January 29, 2020
A Tennessee federal judge on Wednesday certified a class of about 331 institutions and investors that own Tivity Health stock in a suit accusing the fitness and wellness program provider of deceiving investors about United HealthCare Inc. creating a competing senior-focused fitness program.
U.S. District Judge Waverly D. Crenshaw Jr. certified a class consisting of all those who purchased or acquired Tivity stock between March 6, 2017, and Nov. 6, 2017, and appointed lead plaintiff Oklahoma Firefighters Pension and Retirement System as the class representative, according to Wednesday’s order.
The judge also appointed Cohen Milstein Sellers & Toll PLLC as class counsel, the order states.
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Steven J. Toll of Cohen Milstein Sellers & Toll PLLC, an attorney for the investor class, told Law360 his clients were “very pleased” with the ruling.
“Judge Crenshaw’s opinion reflects a thorough analysis of the relevant standards, and in our view, properly rejected the many attacks by Tivity on the plaintiffs’ damage expert, Chad Coffman, and his event study showing market efficiency,” Toll said. “The judge also properly determined that Oklahoma Firefighters was an adequate and typical class representative. We look forward to continuing to litigate the case on behalf of the class.”
The plaintiffs are represented by J. Gerard Stranch IV of Branstetter Stranch & Jennings PLLC and Steven J. Toll, Daniel S. Sommers, Christina D. Saler, Alice Buttrick and Jessica (Ji Eun) Kim of Cohen Milstein Sellers & Toll PLLC.
Read Tivity Investors Win Class Cert. in Tenn. Stock-Drop Suit.