Radtke v. Regeneron Pharmaceuticals, Inc.
- Vyskocil
- 1:25-cv-00145
- U.S. District Court · Southern District of New York
- 6
In Radtke v. Regeneron, Judge Vyskocil appointed the Pension Fund lead plaintiff and approved its counsel, while denying Bakshandeh’s competing motion.
The City Pension Fund for Firefighters and Police Officers in the City of Tampa was appointed to represent the proposed class as lead plaintiff, and Labaton Keller Sucharow LLP and Motley Rice LLC were approved as lead counsel. Nora Bakshandeh’s competing request was denied. The order also directs the defendants and the lead plaintiff to submit a proposed case schedule.
What happened
In Radtke v. Regeneron Pharmaceuticals, Inc., Jeffrey Radtke brought a proposed class action alleging that Regeneron Pharmaceuticals and three executives violated federal securities laws by misleading investors about the company’s Eylea sales and revenue. The case concerns investors who acquired Regeneron common stock during the stated class period.
The City Pension Fund for Firefighters and Police Officers in the City of Tampa and Nora Bakshandeh each sought appointment as lead plaintiff. Bakshandeh acknowledged that the Pension Fund had the larger financial loss and did not oppose its motion, although she did not withdraw her own motion.
Judge Mary Kay Vyskocil granted the Pension Fund’s motion, appointed it lead plaintiff, and approved Labaton Keller Sucharow LLP and Motley Rice LLC as lead counsel. She denied Bakshandeh’s competing motion and ordered the defendants and the Pension Fund to submit a proposed case schedule within 14 days.
The detailed version
- Radtke v. Regeneron Pharmaceuticals, Inc. · No. 1:25-cv-00145
- Vyskocil
- July 10, 2025
Background
Jeffrey Radtke filed a proposed securities class action against Regeneron Pharmaceuticals, Inc., and executives Leonard S. Schleifer, Christopher Fenimore, and Robert E. Landry. The complaint alleges that the defendants misled investors about Regeneron’s ability to maintain revenue from Eylea, a primary product, and that investors suffered losses after disclosures concerning Eylea’s reported average sales price, Medicare reimbursements, and quarterly sales. The proposed class covers investors who purchased or otherwise acquired Regeneron common stock between November 2, 2023, and October 30, 2024.
Motions for Lead Plaintiff and Counsel
The City Pension Fund for Firefighters and Police Officers in the City of Tampa (the “Pension Fund”) moved to be appointed lead plaintiff and asked the Court to approve Labaton Keller Sucharow LLP and Motley Rice LLC as lead counsel. Nora Bakshandeh filed a competing motion seeking appointment as lead plaintiff and approval of Hagens Berman Sobol Shapiro, LLP as lead counsel.
Under the federal securities laws, the court generally appoints the proposed class member with the largest financial interest who can adequately represent the class. The Pension Fund alleged losses of approximately $4.15 million from its Regeneron transactions during the class period, compared with approximately $34,805 alleged by Bakshandeh. Bakshandeh conceded that the Pension Fund had the larger financial interest and also conceded that it satisfied the applicable requirements for preliminary typicality and adequacy under Rule 23 of the Federal Rules of Civil Procedure.
Ruling
The Court granted the Pension Fund’s motion for appointment as lead plaintiff and approval of its selected lead counsel. The Court found that the Pension Fund timely moved for appointment, had the largest financial interest, made a preliminary showing that its claims were typical of the proposed class, and could fairly and adequately protect the class’s interests. The Court also found no evidence of a conflict of interest or a unique defense that would prevent the Pension Fund from representing the class.
The Court approved Labaton Keller Sucharow LLP and Motley Rice LLC as lead counsel, citing their established firms and prior success in securities litigation. Judge Mary Kay Vyskocil denied Bakshandeh’s competing motion for appointment as lead plaintiff and approval of Hagens Berman Sobol Shapiro, LLP as lead counsel. The order required the defendants and the Pension Fund to confer and jointly submit a proposed schedule for any amended complaint and responsive pleading, including briefing on anticipated motions to dismiss, within 14 days. The order selected lead representatives and counsel; it did not decide whether the securities-law allegations were legally or factually proven.
Read the full 6-page opinion on CourtListener, the free public archive maintained by the Free Law Project.