Drieu
In re Zoom Securities Litigation
Opinion
Trial Court Opinion
UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA 6 IN RE ZOOM SECURITIES LITIGATION Case No. 20-cv-02353-JD
ORDER RE ATTORNEYS’ FEES AND
COSTS, AND COMPENSATION TO
LEAD PLAINTIFF
The Court granted final approval of a $150 million-dollar classwide settlement of this securities fraud action against defendants Zoom Video Communications, Inc., and its CEO, Eric Yuan, under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and SEC Rule 10b-5, 17 C.F.R. § 240.10b-5. Dkt. No. 138. The question presented here is whether Robbins Geller Rudman & Dowd LLP (Robbins Geller), lead counsel for the settlement class, is entitled to attorneys’ fees in the form of a percentage-of-recovery award of 18.75% of the settlement fund, which would amount to $28,125,000, and be the equivalent of a multiplier of over 10 times the fees lodestar. Dkt. No. 133 (fees and costs motion) at 14. The factual context of this question is straightforward. The original class action complaint was filed in April…