but were reversedon appeal in the Ninth Circuit as to the leveraged monopoly theory. The case settled for $10million, which was distributed net of fees and costs on a cy pres basis to 10 different AIDSresearch and charity organizations throughout the United States.

Automotive Refinishing Paint Antitrust, J.C.C.P. No. 4199 (Sup. Cal.). In this class action, indirectpurchaser-plaintiffs brought suit in California State Court against five manufacturers ofautomotive refinishing coatings and chemicals alleging that they violated California law byunlawfully conspiring to fix paint prices. Settlements were reached with all defendants totaling$9.4 million, 55% of which was allocated among an End-User Class consisting of consumers anddistributed on a cy pres, or charitable, basis to thirty-nine court-approved organizationsthroughout California, and the remaining 45% of which was distributed directly to a RefinishingClass consisting principally of auto-body shops located throughout California.

Leadership Roles

The firm currently acts as lead or co-lead counsel in dozens of high-profile securities andantitrust class actions and also represents investors in individual actions, ERISA cases andderivative cases.


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SECURITIES CLASS ACTIONS

The following is a list of active securities class action cases in which the firm serves as lead orco-lead counsel or as executive committee member.

• In re General Electric Sec. Litig., 09-cv-1951 (S.D.N.Y.) — Lead Counsel.

• In re IndyMac Mortgage-Backed Litig., 09-cv-4583 (S.D.N.Y.) — Lead Counsel.

• In re The Bear Stearns Cos. Inc. Sec., Derivative and ERISA Litig., Master File No. 08-MDLNo. 1963 / 08 Civ. 2793 (S.D.N.Y). — Co-lead Counsel.

• In re Fannie Mae 2008 Sec. Litig., 08-cv-7831 (S.D.N.Y.) — Co-lead Counsel.

• In re Par Pharmaceutical Sec. Litig., 06cv03226 (D.N.J.) — Member of the ExecutiveCommittee.

• Hwang v. Smith & Wesson Holding Corp., et at, 07cv30238 (D. Mass.) — Lead Counsel.

• In re Bank United Sec. Litig., 08 CIV 22572 (S.D. Fla.) — Lead Counsel.

INDIVIDUAL SECURITIES CASES

The following are individual securities "opt-out" cases in which the firm acts as plaintiffs'counsel for major institutional investors.

• California Public Employees' Retirement System v. Moody's Corp., CGC-09-490241 (Cal.Super. Ct., SF Cty.) — Plaintiff's Counsel.

• Florida State Bd. Of Admin. v. American Inel Group, Inc., 05-CIV-7886 (S.D.N.Y.) —Plaintiffs' Counsel.

• Fresno Ct. Employees' Ret. Ass'n v. Countrywide Fin. Corp., CV-11-00811 (C.D. Cal.) —Plaintiffs' Counsel.

• State Treasurer of the State of Michigan v. Countrywide Fin. Corp., CV-11-00809 (C.D.Cal.) — Plaintiffs' Counsel.

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ANTITRUST CLASS ACTIONS

The following is a list of active antitrust securities class action cases in which the firm serves aslead or co-lead counsel or as an executive committee member.

• Carlin v. DairyAmerica, Inc., 09-CV-00430 (E.D. Cal.) — Member of the Interim ExecutiveCommittee and Liaison Counsel.

• In re New Motor Vehicles Canadian Export Antitrust Litig., 03-MD-1532-P-H (D. Me.) —Lead Counsel.

• In re Online DVD Rental Antitrust Litig., 09-MD-2029 (N.D. Cal.) — Co-lead Counsel.

Trial Experience

The firm has significant experience taking class actions to trial. Over the years, BermanDeValerio's attorneys have tried cases against pharmaceutical companies in courtrooms in NewYork and Boston, a railroad conglomerate in Delaware, one of the nation's largest trustee banksin Philadelphia, a major food retailer in St. Louis and the top officers of a failed New Englandbank.

The firm has been involved in more trials than most of the firms in the plaintiffs' class actionbar. Our partners' trial experience includes:

• In re Metble Demutualization Litig., 00-Civ-2258 (E.D.N.Y.). This case settled for $50million after the jury was empanelled.

• White v. Heartland High-Yield Municipal Bond Fund, 00-C-1388 (E.D. Wis.). Firmattorneys conducted three weeks of a jury trial against final defendant, PwC, before asettlement was reached for $8.25 million. The total settlement amount was $23.25million.

• In re Disposable Contact Lens Antitrust Litig., MDL 1030 (M.D. Fla.). Settled for $60million with defendant Johnson & Johnson after five weeks of trial.

• Gutman v. Howard Savings Bank, 2:90cv02397 (D.N.J.). Jury verdict for plaintiffs afterthree weeks of trial in individual action. The firm also obtained a landmark opinionallowing investors to pursue common law fraud claims arising out of their decision toretain securities as opposed to purchasing new shares. See Gutman v. Howard SavingsBank, 748 F. Supp. 254 (D.N.J. 1990).

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• Hurley v. Federal Deposit Insurance Corp., 88cv940 (D. Mass.). Bench verdict forplaintiffs.

• Levine v. Fenster, 2cv895131 (D.N.J.). Plaintiffs' verdict of $3 million following four-weektrial.

• In re Equitec Sec. Litig., 90cv2064 (N.D. Cal.). Parties reached a $35 million settlement atthe close of evidence following five-month trial.

• In re ICN/Viratek Sec. Litig., 87cv4296 (S.D.N.Y.). Hung jury with 8-1 vote in favor ofplaintiffs; the case eventually settled for over $14.5 million.

• In re Biogen Sec. Litig., 94cv12177 (D. Mass.). Verdict for defendants.

• Upp v. Mellon, 91-5219 (E.D. Pa.). In this bench trial, tried through verdict in 1992, thecourt found for a class of trust beneficiaries in a suit against the trustee bank andordered disgorgement of fees. The Third Circuit later reversed based on lack ofjurisdiction.

OUR ATTORNEYS

Partners

DANIEL E. BARENBAUMA partner in the firm's San Francisco office, Daniel E. Barenbaum focuses his practice onsecurities litigation. His current cases include a landmark lawsuit brought by the CaliforniaPublic Employees' Retirement System against the major credit rating agencies in connectionwith the marketing of one of the largest, most complex structured finance securities everdevised, and a case against Fannie Mae and certain executives relating to risk controls used anddisclosed with regard to the company's mortgage portfolio.

Mr. Barenbaum was formerly a partner at a San Francisco law firm where he representedclients in securities and antitrust litigation, as well as in mass tort and employment class actionsand in multidistrict litigation. With a business degree in finance in addition to his law degree,Mr. Barenbaum has also worked for a financial services company, assisting clients withinvestment planning and risk mitigation.

Mr. Barenbaum earned his J.D. and M.B.A. degrees in 2000 from Emory University, where hereceived the business school award for Most Outstanding Academic Accomplishment. Heobtained his B.A. in English from Tufts University in 1994. Mr. Barenbaum was Notes andComments Editor for the Emory Bankruptcy Developments Journal for 1999-2000. He is the

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author of "Delineating Covered Class Actions Under SLUSA," Securities Litigation Report(December-January 2005), and Contributing Author to California Class Actions Practice andProcedures (Elizabeth J. Cabraser, Editor-in-Chief, 2003). Having successfully obtained his Series7 and 66 licenses, he was previously registered with the Securities and Exchange Commission asboth a broker-dealer representative and an investment advisor.

Mr. Barenbaum is admitted to practice law in the State of California.

NORMAN BERMANIn 1982, Norman Berman co-founded Berman DeValerio & Pease, LLP, a predecessor to BermanDeValerio. He focuses his practice principally on complex securities and antitrust litigation.

During the course of his career, Mr. Berman has litigated numerous cases to successfulresolution, recovering many millions of dollars on behalf of defrauded investors. He was amongthe lead attorneys in the ICG Communications, Inc. and Philip Services, Corp. class actions. Inthe class action against ICG Communications, he helped to successfully secure an $18 millionsettlement. Co-lead plaintiffs in the case alleged that ICG executives misled investors andmisrepresented ICG's growth, revenues and network capabilities throughout the class period.In the case against Philip Services, Mr. Berman assisted in recovering a $79.75 millionsettlement.

To date, that settlement includes the largest recovery ever obtained from a Canadian auditor.

Mr. Berman was also part of the team that achieved a $750 million recovery in Carlson v. XeroxCorp., in which the firm represented the Louisiana State Employees' Retirement System as co-lead counsel. The recovery ranked 10th among all securities class action settlements when itreceived final court approval in 2009.

Mr. Berman has acted as trial counsel in a number of successful cases, including Hurley et al v.Federal Deposit Insurance Corp., where the court entered an $18 million judgment against thefailed First Service Bank for Savings, and ICN Securities Litigation, which settled after trial formore than $14.5 million in 1996. The trial team's work in ICN prompted positive judicialcomment.

Prior to co-founding Berman DeValerio & Pease, LLP in 1982, Mr. Berman was associated withthe Boston-based general practice firms Barron & Stadfeld, P.C. and Harold Brown & Associates.

Mr. Berman graduated from Boston University in 1970 and from Suffolk University Law Schoolin 1974. While in law school, he was a member of the Public Defenders Group and, followinglaw school, was an intern with the Massachusetts Defenders Committee.

Mr. Berman is co-author of a chapter on expert testimony in a handbook on Massachusetts

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Evidence published by Massachusetts Continuing Legal Education. He is AV rated byMartindale-Hubbell.

Mr. Berman is admitted to practice law in the Commonwealth of Massachusetts, the State ofConnecticut and the U.S. Supreme Court.

JEFFREY C. BLOCKA partner in Boston, Jeffrey C. Block focuses his practice on securities litigation and is a memberof the New Case Investigations Team for institutional clients. He is a main point of contact formany of the firm's public fund clients, including the Illinois State Board of Investment, theMassachusetts Pension Reserves Investment Management Board and the Michigan StateRetirement Systems. Mr. Block is one of the firm's lead attorneys representing the MichiganSystems in the Bear Stearns Companies litigation stemming from the 2008 collapse of thecompany.

Mr. Block has worked on numerous securities cases as a lead attorney, obtaining recoveries forinvestors in the Lernout & Hauspie, Bristol-Myers Squibb, Symbol Technologies and PhilipServices class actions, among others. In Lernout & Hauspie and a related case, Quaak v. Dexia,S.A., Mr. Block and the case team recovered more than $180 million on behalf of formershareholders of Lernout & Hauspie Speech Products, N.V., a bankrupt Belgian softwarecompany. The recovery includes one of the largest settlements ever paid by an accounting firmin a securities action. Representing the Louisiana State Employees' Retirement System in theBristol-Myers Squibb_case, Mr. Block helped recover $300 million for the class. In PhilipServices, Mr. Block and the case team recovered a $79.75 million total settlement. To date,that settlement includes the largest recovery ever obtained from a Canadian auditor.

Prior to joining Berman DeValerio, Mr. Block was associated with the New York law firm ofPomerantz Haudek Block & Grossman, representing shareholders in class actions brought underthe federal securities laws and in state court actions involving claims of breach of fiduciary dutyby corporate directors.

Mr. Block graduated cum laude from the State University of New York at Albany in 1983 andreceived his J.D. in 1986 from Brooklyn Law School, where he finished in the top 10 percent ofhis class.

Mr. Block is admitted to practice law in the states of New York and Massachusetts. He is afrequent commentator on investor issues, appearing most recently on CNBC and WGBH-TV todiscuss the Bernard Madoff fraud. In April 2010, Mr. Block participated in a panel aboutsecurities litigation at the Capital Matters conference, which was sponsored by the Labor &Worklife Program at Harvard Law School.

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GLEN DEVALERIOGlen DeValerio was a co-founder in 1982 of Berman DeValerio & Pease, LLP, one of the lawfirms that formed Berman DeValerio in 2001. He is also the managing partner of the firm'sBoston office and oversees some of the firm's most important cases. As one of the leadattorneys in Carlson v. Xerox Corp., he helped negotiate a $750 million settlement, whichranked as the 10th largest securities class action settlement of all time when it received courtapproval in January 2009.

Mr. DeValerio is a primary point of contact for many of the firm's public fund clients, includingthe Massachusetts Pension Reserves Investment Management Board, the Louisiana StateEmployees' Retirement System, the Oklahoma Firefighters Pension & Retirement System, theOklahoma Police Pension & Retirement System and the Pennsylvania State Employees'Retirement System. He was trial counsel in In re Katy Indus. Sec. Litig., 85-CV-459 (D. Del. Aug.6, 1985).

Mr. DeValerio has prosecuted federal securities law violations, chiefly class and derivativeactions, since the early 1970s. A 1969 graduate of the University of Rhode Island, he receivedhis law degree in 1973 from the Catholic University Law School and served on the Catholic

University Law Review's editorial board for two years. In 1973 and 1974, he worked as a lawclerk to the Honorable June L. Green, U.S. District Court for the District of Columbia.

A frequent lecturer on complex securities litigation issues, Mr. DeValerio speaks at continuinglegal education seminars sponsored by groups such as PLI, ALI-ABA and the Boston BarAssociation. He served as the President of the National Association of Securities andCommercial Law Attorneys (NASCAT) from 1996 through 1998.

Mr. DeValerio has been admitted to practice law in the Commonwealth of Massachusetts aswell as the U.S. Districts Courts for the District of Columbia, Massachusetts, Delaware, NewHampshire and Connecticut. He has also been admitted to practice in the First and FourthCircuit Courts of Appeals. He is AV rated by Martindale-Hubbell.

KATHLEEN M. DONOVAN-MAHERKathleen M. Donovan-Maher became a partner at the firm in 1999 and focuses her work inBerman DeValerio's securities practices.

Ms. Donovan-Maher was a principal attorney in a securities class action involving AmericanHome Mortgage, in which Berman DeValerio acted as co-lead counsel on behalf of theOklahoma Police Pension and Retirement System. The firm negotiated a $37.25 millionsettlement in that case, despite the complications posed by bankruptcy. The settlementreceived final approval in January 2010.

During her career, Ms. Donovan-Maher has successfully helped to prosecute numerous class

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actions. She served as discovery captain in the NASDAQ Antitrust Litigation and was a memberof the trial team in the ICN/Viratek Sec. Litig., which settled for $14.5 million when the jurydeadlocked at the conclusion of the 1996 trial. Other cases in which Ms. Donovan-Maher hasplayed a chief role include, but are not limited to, Enterasys Networks and Ski//Soft. In bothcases, Ms. Donovan-Maher's efforts helped achieve significant financial recoveries forrepresenting public retirement systems, the Los Angeles County Employees RetirementAssociation and the Teachers' Retirement System of Louisiana, respectively.

In addition to a monetary award, the Enterasys Networks settlement also included corporategovernance improvements, requiring the company to back a proposal to eliminate its staggeredboard of directors, allow certain large shareholders to propose candidates to the boardand expand the company's annual proxy disclosures.

Ms. Donovan-Maher graduated from Suffolk University magna cum laude in 1988, receiving aB.S. degree in Business Administration and earning an award for maintaining the highest gradepoint average among students with concentrations in Finance. She graduated from SuffolkUniversity Law School three years later after serving two years on the Transnational LawReview.

A member in good standing of the state bar of Massachusetts, Ms. Donovan-Maher is admittedto practice law in the U.S. District Court of Massachusetts and the U.S. Court of Appeals, FirstCircuit. She is AV rated by Martindale-Hubbell.

Ms. Donovan-Maher is a frequent author on continuing legal education issues for such groupsas ALI-ABA and PLI. She is also a member of Phi Delta Phi, Delta Mu Delta National HonorSociety in Business Administration and Omicron Delta Epsilon International Honor Society ofEconomics.

PATRICK T. EGANA partner in Boston, Patrick T. Egan focuses his practice on securities litigation. Mr. Egan iscurrently one of the firm's lead attorneys representing the Michigan State Retirement Systemsin the Bear Stearns Companies litigation stemming from the 2008 collapse of the company.

Mr. Egan has worked on a number of important cases, including Lernout & Hauspie and therelated case, Quaak v. Dexia, S.A. Those cases stem from a massive accounting fraud scheme atLernout & Hauspie Speech Products, N.V., a bankrupt Belgian software company. As co-leadcounsel, the firm recovered more than $180 million on behalf of former Lernout & Hauspieshareholders.

Prior to joining the firm in 1999 and being named partner in 2006, Mr. Egan worked at the U.S.Department of Labor, where he served as an attorney advisor for the Office of AdministrativeLaw Judges.

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Mr. Egan received a B.A. in Political Science cum laude from Providence College in 1993. In1997, he graduated cum laude from Suffolk University Law School.

While at Suffolk, Mr. Egan served on the editorial board of the Suffolk University Law Reviewand authored a note entitled, "Virtual Community Standards: Should Obscenity Law Recognizethe Contemporary Community Standard of Cyberspace" 30 Suffolk University L. Rev. 117(1996).

Mr. Egan is admitted to practice law in the states of Massachusetts, Connecticut and New York,as well as the U.S. District Court of Massachusetts. He is also admitted to practice before theU.S. Courts of Appeals in the First and Fourth Circuits.

CHRISTOPHER T. HEFFELFINGERChristopher T. Heffelfinger focuses on antitrust and securities cases and has litigated classactions in the high-tech, real estate, pharmaceutical, gasoline and manufacturing industries.

Cases that Mr. Heffelfinger has litigated include the following:

Christopher T. Heffelfinger focuses on securities and antitrust cases and has litigated classactions in the high-tech, real estate, pharmaceutical, gasoline and manufacturing industries.

Cases that Mr. Heffelfinger has litigated include the following:

• Co-lead counsel in In re Reformulated Gasoline & Patent Litigation. The court grantedfinal approval of a $48 million settlement in a case alleging that Unocal violated theCartwright Act by entering into unlawful combinations with standard-settingorganizations, refiners and independent contractors by manipulating the California AirResources Board rule-making proceedings regarding emissions standards forreformulated gasoline. The court approved the settlement on a cy pres basis to beapplied toward: (1) a California statewide automobile repair and scrap program toreduce emissions of hydrocarbons, oxides of nitrogen and particulate matter; and (2) anopen-grant program for projects demonstrating fuel or clean air emissions benefits.

• Liaison counsel in In re LDK Solar Company Securities Litigation (N.D. Cal.), alleging aninventory accounting fraud by LDK Solar Company and its principal officers involving theaccounting treatment of different grades of poly silicon used in the production of solarpanels. Actively participated in all phases of discovery including, but not limited to,deposition practice in Hong Kong, expert work, summary judgment and trialpreparation. The Honorable William H. Alsup gave final approval to a settlementtotaling $16 million.

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• One of two co-lead counsel on behalf of OpenTV shareholders in Federal Court (SanFrancisco) who challenged a proposed buyout transaction (the "Transaction"), initiatedby the controlling shareholders. Co-lead counsel negotiated a settlement that, amongother things, obtained additional disclosures and removed coercive elements from theTransaction. The Honorable Marilyn H. Patel gave final approval to the settlement onNovember 15, 2010.

• Lead Counsel for reseller indirect purchasers in In re Static Random Access Memory(SRAM) Antitrust Litigation in settlement fund allocation proceedings.

• Executive committee member and liaison counsel in In re Dynamic Random AccessMemory (DRAM) Antitrust Litigation. This antitrust case alleged a conspiracy by majormanufacturers of dynamic random access memory chips to fix prices over a four-yearperiod. Settlements totaling $320 million were approved by the court.

• Co-Lead counsel in In re Norvir Antitrust Litigation, (N.D. Cal.), a case on behalf ofindirect purchasers alleging that the defendant pharmaceutical company had engaged inan illegal leveraged monopoly in the sale of its AIDS boosting drug known as Norvir (orRitanovir). Plaintiffs were successful through summary judgment, including theinvalidation of two key patents based on prior art, but were reversed on appeal in theNinth Circuit as to the leveraged monopoly theory. The case settled for $10 million,which was distributed net of fees and costs on a cy pres basis to 10 different AIDSresearch and charity organizations throughout the United States.

• Co-lead counsel in In re Warnaco Securities Litigation. This securities fraud case allegedthat defendants had issued materially false and misleading financial statements byvastly overstating the value of inventory that should have been written off inaccordance with Generally Accepted Accounting Principles. The case settled for $12million following a reversal in the Second Circuit in favor of plaintiffs.

• Co-lead counsel in In re: Toys 'R Us Antitrust Litigation. The firm represented toy-purchaser consumers in multidistrict litigation alleging that Toys 'R Us conspired withcertain toy manufacturers, in contravention of federal antitrust laws and various stateunfair competition statutes, not to sell certain popularly promoted toys to deepdiscount retailers, such as Costco. A settlement with a combined value of $56 millionconsisted of a cash component of $20 million and a cy pres component of $36 million intoys distributed to charitable organizations and needy children in each of the 50 statesby the Marine Corps Toys for Tots Foundation.

• Co-lead counsel in In re Valence Technology Securities Litigation. This securities fraudcase alleged that Valence Technology failed to disclose material facts concerning the

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energy densities and performance characteristics of a new solid polymer lithium battery.A settlement of $20.5 million in cash and stock was achieved.

• Co-lead counsel for auto-body shops in In re Autopaint Antitrust Litigation. TheCalifornia antitrust unfair business practices case alleged a price-fixing conspiracyamong paint manufacturers, and settlements totaling $10 million were achieved.

• Co-lead counsel in In re Won Securities Litigation. This securities fraud case in theEastern District of Washington alleged that Itron had failed to disclose material factsconcerning the performance of its encoder-receiver-transmitter devices. A settlementof $13 million was achieved.

Prior to joining the firm, Mr. Heffelfinger practiced securities and bankruptcy/commerciallitigation for nine years with two other firms in San Francisco and in Mann County, California.Mr. Heffelfinger left the practice of law for nearly one year, from December 1990 — September1991, when he was recalled as a rifle company officer (Captain) in the U.S. Marine Corps insupport of Operations Desert Shield/Storm. In recent years, Mr. Heffelfinger has performed probono work for both the YWCA Legal Information Clinic in Mann County (before its closure) andthe Episcopal Church in Sausalito. Mr. Heffelfinger is currently a member of the board of theLegal Aid Society-Employment Law Center in San Francisco.

Mr. Heffelfinger is a 1984 graduate of the University of the San Francisco School of Law, wherehe was a member of the University of San Francisco Law Review. He graduated from ClaremontMen's College in 1977 with a B.A. in Economics. He has lectured periodically on discoverymatters, including electronically stored information, deposition practice, and evidentiaryfoundations in commercial litigation. For 2009, 2010 and 2011, Mr. Heffelfinger was named aSuper Lawyer by Northern California Super Lawyers Magazine. He has an AV ® Preeminentrating from Martindale-Hubbell.

NICOLE LAVALLEEA partner in San Francisco, Nicole Lavallee focuses her practice on securities and derivativelitigation and is an integral member of the firm's New Case Investigations Team for institutionalclients. The team investigates potential securities law violations to determine whether a casemeets the firm's exacting standards. Ms. Lavallee is also a member of the Firm's executivecommittee.

Ms. Lavallee is also a contact for a number of the firm's institutional clients, including theOrange County Employees Retirement System, the Los Angeles County Employees RetirementAssociation, the Arizona State Retirement System, the Arizona Public Safety PersonnelRetirement System, the Wyoming Retirement System and the Wyoming State Treasurer. Shehas prosecuted a number of the firm's high-profile securities fraud cases. For example, she is alead attorney representing the Massachusetts Laborers' Pension Fund as co-lead plaintiff in a

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class action alleging that International Rectifier Corp. and certain of its former officers anddirectors manipulated the company's financial results. The case settled for $90 million in 2009and was granted final court approval in February 2010. Ms. LavaIlee was also the lead attorneyrepresenting the Louisiana Municipal Police Employees' Retirement System as co-lead plaintiffin the KLA-Tencor Corp. options-backdating class action, which recently settled for $65 million.At the conclusion of the case, Judge Charles R. Breyer praised plaintiffs' counsel for "workingvery hard" in exchange for an "extraordinarily reasonable" fee. "I appreciate the fact thatyou've done an outstanding job, and you've been entirely reasonable in what you've done," hesaid.

Ms. LavaIlee was also the partner responsible for the day-to-day prosecution of a derivativeinsider trading action against Lawrence J. Ellison, the Chief Executive Officer of OracleCorporation, which resulted in changes to the company's insider trading policies. As part of the2005 settlement negotiated by plaintiffs' counsel, Mr. Ellison agreed to make $100 million incharitable donations in Oracle's name and pay plaintiffs' attorneys' fees and expenses. At thehearing on summary judgment, the judge praised Ms. Lavallee's work, stating: "Ms. Lavallee, Ijust wanted to tell you I thought your brief was excellent."

Ms. Lavallee also represented, as local counsel, the state employee retirement systems ofColorado, Minnesota and Utah in a successful opt-out action against McKesson/HBOC broughtin San Francisco Superior Court. Though the details of the settlement are confidential, theseclients obtained results that far exceed their pro-rata share of the corresponding class action.

Ms. Lavallee is a 1989 graduate of the French Civil Law School at Universite de Montreal inMontreal and obtained her Common Law degree from Osgoode Hall Law School in Toronto.She is a member of the State Bar of California and admitted to practice in all the district courtsof California and the Ninth Circuit. She is AV rated by Martindale-Hubbell.

MICHAEL J. PUCILLOMichael J. Pucillo has been a member of the Florida Bar since 1978, and is admitted to practicebefore the United States Courts of Appeal for the Fifth and Eleventh Circuits and the UnitedStates District Courts for the Southern and Middle Districts of Florida.

Mr. Pucillo is a member of the Southern District of Florida Trial Bar. During 1989-1990, heserved as President of the Gold Coast Chapter of the Federal Bar Association.

He has served from 1994 to 1997 as Chairman of the Palm Beach County Bar AssociationFederal Court Practice Committee.

He is a graduate of Williams College (1975) and Georgetown University Law School (1978).

Mr. Pucillo has lectured frequently on class actions and litigation. In 1994, Mr. Pucillo became a

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member of the faculty of the College of Advanced Judicial Studies, where he taught "Managingthe Complex Civil Case" to Florida Circuit Court judges, in 1994, 1996 and 2002. He has been aneducational sustainer of the Council of Institutional Investors since 1999 and has lectured atseveral Council meetings on securities litigation issues.

He also appeared on the PBS Nightly Business Report on issues relating to investor fraud.

From 1978 to 1979, Mr. Pucillo served as law clerk to the Honorable Charles B. Fulton, UnitedStates District Judge for the Southern District of Florida. From 1979 to 1981, Mr. Pucillo servedas law clerk to the Honorable William J. Campbell, Senior United States District Judge for theNorthern District of Illinois. In 1983 and 1984 he was an attorney in the Division ofEnforcement of the SEC in Washington, D.C.

Mr. Pucillo, as counsel to court-appointed bond purchaser class representatives, was one of theattorneys who prosecuted bond purchaser claims in the WorldCom Securities Litigation in theSouthern District of New York. That litigation resulted in a $6.13 billion settlement.

Mr. Pucillo also represented the Florida State Board of Administration in its lead plaintiffapplication in the Enron Securities Litigation.

As part of a settlement of the UCAR International Securities Litigation in 1999, on behalf of leadplaintiff the Florida State Board of Administration, Mr. Pucillo negotiated significant corporategovernance changes that included the appointment of an outside director by the lead plaintiff,in addition to a significant monetary recovery.

Mr. Pucillo has prosecuted several securities cases arising out of energy trading. He served asco-lead and lead counsel in the El Paso Securities Litigation and the Reliant Securities Litigation,both in the Southern District of Texas. Those cases settled for $285 million and $75 million,respectively.

After serving on the firm's Executive Committee and as managing partner for the firm's Floridaoffice, Mr. Pucillo became Of Counsel to the firm on January 1, 2009. Mr. Pucillo continues tocounsel institutional clients and handle certain individual and class cases. He also serves as atrustee of the Robert Gaudino Memorial Fund at Williams College.

TODD A. SEAVERA partner in the San Francisco office, Todd A. Seaver litigates both antitrust and securitiesmatters, with a primary focus on antitrust litigation. He is a member of the antitrust practicegroup's new case development team, which investigates potential antitrust violations todetermine whether a case has merit.

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Mr. Seaver is currently involved in several cases, including In re New Motor Vehicles CanadianExport Antitrust Litigation, in which Berman DeValerio is lead counsel. The case alleges thatmajor auto manufacturers unlawfully conspired to stop the export of cheaper new Canadianvehicles into the United States for use or resale. The case has partially settled with ToyotaMotor Sales U.S.A. for $35 million, pending court approval. Mr. Seaver is one of the leadcounsel in Online DVD Rental Antitrust Litigation and also worked on a number of the firm'shigh-profile cases including Cardizem CD, still the leading generic drug competition case, whichsettled in 2003 for $80 million.

Mr. Seaver is also extensively involved in a securities fraud case against the three major creditrating agencies, CalPERS v. Moody's Corp. The case, filed on behalf of the nation's largest statepension fund, the California Public Employees' Retirement System, is landmark litigation thatseeks to hold the rating agencies financially responsible for alleged negligentmisrepresentations in rating structured investment vehicles.

Mr. Seaver was previously associated with the law firm Devine, Millimet & Branch, P.A., wherehe practiced commercial litigation. He was also an adjunct Professor of Law with the NewEngland School of Law in 2003.

Mr. Seaver graduated magna cum laude from Boston University in 1994 with a B.A. inInternational Relations. He earned a M.Sc. from the London School of Economics in 1995 andgraduated cum laude from the American University Washington College of Law in 1999.

While in law school, Mr. Seaver served as a law clerk at the Federal Trade Commission's Bureauof Competition and as a judicial extern for the Honorable Ricardo M. Urbina, U.S. District Courtfor the District of Columbia.

Mr. Seaver has been admitted to practice law in the states of California, Massachusetts andNew Hampshire. He is also a member of the American Bar Association's Antitrust Section.

LESLIE R. STERNA partner in Boston, Leslie R. Stern heads the New Case Investigations Team for institutionalclients. The team investigates possible securities law violations, gauging clients' damages andevaluating the merits of cases to determine the best course of legal action.

In her role with the New Case Investigations Team, Ms. Stern oversees a portfolio monitoringprogram that combines the power of an online loss calculation system with the hands-on workof a dedicated group of attorneys, investigators and financial analysts. Her case developmentduties include preparing detailed case analyses and recommendations, and advising clients ontheir legal options.

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Ms. Stern is also the primary contact for several public and union funds, including the BrocktonContributory Retirement System, the Massachusetts Laborers' Pension Fund, the EmployeesRetirement System of the City of St. Louis and the Louisiana School Employees' RetirementSystem. She is a seasoned litigator with more than a decade of experience on cases such asCarlson v. Xerox Corp., in which Berman DeValerio represented the Louisiana State Employees'Retirement System as co-lead counsel. Upon approval in January 2009, the $750 million Xeroxsettlement ranked as the 10th largest securities class action recovery of all time. Ms. Stern alsoworked on In re Bristol Myers-Squibb Sec. Litig., which settled for $300 million, and In re Zila Inc.Sec. Litig., which settled for $5.75 million.

Prior to joining Berman DeValerio in 1998 and being named partner in 2003, Ms. Sternpracticed general civil litigation. She earned a B.S. degree in Finance from American Universityin 1991 and graduated cum laude from Suffolk University Law School in 1995.

While at Suffolk, Ms. Stern served on the Suffolk University Law Review's editorial board andauthored three publications.

Ms. Stern has been admitted to practice law in the Commonwealth of Massachusetts and theU.S. District Court of Massachusetts. She has also been admitted to practice in the First andFourth Circuits of the U.S. Courts of Appeals.

JOSEPH J. TABACCO, JR.Joseph J. Tabacco, Jr. is the managing partner of Berman DeValerio's San Francisco office. A1974 honors graduate of George Washington University School of Law, he actively litigatesantitrust, securities fraud, commercial high tech and intellectual property matters.

Mr. Tabacco is a primary point of contact for many of Berman DeValerio's institutional clients,including the California Public Employees' Retirement System, the California State Teachers'Retirement System, the Offices of the Attorneys General of Alaska, Michigan and other states.

Since entering private practice in the early 1980s, Mr. Tabacco has served as trial or leadcounsel in numerous antitrust and securities cases and has been involved in all aspects of stateand federal litigation. Prior to 1981, Mr. Tabacco served as senior trial attorney for the U.S.Department of Justice, Antitrust Division in both the Central District of California and theSouthern District of New York. In that capacity, he had major responsibility for several criminaland civil matters, including the antitrust trial of U.S. v. IBM. Since entering private practice, hehas tried a number of securities actions, including Gutman v. Howard Savings Bank and In reEquitec Sec. Litig.

Mr. Tabacco is currently overseeing a number of securities and antitrust cases, includingCalPERS v. Moody's Corp., a pioneering attempt to hold credit rating agencies financiallyresponsible for their alleged negligence in rating structured investment vehicles; In re New

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Motor Vehicles Canadian Export Antitrust Litig., a massive case against the large automanufacturers; and a class action against diamond giant DeBeers.

In addition to his role providing legal counsel to public pension and union fund clients, Mr.Tabacco is an independent director of Overstock.com , a publicly traded company, and serves onits Audit and Compensation Committees. He also frequently lectures and authors articles onsecurities and antitrust law issues and is a member of the Advisory Board of the Institute forConsumer Antitrust Studies at Loyola University Chicago School of Law. Mr. Tabacco is also aformer teaching fellow of the Attorney General's Advocacy Institute in Washington, D.C., andhas served on the faculty of ALI-ABA on programs about U.S.-Canadian business litigation andtrial of complex securities cases.

Mr. Tabacco was most recently named to two committees of the United States District Courtfor the Northern District of California by the Court's Chief Judge: (1) the Magistrate Judge MeritSelection Panel for the Northern District of California; and (2) the Northern District of CaliforniaModel Protective Order Revision Committee.

For the third year in a row, he has been among the top U.S. securities litigators ranked byChambers USA 2009 and is also AV rated by Martindale-Hubbell. Mr. Tabacco has beenrecognized and featured by the Daily Journal as one of California's top 30 securities litigators, agroup chosen from both the plaintiff and defense bars. Additionally, for eight consecutiveyears, Mr. Tabacco has been named a Super Lawyer by Northern California Super LawyerMagazine, which features the top 5 percent of attorneys in the region.

Mr. Tabacco has been admitted to practice law in the states of California, Massachusetts, NewYork and the District of Columbia (currently inactive).

BRYAN A. WOODA partner in Boston, Bryan A. Wood focuses his practice on securities litigation and is a memberof the firm's New Case Investigations Team for institutional clients.

Mr. Wood is currently overseeing a number of securities cases, including Fannie Mae, Smith &Wesson Holding Corp. and Massachusetts Mutual Life Insurance Company, which alleges thatthe insurance company failed to protect investors in hedge funds it controls from losses inBernard L. Madoff's Ponzi scheme.

He also worked extensively on the Carlson v. Xerox Corp. litigation. In this case, representingthe Louisiana State Employees' Retirement System, Berman DeValerio received final courtapproval for a $750 million settlement in January 2009. Mr. Wood was responsible formanaging and supervising the firm's discovery process in the Xerox case.

Mr. Wood joined Berman DeValerio as an associate in 2002 and became a partner in 2009.

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Prior to joining the firm, Mr. Wood was a litigation associate at both Montgomery, McCracken,Walker & Rhoads, LLP in Philadelphia and Schnader Harrison Segal & Lewis in Boston. As anassociate at those firms, he represented corporations and directors in shareholder and otherclass action lawsuits. He also represented businesses and municipalities in general contract andemployment discrimination cases.

Mr. Wood graduated cum laude from the University of Massachusetts in 1991 with a B.A. inSociology. In 1995, he earned an M.S. summa cum laude in Public Policy from the EagletonInstitute of Politics at Rutgers University and graduated cum laude from the Temple UniversityBeasley School of Law in 1998. While in law school, he was the Managing Editor of the TempleLaw Review and a board member of the Temple Law Moot Court Honor Society. In addition,Mr. Wood completed a one-year internship for the Honorable Edward R. Becker, then ChiefJudge for the U.S. Court of Appeals for the Third Circuit. In 2007, Massachusetts Super Lawyersmagazine named him a "Rising Star" in recognition of his expertise and work in securitieslitigation.

Mr. Wood is admitted to practice law in the Commonwealths of Massachusetts andPennsylvania (voluntarily inactive as of 2005).

He is also admitted to the U.S. District Courts for the Districts of Massachusetts, Colorado andEastern Pennsylvania, as well as the U.S. Court of Appeals for the First Circuit. Additionally, Mr.Wood is a member of the Boston Bar Association and the American Bar Association.

Associates

DARYL DEVALERIO ANDREWS

Daryl DeValerio Andrews, an associate in the Boston office, focuses her practice on securitieslitigation. Her work is currently focused on the firm's cases against Bank United and Smith &Wesson Holding Corp.

Prior to joining the firm as an associate in 2009, Ms. Andrews was a litigation associate atSherin and Lodgen LLP, where she practiced civil litigation with an emphasis on bankruptcy andreal estate litigation, and employment law.

After graduating from Boston University School of Law in 2003, Ms. Andrews clerked for JudgeMichael A. Ponsor, U.S. District Court, District of Massachusetts. During law school, she servedon the Public Interest Law Journal and was a legal intern for the U.S. Attorney's Office, CivilDivision, where she drafted dispositive motions for a variety of cases and researched legalissues for briefs and motions. She also interned for two years at Shelter Legal Services, assistinglow-income clients on legal matters such as housing, credit, employment and family law issues.

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Ms. Andrews earned a B.A. in Education from Smith College in 1997.

Ms. Andrews was named a "Rising Star" in 2007 and 2008 by Massachusetts Super LawyersMagazine.

Ms. Andrews is admitted to practice law in the Commonwealth of Massachusetts and the U.S.District Court of Massachusetts.

STEVEN J. BUTTACAVOLIAn associate in the firm's Boston office, Steven J. Buttacavoli focuses his practice on securitieslitigation.

Prior to joining Berman DeValerio in 2009, Mr. Buttacavoli worked as an associate at Foley HoagLLP in Boston, where he defended securities class actions and Securities and ExchangeCommission enforcement actions, conducted internal investigations, responded to criminalinvestigations by the United States Attorney's Office and advised clients in connection withlitigation risk analysis and mitigation strategies.

Mr. Buttacavoli earned an A.B. in International Relations from the College of William & Maryand a Master of Public Policy degree from Georgetown University. In 2001, he earned his J.D.magna cum laude from the Georgetown University Law Center, where he was a member of theOrder of the Coif. Mr. Buttacavoli was also a Senior Articles and Notes Editor for the AmericanCriminal Law Review.

Mr. Buttacavoli is admitted to practice in the state and federal courts of the Commonwealth ofMassachusetts and the United States Court of Appeals for the First Circuit.

MARK DELANEYAn associate in the Boston office of Berman DeValerio, Mark Delaney focuses his practice onantitrust litigation matters. Prior to joining the firm in 2010, Mr. Delaney worked as a contractattorney for several prominent Boston law firms, including Berman DeValerio. Prior to that, Mr.Delaney was an associate at Wilmer Hale, LLP, where his practice areas included antitrust andsecurities litigation.

Mr. Delaney received a B.A. in Political Science summa cum laude from Tulane University in1998. In 2001, he graduated magna cum laude from Boston University School of Law.

Mr. Delaney is admitted to practice law in the Commonwealth of Massachusetts and the U.S.District Court of Massachusetts.

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KYLE G. DEVALERIOAn associate in the firm's Florida office, Kyle G. DeValerio is a member of the antitrust practice'snew case development team, which investigates potential antitrust violations to determine themerits of potential cases.

In addition to serving as a member of the new case development team, Mr. DeValerio works onantitrust and securities litigation. He was part of the team in Carlson v. Xerox Corp., whichsettled for $750 million.

Prior to joining the firm as an associate in 2004, Mr. DeValerio worked as a legal intern in theCivil Division of the U.S. Attorney's Office in Boston.

Mr. DeValerio is a 1999 graduate of Colby College, where he earned a B.A. in Government. Healso studied European Politics at the London School of Economics and Political Science. Hereceived his J.D. in 2004 from the Suffolk University School of Law. In 2010, Florida SuperLawyers magazine named him a "Rising Star."

Mr. DeValerio is admitted to practice law in the Commonwealth of Massachusetts, the State ofFlorida and the U.S. District Court of Massachusetts. He is also a member of the Palm BeachCounty Bar Association.

MARIE A. FOLEYMarie A. Foley, who focuses her practice on antitrust litigation, joined Berman DeValerio inSeptember 2010 after developing a broad range of legal expertise as a contract attorney atseveral prominent Boston firms. Prior to that, she was a senior associate handling civil andbanking litigation at a general practice law firm and a corporate consultant for a national rentalcompany.

Ms. Foley received a B.A. in Politics magna cum laude from Saint Anselm College in 1995. In1998, she graduated from Boston University School of Law, where she also earned a Certificatein Litigation and Dispute Resolution.

Ms. Foley is admitted to practice law in the Commonwealth of Massachusetts and the U.S.District Court of Massachusetts.

SARAH KHORASANEEAn associate in the firm's San Francisco office, Sarah Khorasanee focuses her practice onantitrust litigation. Ms. Khorasanee joined Berman DeValerio in 2010 after working as acontract attorney for the Department of Justice, Antitrust Division. Prior to that, she was anattorney volunteer with the City and County of San Francisco Office of the Public Defender andthe Eviction Defense Center.

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Ms. Khorasanee earned a B.A. in Communications from the University of California at San Diegoin 2002 and a J.D. from the New England School of Law in 2008.

While in law school, Ms. Khorasanee worked as a judicial extern to the Honorable Eric Taylor,Superior Court of California, County of Los Angeles.

She is admitted to practice in the State of California.

JASON M. LEVITONAs an associate in the Boston office of Berman DeValerio, Jason M. Leviton focuses his practiceon securities litigation matters and is a member of the firm's New Case Investigations Team forinstitutional clients. He is also on the team prosecuting the class action case against Smith &Wesson Holding Corp.

Prior to joining Berman DeValerio in March 2009, Mr. Leviton was a member of the SecuritiesFraud/Investor Protection group at another plaintiffs' securities law firm in Washington, D.C.Mr. Leviton was involved in litigating several high-profile fraud cases, including: In re VerisignSecurities Litigation (N.D. Cal.), which settled for $78 million; Ong v. Sears Roebuck & Co. (N.D.III.), which settled for $15.5 million; Welmon v. Chicago Bridge & Iron (S.D.N.Y.), which settledfor $10.5 million and certain corporate governance reforms; and Bovee v. Coopers & Lybrand(S.D. Ohio), which settled for $7.5 million. He also worked extensively on the firm's clientoutreach efforts. Mr. Leviton also gained valuable experience with a securities class-action firmin Florida.

Mr. Leviton attended Gonzaga University, where he received a B.A. in Philosophy in 2000 and aJ.D. cum laude in 2003. While in law school, he won the Linden Cup Moot Court competitionand was a member of the Editorial Board of the International Law Journal.

In 2004, Mr. Leviton also received a Master of Laws in Securities and Financial Regulations fromGeorgetown University Law Center.

While at Georgetown, he was the inaugural LL.M. student selected for an externship with theSecurities and Exchange Commission's Division of Enforcement.

Mr. Leviton is admitted to practice in the District of Columbia and the states of Washington andFlorida.

SCOTT A. MAYSAn associate in the firm's Boston office, Scott A. Mays focuses his practice on securitieslitigation matters.

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Mr. Mays came to Berman DeValerio in 2010 from Mintz, Levin, Cohn, Ferris, Glovsky andPopeo, P.C., where as a litigation associate he worked on a number of cases that resulted infavorable settlements for the firm's clients. Prior to that, he was a litigation associate atanother prominent Boston law firm, Skadden, Arps, Slate, Meagher & Flom, LLP.

Before becoming a practicing attorney, Mr. Mays was a judicial intern for Magistrate JudgeJudith G. Dein, U.S. District of Massachusetts and served as a legal intern at the MassachusettsDepartment of Public Health.

Mr. Mays earned a B.A. in Psychology from Boston University in May 2001 and a J.D. fromNortheastern University School of Law in 2005.

He is admitted to practice law in the Commonwealth of Massachusetts and the U.S. DistrictCourt of Massachusetts.

NATHANIEL L. ORENSTEINAn associate in the firm's Boston office, Nathaniel L. Orenstein focuses his practice on securitiesand antitrust litigation. He is currently working on antitrust cases, including LCD Flat Panel andon a consumer privacy case, AOL, against the online company.

In addition to Mr. Orenstein's legal practice at Berman DeValerio, he is on the Board ofDirectors for the Center for Insurance Research.

Prior to joining Berman DeValerio, Mr. Orenstein was a staff attorney for the Securities Divisionof the Office of the Secretary of the Commonwealth of Massachusetts. While there, hemonitored companies, investigated matters and pursued enforcement actions to detect andprevent fraud at hedge funds and related companies. Mr. Orenstein was also the lead attorneyon many investigations and actions against broker-dealers, investment advisors and others.

Prior to obtaining his J.D. from the New York University School of Law in 2005, Mr. Orensteinserved as a member of the mutual fund and insurance brokerage investigation teams for theOffice of the New York State Attorney General's Investment Protection Bureau. As a legalintern, he assisted with the Bureau's investigation work including, case planning, discovery andsettlement negotiation.

In addition to his work for the Commonwealth and for New York State, Mr. Orenstein was apolicy analyst, and was subsequently promoted to associate director, for the Center forInsurance Research, a consumer advocacy organization. In these roles, he participated incomplex litigation matters. He also testified in regulatory and legislative proceedings on behalfof policyholders concerning market conduct and insurance rate setting.

Mr. Orenstein is admitted to practice law in the Commonwealth of Massachusetts.

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MATTHEW D. PEARSONAn associate in the San Francisco office, Matthew D. Pearson focuses his practice on securitiesand antitrust litigation.

Mr. Pearson is currently working on several antitrust cases, including the In re New MotorVehicles Canadian Export Antitrust Litigation, an action alleging that major auto manufacturersunlawfully conspired to stop the export of cheaper new Canadian vehicles into the UnitedStates for use or resale. The case has partially settled with Toyota Motor Sales, U.S.A., Inc. for$35 million. The settlement requires court approval.

Prior to joining Berman DeValerio in 2005, Mr. Pearson earned a B.A. in Political Science in 1999from the University of California, Los Angeles, and a J.D. from the University of California, Davis,School of Law in 2004.

While in law school, Mr. Pearson completed the King Hall Public Service Law Program andworked as a legal intern assigned to a felony trial team at the Sacramento County DistrictAttorney's Office.

Mr. Pearson has been admitted to practice law in the State of California, as well as the UnitedStates District Courts for the Northern, Central and Southern Districts of California.

ANTHONY D. PHILLIPSAn associate in San Francisco, Anthony D. Phillips focuses his practice on securities and antitrustlitigation.

Mr. Phillips currently works on several securities and antitrust cases, including the In re NewMotor Vehicles Canadian Export Antitrust case.

Mr. Phillips received a combined honors B.A. in History and Politics from the University of York,in England. In 2008, he graduated cum laude from the University of San Francisco School ofLaw, where he was named to the McAuliffe Honor Society and received two CALI Awards forExcellence in Antitrust and Intellectual Property Law and in Legal Ethics. Mr. Phillips alsointerned for the Honorable Joanne C. Parrilli, California Court of Appeal.

Prior to attending law school, Mr. Phillips spent eight years working in the logistics industry,including two years as director of product management for a transportation software provider,Varsity Logistics, Inc.

In 2011, Mr. Phillips was named a Rising Star by Northern California Super Lawyer Magazine.

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Mr. Phillips is admitted to practice in the State of California and in U.S. District Courts in theNorthern, Central and Eastern Districts of California.

MATTHEW W. RUANAn associate in the firm's San Francisco office, Matthew W. Ruan focuses his practice onantitrust litigation.

Mr. Ruan currently works on the In re New Motor Vehicles Canadian Export Antitrust case,which alleges that major auto manufacturers unlawfully conspired to stop the export ofcheaper new Canadian vehicles into the United States for use or resale. The case has partiallysettled with Toyota Motor Sales U.S.A. for $35 million. The settlement requires court approval.

Prior to joining Berman DeValerio in 2008, Mr. Ruan worked as an associate at Heins Mills &Olson, P.L.C. in Minneapolis, Minnesota. He was also an intern in the U.S. Department ofJustice's Criminal Division and a judicial extern for the Honorable Blanche M. Manning, U.S.District Court of Northern Illinois.

Mr. Ruan earned an A.B. with honors in Anthropology from the University of Chicago and a J.D.from the University of Michigan Law School. While in law school, he was an Associate Editor ofthe Michigan Journal of International Law and a student attorney for the Michigan AppellateLaw Clinic.

Mr. Ruan is a member of the state bars of California and Minnesota. He is also admitted to theU.S. District Court of Minnesota.

BING ZHANG RYANAn associate in the firm's San Francisco office, Bing Zhang Ryan focuses her practice onsecurities and antitrust litigation. She is a member of the team litigating securities class actionsLDK Solar Company Ltd. and Massachusetts Mutual Life Insurance Company, which is related toBernard L. Madoff's Ponzi scheme.

Prior to joining Berman DeValerio in June 2009, Ms. Ryan gained broad-based civil litigationexperience, with an emphasis on securities class actions, at another plaintiffs' firm in SanFrancisco. She was a member of the litigation teams for high-profile securities cases, such asWorldCom, America West and Household International.

Ms. Ryan attended China Youth College for Politics, where she received a B.A. in PoliticalScience in 1991. She went on to receive her M.B.A., with a concentration in Finance andAccounting, from Loyola University of Chicago in 1996. Ms. Ryan received her J.D. in May 2003from the University of California at Berkeley Law School. She is fluent in Mandarin, Cantoneseand Shanghainese.

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Ms. Ryan is also a Certified Public Accountant and is admitted to practice law in the State ofCalifornia.

JUSTIN N. SAIFAn associate in the firm's Boston office, Justin N. Saif focuses his practice on securities litigation.He is currently working on the Bear Stearns Companies litigation.

Prior to joining Berman DeValerio in 2008, Mr. Saif worked as an associate at Foley Hoag LLP inBoston, where he focused on complex civil litigation including securities litigation andprofessional liability matters involving lawyers and accountants.

Mr. Saif earned an A.B. in Psychology from Harvard University in 1999 graduating cum laude. In2004 he earned a J.D. from the University of Chicago. While in law school, he worked at theMacArthur Justice Center, an impact litigation firm and legal clinic focused on reforming thecriminal justice system.

Mr. Saif is admitted to practice law in state and federal courts in Massachusetts and the U.S.Court of Appeals, First Circuit. He is a member of the American and Boston Bar Associations.

WHITNEY STREETAn associate in the firm's Boston office, Whitney Street focuses her practice on securitieslitigation. Prior to joining the firm in November 2010, Ms. Street was a litigation associate at aprominent law firm in New York, where she focused her practice on securities and antitrustclass actions. Ms. Street also worked as an associate for Pillsbury Winthrop LLP in SanFrancisco.

Ms. Street received a B.A. in Economics and Literature from the University of Virginia in 1999.In 2002, she received her J.D. from the University of Virginia School of Law. While in law school,Ms. Street was actively involved in the Legal Aid Society and also served on the editorial boardsof the Virginia Journal of Social Policy and the Law and the Virginia Journal of Law &Technology.

Ms. Street is admitted to practice in the states of California, Massachusetts, New York andTexas, as well as the U.S. District Court of Massachusetts. She is also admitted to practicebefore the Southern and Eastern Districts of New York.

Special Counsel

KEVIN SHELLEYKevin Shelley, special counsel to the firm, is a former California Secretary of State and StateAssembly leader recognized as an advocate for working people, consumers and investors.

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Mr. Shelley's political involvement began in 1978 as a staff member to U.S. Representatives Philand Sala Burton. He then played a key role in electing their successor, current Speaker of theU.S. House of Representatives Nancy Pelosi, in 1987. His own political career began in 1990,when he won a seat on the San Francisco Board of Supervisors.

Elected to the California State Assembly in 1996, he championed the rights of workers andfought to protect civil rights. Among his accomplishments, he improved conditions at nursinghomes, drafted new corporate accountability requirements and created a restitution fund forvictims of corporate fraud.

Mr. Shelley, who spent five of his six years in the State Assembly as Majority Leader, wonelection for Secretary of State in November 2002. As the state's Chief Election Officer, he iscredited with improving voter participation, calmly overseeing the historic recall election, anddecertifying problematic electronic voting machines.

Since 2005, Mr. Shelley has been representing consumers and plaintiffs in civil litigation.

He began working with Berman DeValerio in 2006. He earned a B.A. in Political Science fromthe University of California, Davis in 1978 and a law degree from the University of CaliforniaHastings College of the Law in 1983. A member of the California Bar, he is the son of JackShelley, a former San Francisco mayor, U.S. congressman and California state senator.

Of Counsel

C. OLIVER BURT, IllFor decades, C. Oliver Burt has worked to defend the interests of investors and fight againstcorporate fraud.

During the course of his extensive career, Mr. Burt has taken a number of cases to trial andappeal to obtain recoveries for defrauded investors.

In White v. Heartland High-Yield Municipal Bond Fund, for example, following three weeks oftrial against the funds' auditors, PricewaterhouseCoopers, Mr. Burt and the case team obtainedan $8.25 million settlement — an aggregate settlement of $23.25 million for the class. Mr. Burtwas also trial co-counsel for plaintiffs in Peil v. Speiser, a securities class action tried to verdict in1986, and argued the appeal. In its landmark opinion, the Third Circuit Court of Appealsadopted the "fraud-on-the-market" presumption of reliance as the law of the Circuit. He wasplaintiffs' lead trial counsel in Kumpis v. Wetterau and in Upp v. Mellon Bank. In addition, Uppv. Mellon Bank, a class action which involved an alleged breach of trust by a bank trustee, wastried to verdict in August 1992.

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He has argued appeals in class action cases in the Third, Eighth, Ninth and Eleventh Circuits andthe Delaware Supreme Court.

Prior to co-founding his firm in West Palm Beach in January 1994, Mr. Burt was a partner at aPhiladelphia law firm and in private practice from 1977 to 1993. During that period of time, hetried many cases and was engaged in commercial litigation including antitrust, securitieslitigation, unfair competition, white-collar criminal cases and general business litigation, as wellas plaintiffs' class actions.

Mr. Burt's tried cases included Callan, et at v. State Chemical Manufacturing Company, TheMader Group, Inc. v. Gekoski, Beta Consultants & Administrators v. Centennial Life Ins. Co. andU.S. v. Natale, a criminal RICO case, among others.

From 1971 to 1977, Mr. Burt was an Assistant U.S. Attorney for the Eastern District ofPennsylvania. He was appointed Chief of the Civil Division of that office in 1973. In that role,he managed and tried many matters including the Grand Jury investigation concerning thebankruptcy of the Penn Central Railroad, U.S. v. Rosenbaum. That case was tried by Mr. Burtfor approximately six weeks in a United States District Court in Philadelphia in the winter of1977. Before being promoted to Chief, Mr. Burt was an Assistant U.S. Attorney for severalyears, during which he prosecuted white-collar and other criminal cases involving securitiesfraud, mail fraud, wire fraud, "check-kiting," embezzlement of bank funds, interstatetransportation of stolen motor vehicles, income tax evasion, bank robbery, drug trafficking andother offenses. During that time period, among other cases, he also prosecuted U.S. v. BertramLazar, a Ponzi scheme.

In addition to his case work, Mr. Burt has been actively involved in a number of associations,authored materials and lectured on a variety of legal topics. From 1972 through 1985, he wasChairman of the Criminal Law Committee of the Philadelphia Bar Association Young Lawyers'Section Basic Legal Practice Course. He was an author and lecturer on various legal topicsincluding co-authoring materials on Punitive Damages in the Class Action context and lecturingon that subject at the seminar "Litigating Punitive Damages" presented by the AmericanConference Institute in New York in May 1995.

Mr. Burt graduated from Swarthmore College with a B.A. in History and earned his J.D. from theUniversity of Pennsylvania Law School.

He is a member of the Florida and Pennsylvania Bars, and is admitted to practice before theU.S. Supreme Court, the Third, Eighth, Ninth and Eleventh Circuit Court of Appeals and variousU.S District Courts. He is AV rated by Martindale-Hubbell.

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Mr. Burt co-founded Burt & Pucillo LLP, one of the firms that merged to form Berman DeValerioin 2001. After serving as a partner in the firm's Florida office, he became Of Counsel to the firmin January 2009.

MARC J. GREENSPONMarc J. Greenspon became Of Counsel to the firm in 2009 and concentrates his practice in thearea of antitrust litigation.

Mr. Greenspon, formerly an associate with the firm from 2003 to 2007, worked on significantantitrust, consumer and securities class actions before starting an independent law practicecounseling corporate clients. He maintains his independent law practice, which is not affiliatedwith the firm.

Mr. Greenspon earned an LL.M. in Securities and Financial Regulation from the GeorgetownUniversity Law Center in 2003, a J.D. from Nova Southeastern University in 2002, and a B.A.from the State University of New York at Buffalo in 1999. He co-authored "SecuritiesArbitration: Bankrupt, Bothered & Bewildered," 7 Stan. J. L. Bus. & Fin. 131 (2002).

Mr. Greenspon is admitted to practice law in the State of Florida, as well as in the U.S. DistrictCourts for the Southern District of Florida, Middle District of Florida and Northern District ofFlorida. Mr. Greenspon is a member of the American Bar Association Section of Antitrust Lawand the American Bar Association Committee on Derivatives and Futures Law.

KRISTIN J. MOODYKristin J. Moody is Of Counsel in the firm's Boston office, where she focuses her practice onsecurities litigation. She is currently working on litigation, including American Home Mortgageand International Rectifier Corp., which settled for $90 million in 2009 and was granted finalapproval by the court in February 2010.

Prior to joining Berman DeValerio in 2008, Ms. Moody practiced at Holland & Knight, LLP inBoston and Morrison & Foerster, LLP in San Francisco. While at Morrison & Foerster, Ms.Moody represented clients in complex commercial litigation matters with a focus on securitieslitigation.

At Holland & Knight, she represented clients in a range of white-collar criminal matters,government and regulatory investigations and complex civil litigation, including securitieslitigation. Ms. Moody has also represented clients in a number of pro bono matters, includingdiscrimination and political asylum cases.

Ms. Moody teaches Business Law at Fisher College in the School of Management and PublicAdministration and also sits on the Fisher College Advisory Board. She has published severalarticles in the areas of accounting fraud, securities class actions and derivative suits.

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Ms. Moody earned an LL.M. from New York University School of Law in 2003, a J.D. cum laudefrom Boston College Law School in 1999, and a B.A. in English and Legal Studies cum laude fromBucknell University in 1995. While in law school, she was Notes and Comments Editor of theBoston College International and Comparative Law Review and was active in the Women's LawCenter.

Ms. Moody is admitted to practice in the Commonwealth of Massachusetts and in the State ofCalifornia.

ANNE F. O'BERRYSince joining the firm in 2000, Anne F. O'Berry has specialized primarily in securities class actionlitigation, helping to achieve substantial recoveries for institutional investors in cases such as ElPaso, Lernout & Hauspie, Reliant, International Rectifier Corp., Sykes and WorldCom.

She has also assisted in several of the firm's antitrust, consumer protection, and ERISA cases,including Canadian Motor Vehicles, Citrus Canker, LCD Flat Panel, Marine Hose and State StreetBank and Trust Co., which received final approval in 2010 for an all-cash settlement of $89.75million. She is currently involved in the securities class actions Bear Stearns Companies., FannieMae and Smith & Wesson Holding Corp.

Ms. O'Berry began her legal career as a commercial litigation associate at the New York firm ofDebevoise & Plimpton, and thereafter worked as a staff attorney for a federally funded agencyrepresenting indigent death row inmates in state and federal post-conviction litigation, as co-director of a non-profit agency representing incarcerated battered women seeking executiveclemency, as a central staff attorney at Florida's Fourth District Court of Appeal, and as anadjunct professor at St. Thomas University Law School.

Ms. O'Berry has also served on several law-related committees, including serving as Secretaryof the Civil Rights Committee of the Association of the Bar of the City of New York.

She obtained her B.A. from the University of Pennsylvania in 1983, graduating summa cumlaude and Phi Beta Kappa, and earned her J.D. from New York University School of Law in 1986,where she was the director of the Women in Prison Project at Riker's Island, a member of theCivil Rights Litigation Clinic, and an Articles Editor on the Annual Survey of American Law, whereshe published the article, "Prisoners' Rights: Judicial Deference to Prison Administrators," 1985Annual Survey of American Law 325.

While in law school, Ms. O'Berry interned for Judge Abraham D. Sofaer, U.S. District Court forthe Southern District of New York and for Judge A. Leon Higginbotham, Jr., U.S. Court ofAppeals for the Third Circuit.

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Following law school, Ms. O'Berry served as a law clerk to Judge Dickinson R. Debevoise, U.S.District Court for the District of New Jersey, and then as a research and teaching associate toJudge Higginbotham, with whom she co-authored: "The 'Law Only As An Enemy': TheLegitimization of Racial Powerlessness Through the Colonial and Antebellum Criminal Laws ofVirginia," 70 N.C. L. Rev. 969 (1992).

Ms. O'Berry is admitted to practice before the New York and Florida Bars, the U.S. SupremeCourt and the U.S. District Courts for the Southern and Eastern Districts of New York and theSouthern District of Florida.

She is a member of the Appellate Practice Section of the Florida Bar, the Palm Beach County BarAssociation and the U.S. Green Building Council's South Florida Chapter.

MARIE QUASHNOCKMarie Quashnock focuses her practice on securities litigation. Before joining Berman DeValerioas Of Counsel in 2010, Ms. Quashnock developed broad litigation experience in a variety ofareas. She began her career as an entertainment litigator at a mid-sized firm in Los Angelesbefore moving on to insurance and reinsurance coverage litigation and appellate work at mid-sized firms in San Francisco.

Ms. Quashnock widened her experience at a boutique firm in San Francisco, where she handledtransactional work involving insurance regulations, general corporate, trademarks, intellectualproperty, real estate and finance matters. In recent years, she has extensively practiced civillitigation in general commercial, real estate and construction litigation.

With a specialty in intellectual property law, she has prosecuted hundreds of trademarkregistrations with the U.S. Patent and Trademark Office on behalf of her clients.

Ms. Quashnock graduated first in class for both her LL.B. (Canadian common law equivalent toJ.D.) and B.C.L. (Quebec civil law based on Napoleonic civil law) degrees from McGill Universityin 1989. Prior to that, she attended Dawson College in Montreal, where she made the Dean'sList while obtaining her Diploma of College Studies (DEC) in Social Science. She is fluent inFrench.

Ms. Quashnock was named a Super Lawyer by Northern California Super Lawyer Magazine fortwo consecutive years in 2009 and 2010. She is admitted to practice law in the State ofCalifornia.

JOHN H. SUTTERJohn H. Sutter focuses on securities litigation. He joined Berman DeValerio as Of Counsel inearly 2010 after working with the firm for several years as a contract attorney.

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Mr. Sutter participated in a number of the firm's important cases, drafting investigativememoranda and mediation statements in the Xerox litigation, which resulted in a $750 millionrecovery for plaintiffs from the company and its auditor, KPMG. He also participated inextensive document review and discovery preparation in the State Street Bank ERISA litigationand the Nortel II litigation, each of which resulted in a substantial recovery for plaintiffs.

Before working with Berman DeValerio, Mr. Sutter was both a corporate and litigation associatefor two prominent Boston law firms. He also served as an in-house assistant general counselwith Biogen, Inc., focusing in particular on securities and compliance issues.

Mr. Sutter graduated second in a class of nearly 400 from Boston University School of Law,summa cum laude, in 1995. He served on the Boston University Law Review and was a chartermember of the Phi Delta Phi Legal Fraternity. He also was a distinguished scholar for all threeyears and was the recipient of the William L. and Lillian Berger Award for DistinguishedAcademic Achievement. He graduated from Suffolk University in 1992 with a B.A. in EnglishLiterature.

He is admitted to practice law in the Commonwealth of Massachusetts and the U.S. DistrictCourt of Massachusetts.

WENDY H. ZOBERMANWendy H. Zoberman focuses her practice on securities litigation. Since 1990, Ms. Zobermanhas prosecuted numerous securities class actions and derivative actions throughout Florida andin other jurisdictions.

Ms. Zoberman regularly represents institutional investors. Examples include the LouisianaMunicipal Police Employees' Retirement System case Reliant Energy, Inc. and the Florida StateBoard of Administration in shareholder actions Sensormatic Electronics Corporation and SykesEnterprises, Inc. The latter two litigations resulted in what were, at that time, among the largestsecurities class action settlements in Florida -$53.3 million and $30 million, respectively.

Additionally, Ms. Zoberman participated in the UCAR International, Inc. securities case, one ofthe first times significant corporate governance relief was achieved as part of a securities classaction. The UCAR case, where the Florida State Board of Administration was lead plaintiff,settled for a $40 million cash payment and the right to appoint a new member to UCAR's Boardof Directors.

Ms. Zoberman is a 1981 graduate of Wellesley College, where she was a Durant Scholar, andwas elected to the Phi Beta Kappa Society. She received her law degree from ColumbiaUniversity in 1984. At Columbia she served as an Articles Editor of the Columbia University-Volunteer Lawyers for the Arts Journal of Art and the Law, and is a co-author of "An

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Introduction to the New York Artists' Authorship Rights Act," appearing at Vol. 8, No. 3Columbia - VIA Journal of Art and the Law 369.

Ms. Zoberman is admitted to practice before the U.S. District Court for the Middle andSouthern Districts of Florida, as well as all Florida State Courts.

After serving as a partner in Berman DeValerio's Florida office, Ms. Zoberman became OfCounsel to the firm on Jan. 1, 2009.

Other Key Personnel

RONALD J. KEATING, DIRECTOR OF INVESTIGATIONSBased in the firm's Boston office, Ronald J. Keating is a fraud investigator and forensicaccountant with nearly three decades of field experience, including 21 years as a Special Agentfor the Federal Bureau of Investigation.

A Certified Public Accountant and licensed Private Investigator, Mr. Keating joined the firm in2008. He devotes his skills and energies to uncovering evidence of fraud, often non-publicinformation obtained through interviews with former employees at suspect companies.

Mr. Keating served as a Special Agent in the FBI's Boston office from 1979-1988 and again from1995-2007. While with the Bureau, he directed all aspects of complex financial fraudinvestigations, including securities fraud, Ponzi schemes, financial institution fraud, financialstatement fraud and economic crimes. Cases that Mr. Keating investigated in conjunction withfederal and state regulators -- including the Securities Exchange Commission and the FinancialIndustry Regulatory Authority (formerly the National Association of Securities Dealers) --resulted in criminal penalties, multi-million-dollar settlements and asset forfeiture.

From 1993 to 1995, Mr. Keating served as Senior Special Investigator for the Board ofGovernors of the Federal Reserve System in Washington D.C., where he directed investigationsrelated to violations of federal money laundering, bank fraud and bank secrecy laws.

Mr. Keating became a CPA in 1979. He is a Massachusetts-licensed Private Investigator and aCertified Anti-Money Laundering Specialist. He earned a Master of Science in Taxation fromBentley College in 1988 and a B.S. in Accounting from Northeastern University in 1976.

JEANNINE M. SCARSCIOTTI, SENIOR PORTFOLIO ANALYSTJeannine M. Scarsciotti is Berman DeValerio's senior portfolio analyst and oversees portfoliomonitoring, data analysis, and loss calculations for the firm's institutional clients.

She is also the firm's senior paralegal and, as such, oversees and coordinates paralegal projects.She joined the firm in 1995. Ms. Scarsciotti attended Bentley College, graduating summa cumlaude in 1995. She earned a B.S. in Professional Studies and an ABA-Accredited Certificate ofParalegal Studies.

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OFFICES

MASSACHUSETTS FLORIDAOne Liberty Square 3507 Kyoto Gardens Drive, Suite 200Boston, MA 02109 Palm Beach Gardens, FL 33410

Phone: (617) 542-8300 Phone: (561) 835-9400Fax: (617) 542-1194 Fax: (561) 835-0322

CALIFORNIAOne California Street, Suite 900

San Francisco, CA 94111Phone: (415) 433-3200

Fax: (415) 433-6382

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vince bonato, et al. v. yahoo! inc., et al. 11-cv-02732 ...securities.stanford.edu ›...

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