Shareholder Rights
Lowey Dannenberg has secured major courtroom victories, including injunctive relief and cash recoveries. We represent activist money managers who invest in public companies. We handle cases of voting rights and fair compensation in mergers and acquisitions, including appraisal rights cases. We also handle proxy contests and related corporate governance issues.
Our investor rights practice group frequently stretches the creative bounds of this area of the law. Recently, for example, we won approval of the settlement of a unique derivative lawsuit challenging excessive compensation and asset transfers to a corporate officer. In another recent matter, following a proxy contest, we won a precedent-setting ruling that an activist shareholder could defeat a quorum by not voting proxies that it had solicited. Lowey Dannenberg lawyers take pride in finding innovative legal solutions for clients.
Our institutional investor clients have included well-known investment groups. Our representative client list includes Millennium Partners, Glickenhaus & Co., Dolphin Associates LLC, Doft & Co., Karpus Investment Management, Laxey Partners (U.K.), Laddcap Value Partners, Santa Monica Partners, and funds managed by activist investor Phil Goldstein.
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Stephen Lowey is the chairman and co-founder of the firm. He heads the firm's complex litigation practice. He is involved in all the firm's practice areas, but primarily handles investor litigation and prescription overcharge litigation. |
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Richard Cohen is the president of the firm. He represents health insurers in actions to recover amounts overpaid for prescription drugs, medical devices, and medical services. He also represents institutional investors in shareholder litigation involving voting privileges and corporate governance. |
Cases
- Increase in share price and change in voting rights to ensure fair review of proposal for Aramark shareholder class led by UFCW Tri-State Pension Fund
- Settlement gaining board seats and reimbursement of litigation expenses from Delcath Systems, Inc. following victory in emergency appeal for Laddcap Value Partners
- Blocked ratification of an unfavorable new management agreement for Salomon Brothers Asset Management by winning precedent setting opinion for Karpus Investment Management
- Additional compensation for class of NYSE seatholders in Archipelago Merger
- $99 million of additional merger compensation for class led by our client Dolphin Limited Partners
- Won appraisal award after trial of $2.43 per share more than public shareholders who did not seek appraisal for clients holding Travelocity securities including an institutional investor and an investment advisor
- Incumbent director elections invalidated, new election ordered and entire board of directors of MVC Capital replaced with our clients' slate for Millennium Partners
- Successful opt-out strategy in DaimlerChrysler litigation led to highly favorable (confidential) recovery for our clients relative to class settlement for Glickenhaus & Co. and corporate affiliates
Client testimonial
"We were outraged to learn that we and our clients had been shortchanged in the merger of Chrysler and Daimler. Despite the size of our holdings, Lowey Dannenberg counseled us not to seek leadership of a class action (which would have been to their advantage), but to bring our own separate action. Result: great lawyering and a recovery far in excess of that received by other class members."
—Seth Glickenhaus, Senior Partner and
Chief Investment Officer,
Glickenhaus & Co.
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