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BNFT.US
id: 243
Supreme
Court
01 Mar 2019
Class period Start
05 Nov 2020
Class period End
27 Dec 2022
Claim deadline
City of Pittsburgh Comprehensive Municipal Pension Trust Fund et al. v. Benefitfocus, Inc.
"The Action arises from the secondary public offering of the common stock of cloud-based benefits management platform and services provider Benefitfocus, commenced on or about March 1, 2019, and alleged misstatements and omissions of a material fact made to investors in the Offering Documents issued in connection with the SPO. More specifically, the Action concerns Defendants’ alleged failure to disclose that prior to the SPO, non-party Mercer Health & Benefits, LLC (“Mercer Health”), allegedly one of Benefitfocus’s most important customers, was purportedly terminating its contract with the Company and would be transitioning off the Benefitfocus platform. (Defendants deny that Lead Plaintiff has asserted any valid claims as to any of them, and expressly deny any and all allegations of fault, liability, wrongdoing, or damages whatsoever.) As a result, Lead Plaintiff alleged that the Offering Documents were false and misleading for several reasons, including: (i) the alleged termination of the agreement with Mercer Health was falsely portrayed as an amendment in the Offering Documents; (ii) purported opportunities arising from the change in relationship with Mercer Health were allegedly non-existent; and (iii) the Company’s financial condition was allegedly worse than the Offering Documents portrayed."
Case Status
Accepting Late Claims
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
City of Pittsburgh Comprehensive Municipal Pension Trust Fund
Attorneys
Labaton Sucharow LLP
Judge
Hon. Andrew Borrok
Administrator
A.B. Data Ltd
Court hearing date
01 December 2022
Settlement conditions
All persons and entities that purchased or otherwi
+$11,000,000
Cash Settlement Amount

Benefitfocus Inc

Benefitfocus, Inc. provides cloud-based benefits management technology solutions for employers and health plans in the United States. Its products for employers comprise Benefitplace, a cloud-based...

    Ticker
    BNFT.US
    ISIN
    US08180D1063
    CIK
    1576169
    Sector
    Technology
    Industry
    Application Software
    Country
    USA
    Address
    100 Benefitfocus Way, Charleston, SC, United States, 29492