Skadden secured the dismissal of a putative securities fraud class action on behalf of Israel-based Cognyte Software Ltd. The plaintiff alleged Cognyte and its senior executives misled the public about its customers and its compliance with local laws and its code of ethics. On September 30, 2024, Judge Lorna G. Schofield of the U.S. District Court for the Southern District of New York granted the defendants’ motion to dismiss, holding that none of the alleged misstatements were actionable, Cognyte’s CEO did not act with scienter and the plaintiff failed to adequately allege that any purported losses were caused by the alleged misstatements. Scott Musoff led the Skadden team.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates