Nicole Lavallee is the managing partner of Berman Tabacco’s San Francisco office, a member of the firm’s Executive Committee, and Co-Chair of the firm’s Securities Litigation Practice Group. She has exceptional experience prosecuting complex securities actions and is a trusted advisor on asset recovery litigation to whom clients—many of the largest pension funds and institutional investors in the country—turn regularly for her advice, insight, and guidance. Ms. Lavallee has earned numerous accolades, including from Benchmark Litigation, Chambers USA, The Best Lawyers in America®, the Daily Journal, The Legal 500, Lawdragon, and Martindale-Hubbell.
Ms. Lavallee has prosecuted numerous high-profile securities fraud cases, including: (i) In re IndyMac Mortgage-Backed Sec. Litig., No. 09-cv-04583 (S.D.N.Y.) ($346 million settlement); (ii) In re International Rectifier Sec. Litig., No. 07-cv-02544 (C.D. Cal.) ($90 million settlement), where the court described plaintiffs’ counsel’s work resolving the case as “excellent”; (iii) In re KLA-Tencor Corp. Sec. Litig., No. 06-cv-04065 (N.D. Cal.) ($65 million settlement), where the court stated: “I appreciate the fact that you’ve done an outstanding job;” and (iv) Oracle Cases, Judicial Council Coordination Proceeding, Special Title (Rule 1550(b)) No. 4180 (Cal. Super. Ct. San Mateo Cty.) (settlement valued at $122 million), one of the largest derivative settlements, where the judge singled her out for her “excellent” summary judgment brief. Ms. Lavallee has also represented public pension fund clients in several securities opt-out cases.
About Ms. Lavallee, one publication has quoted clients as stating: (i) “Nicole is great to work with in all ways. She is always knowledgeable, responsive, and respectful.”; (ii) “Nicole is great in terms of communication and understanding how to bring a case together, produce a strategy and make a path for a way forward;” and (iii) “Nicole is a terrific, smart and creative plaintiff lawyer.”
In re Aegean Marine Petroleum Network, Inc. Sec. Litig., No. 18-cv-04993-NRB (S.D.N.Y.). Ms. Lavallee led the team in this securities class action involving Aegean Marine Petroleum Network, Inc. (“Aegean”), representing the lead plaintiff, the Utah Retirement Systems. The alleged fraudulent scheme took place over at least an eight-year period during which the company’s founder and former officers allegedly (i) significantly overstated the company’s income and revenue and issued false and misleading financial statements; (ii) overstated the company’s assets and the strength of its balance sheet by improperly booking approximately $200 million in bogus accounts receivables; (iii) misled investors concerning the adequacy of the company’s internal controls over financial reporting; and (iv) misappropriated $300 million of company assets. The Firm reached settlements with four foreign defendants totaling $41,749,999, a significant portion of which was paid directly by the individual founder and the two outside auditors (who are rarely held liable under the federal securities laws). This is an excellent resolution given that the company filed for bankruptcy, all the defendants were Greek residents, the fraud took place oversees, documents had been allegedly destroyed, and the trustee in bankruptcy sought to release all of the defendants from liability to the class. Indeed, but for the Firm’s efforts working with bankruptcy counsel in the bankruptcy court, all the class members’ claims would have dismissed.
Hayden v. Portola Pharmaceuticals Inc., et al., No. 3:20-cv-00367-VC (N.D. Cal.). With Berman Tabacco appointed Lead Counsel, Ms. Lavallee oversaw the team representing sole Lead Plaintiff Alameda County Employees’ Retirement Association in a securities class action against Portola Pharmaceuticals Inc., a biopharmaceutical company that develops and commercializes treatments for thrombosis and other hematologic diseases, along with key officers, directors, and underwriters. The action alleged that Portola issued materially false and misleading statements related to the sales of their main drug, Andexxa. The company is alleged to have misrepresented (i) that it complied with GAAP, specifically as to recognizing revenue and under-reserving for returns; and (ii) customer demand and utilization of Andexxa for those that purchased it (e.g., hospitals and hospital-system pharmacies). The Court denied the motions to dismiss the most recent complaint on January 20, 2022. In June 2022, after substantial discovery and briefing on the motion for class certification, the parties reached a settlement in the amount of $17.5 million, which was approved by the Court on March 6, 2023.
- Erwin v. Veradigm Inc., No. 1:23-cv-16205 (N.D. Ill.). With the Firm appointed Lead Counsel on behalf of Lead Plaintiff Alameda County Employees’ Retirement Association, Ms. Lavallee currently oversees this securities fraud class action alleging that Veradigm and certain former officers: (i) issued false financial statements, which were subsequently restated by new management; (ii) issued false and misleading statements regarding the Company’s internal controls, which new management admitted were materially deficient; and (iii) improperly adjusted bonuses. The action further alleges that the Company’s outside auditor issued false and misleading audit reports as to the adequacy of the Veradigm’s internal controls, Veradigm’s compliance with GAAP, and its own compliance with auditing guidelines. Plaintiff is currently responding to defendants’ motions to dismiss.
- Class action
- Dispute resolution
- Plaintiff
- Securities
- LL.B. (Canadian Common Law equivalent to J.D.) - Osgoode Hall Law School - 1991
- LL.B. (Civil Law equivalent to J.D.) - Université de Montréal - 1989
- College Degree in Health Sciences and in Pure and Applied Sciences (Dean's List) - Vanier College - 1986
- Bar Association of San Francisco
- Federal Bar Association
- Queen’s Bench
- National Association of Women Lawyers
- National Association of Public Pension Attorneys (NAPPA)
- State Association of County Retirement Systems (SACRS)
- Women in Securities (WISe)
- State Bar of California - 1993