Firm Defeats Motion to Dismiss $66 Million Auditor Malpractice Claim

The firm was retained to represent plaintiff Direct Access Partners, LLP (“DAP”), a broker-dealer, in its suit against its auditor, Rothstein, Kass & Co., P.C. (“Rothstein”). In March 2014, the Firm filed a Complaint in New Jersey Superior Court on behalf of DAP alleging over $66 million in damages resulting from, inter alia, Rothstein’s failure to detect a foreign trading and bribery fraud. Rothstein filed a motion to dismiss DAP’s claims. On September 19, 2014, the Superior Court of New Jersey denied Rothstein’s motion in its entirety, finding that DAP’s claims against Rothstein were adequately pled. This ruling represents a victory for DAP at this early stage in the litigation, allowing the case to proceed to the discovery stage.