Plaintiffs claimed that certain board members of Defendant Stiefel Laboratories failed to provide adequate disclosures in connection with the Company’s offer to repurchase shares from employees and asked the Court to certify a class consisting of employees who sold pursuant to the offer. Compass Lexecon Affiliate, Professor Allen Ferrell, submitted a declaration on behalf of Defendants demonstrating that there is no basis in economics for the assumption that all class members would have retained their shares. United States District Court Judge James Lawrence King denied class certification, finding that questions of reliance, investment strategy and damages necessitate individual inquiry and therefore Plaintiffs’ proposed class action claims do not predominate. Professor Ferrell was assisted by David Ross and Jonathan Polonsky in Compass Lexecon’s Chicago office. We worked with Dave Coulson at Greenberg Traurig LLP.