Stein v. Tangoe Inc.
A court can appoint an individual to serve as the lead plaintiff in a putative class-action suit, if the individual proves that he would fairly and adequately protect the interests of the proposed class and litigate vigorously. In March 2013, the plaintiff, Lewis Stein, filed a class-action suit, on behalf of himself and similarly situated individuals, who purchased common stock of Tangoe Inc. between Dec. 20, 2011 and Sept. 5, 2012 and suffered damages as a result of allegedly false or misleading statements and filings with the Securities and Exchange Commission. Stein requested that the court appoint him as the lead plaintiff. Stein invested approximately $9,000, possesses the largest personal interest of any of the investors and has vigorously pursued the interests of the putative class action. Absent evidence that Stein's interests are antagonistic to those of proposed class members, the District Court granted his motion to serve as lead plaintiff. "Lewis Stein," wrote the court, "satisfies the criteria of Fed. R. Civ. P. 23(a)(4) in that he has established that he would fairly and adequately protect the interests of the proposed class and vigorously litigate the case fairly and adequately." Stein hired two law firms as co-lead counsel, and the court approved the appointment as lead counsel of The Rosen Law Firm and the law firm of Pomerantz Grossman, both of which are experienced in litigating class-action securities fraud.