Holland & Knight Successfully Defends Mako Surgical Corp. Against Shareholder Class Action
MIAMI (May 17, 2013) — A team led by Holland & Knight securities litigation partner Tracy Nichols has successfully defended Mako Surgical Corp. against a class action securities suit brought by shareholders who alleged that Mako misled them about future sales projections.
On May 17, U.S. District Judge James Cohn granted Mako's motion to dismiss the case. The judge ruled that since the sales projections were accompanied by detailed cautionary statements indicating that future sales could be lower than expected, and there was no evidence to show the company's executives knew their projections were false, no wrongdoing occurred.
“Companies should take comfort from the fact that specific and meaningful risk warnings will protect them if their projections do not turn out the way everyone hoped,” said Tracy Nichols, chair of Holland & Knight’s National Securities Litigation Practice Group.
The team that represented Mako also included Miami-based Holland & Knight attorneys Louise McAlpin, Stephen Warren and Allison Kernisky.