This case was last updated from PACER on 08/09/2021 at 12:27:46 (UTC).

Coon v. Aterian, Inc. et al

Case Summary

On June 10, 2021, Jeff Coon (“Plaintiff”), individually and on behalf of all other similarly situated, represented by Jeremy Alan Lieberman of Pomerantz LLP, filed a civil action against Aterian, Inc., and Yaniv Sarig, and Fabrice Hamaide (the “Individual Defendants”), (together with “Aterian, Inc.”, the “Defendants”), seeking declaratory and compensatory relief, among other reliefs for alleged violation of the federal securities laws by the Defendants. This case was filed in the U.S. District Court in the Southern District of New York. 

 

Plaintiff brings this action as a class action pursuant to Rule 23 of the Federal Rules of Civil Procedure on behalf of a class of all persons and entities who purchased or otherwise acquired Aterian securities between December 1, 2020 and May 3, 2021, inclusive.

 

In its complaint, Plaintiff alleged that “Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s organic growth is plummeting; (ii) the Company’s recent, self-lauded acquisitions were overpayments for flawed assets from questionable sources; (iii) Aterian’s purported artificial intelligence software is a flawed product that lacks customer interest; (iv) Aterian uses rebate programs and paid or artificial reviews to pump up their product offerings; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.”

 

Plaintiff further alleged that “During the Class Period, Defendants disseminated or approved the false statements specified above, which they knew or deliberately disregarded were misleading in that they contained misrepresentations and failed to disclose material facts necessary to make the statements made, in light of the circumstances under which they were made, not misleading.”

 

Plaintiff also alleged that “Culper further wrote: “[w]e believe that there are serious problems with Aterian’s claims to maintain strong organic growth and to drive M&A synergies: to us, neither of these appears to be the case. . . . In our view, this suggests not only that Aterian is unable to growth EBITDA at acquired businesses, but that its core business is also failing to produce.”

 

The Plaintiff lists out two claims for relief. The first claim is against all the Defendants for alleged violations of § 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder. The second claim is against the Individual Defendants for alleged violation of § 20(a) of the Exchange Act, wherein the Plaintiff claimed that, the Individual Defendants acted as controlling persons of the Company and by virtue of their high-level positions, they had the power and authority to cause or prevent the Company from engaging in the wrongful conduct complained of in the complaint. 

 

In its prayer for relief, the Plaintiff requested the Court to certify this action as a class action, award compensatory and punitive damages in favor of Plaintiff and the other class members against all Defendants, jointly and severally, for all damages sustained as a result of Defendants’ wrongdoing, in an amount to be proven at trial, including pre-judgment and post-judgment interest thereon and award Plaintiff costs of litigation and such other relief as this Court may deem just and proper.

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-05163

  • Filing Date:

    06/10/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

  • Courthouse:

    New York Southern District

Judge Details

Presiding Judge

Victor Marrero

 

Party Details

Plaintiff

Jeff Coon

Defendants

Fabrice Hamaide

Aterian, Inc.

Yaniv Sarig

Attorney/Law Firm Details

Plaintiff Attorneys

Jeremy Alan Lieberman

Attorney at Pomerantz LLP

600 Third Avenue, 20Th Floor

New York, NY 10016

Joseph Alexander Hood, II

Attorney at Pomerantz LLP

600 Third Avenue

New York, NY 10016

Thomas Henry Przybylowski

Attorney at Pomerantz LLP

600 Third Avenue, Ste 20Th Floor

New York, NY 10016

Defendant Attorneys

Aaron Hayes Crowell

Attorney at Clarick Gueron Reisbaum LLP

220 Fifth Avenue

New York, NY 10001

Isaac Berkman Zaur

Attorney at Clarick Gueron Reisbaum LLP

220 Fifth Avenue

New York, NY 10001

Royce Liverant Zeisler

Attorney at Clarick Gueron Reisbaum LLP

220 Fifth Avenue

New York, NY 10001

 

Court Documents

#12

(#12) STIPULATION AND ORDER SETTING PLEADING AND BRIEFING SCHEDULE: IT IS HEREBY STIPULATED AND AGREED, by and between the undersigned counsel for Plaintiffs and Defendants, and subject to Court approval, in order to avoid the unnecessary expenditure of efforts by the parties and the Court prior to the appointment of lead plaintiff andlead counsel and the filing or designation of an Amended Complaint, that: The Defendants hereby accept service of the Complaint in this action. Any deadlines for Defendants to answer, move against, or otherwise respond to the Complaint are stayed. Within fourteen (14) days of appointment of a lead plaintiff, the parties shall file a proposed scheduling order with respect to the timing of any Amended Complaint and briefing with respect to a potential motion (or motions) to dismiss the Amended Complaint, consistent with the Court's Individual Practices. By executing this stipulation, the undersigned do not waive any defenses, and all such defenses are expressly reserved. Nothing in this stipulation is intended to curtail any rights under the Federal Rules that might otherwise exist absent this agreement. Nothing in this stipulation shall prejudice the right of any party to seek further extensions on the consent of the other parties or from the Court. So Ordered. (Signed by Judge Victor Marrero on 7/21/2021) (js) (Entered: 07/21/2021)

#11

(#11) PROPOSED SCHEDULING ORDER. Document filed by Aterian, Inc., Fabrice Hamaide, Yaniv Sarig..(Crowell, Aaron) (Entered: 07/20/2021)

#10

(#10) NOTICE OF APPEARANCE by Aaron Hayes Crowell on behalf of Aterian, Inc., Fabrice Hamaide, Yaniv Sarig..(Crowell, Aaron) (Entered: 07/20/2021)

#9

(#9) NOTICE OF APPEARANCE by Royce Liverant Zeisler on behalf of Aterian, Inc., Fabrice Hamaide, Yaniv Sarig..(Zeisler, Royce) (Entered: 07/20/2021)

#8

(#8) NOTICE OF APPEARANCE by Isaac Berkman Zaur on behalf of Aterian, Inc., Fabrice Hamaide, Yaniv Sarig..(Zaur, Isaac) (Entered: 07/20/2021)

#7

(#7) NOTICE OF APPEARANCE by Joseph Alexander Hood, II on behalf of Jeff Coon..(Hood, Joseph) (Entered: 06/18/2021)

#6

(#6) NOTICE OF APPEARANCE by Thomas Henry Przybylowski on behalf of Jeff Coon..(Przybylowski, Thomas) (Entered: 06/18/2021)

#5

(#5) ELECTRONIC SUMMONS ISSUED as to Aterian, Inc., Fabrice Hamaide, Yaniv Sarig. (sj) (Entered: 06/11/2021)

#4

(#4) REQUEST FOR ISSUANCE OF SUMMONS as to Aterian, Inc., Yaniv Sarig, and Fabrice Hamaide, re: #1 Complaint. Document filed by Jeff Coon..(Lieberman, Jeremy) (Entered: 06/10/2021)

#3

(#3) STATEMENT OF RELATEDNESS re: that this action be filed as related to 1:21-cv-04323-VM. Document filed by Jeff Coon..(Lieberman, Jeremy) (Entered: 06/10/2021)

#2

(#2) CIVIL COVER SHEET filed..(Lieberman, Jeremy) (Entered: 06/10/2021)

#1

(#1) COMPLAINT against Aterian, Inc., Fabrice Hamaide, Yaniv Sarig. (Filing Fee $ 402.00, Receipt Number ANYSDC-24657573)Document filed by Jeff Coon..(Lieberman, Jeremy) (Entered: 06/10/2021)

 

Docket Entries

  • 07/21/2021
  • View Court Documents
  • Docket(#12) STIPULATION AND ORDER SETTING PLEADING AND BRIEFING SCHEDULE: IT IS HEREBY STIPULATED AND AGREED, by and between the undersigned counsel for Plaintiffs and Defendants, and subject to Court approval, in order to avoid the unnecessary expenditure of efforts by the parties and the Court prior to the appointment of lead plaintiff andlead counsel and the filing or designation of an Amended Complaint, that: The Defendants hereby accept service of the Complaint in this action. Any deadlines for Defendants to answer, move against, or otherwise respond to the Complaint are stayed. Within fourteen (14) days of appointment of a lead plaintiff, the parties shall file a proposed scheduling order with respect to the timing of any Amended Complaint and briefing with respect to a potential motion (or motions) to dismiss the Amended Complaint, consistent with the Court's Individual Practices. By executing this stipulation, the undersigned do not waive any defenses, and all such defenses are expressly reserved. Nothing in this stipulation is intended to curtail any rights under the Federal Rules that might otherwise exist absent this agreement. Nothing in this stipulation shall prejudice the right of any party to seek further extensions on the consent of the other parties or from the Court. So Ordered. (Signed by Judge Victor Marrero on 7/21/2021) (js) (Entered: 07/21/2021)

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  • 07/20/2021
  • View Court Documents
  • Docket(#11) PROPOSED SCHEDULING ORDER. Document filed by Aterian, Inc., Fabrice Hamaide, Yaniv Sarig..(Crowell, Aaron) (Entered: 07/20/2021)

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  • 07/20/2021
  • View Court Documents
  • Docket(#10) NOTICE OF APPEARANCE by Aaron Hayes Crowell on behalf of Aterian, Inc., Fabrice Hamaide, Yaniv Sarig..(Crowell, Aaron) (Entered: 07/20/2021)

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  • 07/20/2021
  • View Court Documents
  • Docket(#9) NOTICE OF APPEARANCE by Royce Liverant Zeisler on behalf of Aterian, Inc., Fabrice Hamaide, Yaniv Sarig..(Zeisler, Royce) (Entered: 07/20/2021)

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  • 07/20/2021
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  • Docket(#8) NOTICE OF APPEARANCE by Isaac Berkman Zaur on behalf of Aterian, Inc., Fabrice Hamaide, Yaniv Sarig..(Zaur, Isaac) (Entered: 07/20/2021)

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  • 06/18/2021
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  • Docket(#7) NOTICE OF APPEARANCE by Joseph Alexander Hood, II on behalf of Jeff Coon..(Hood, Joseph) (Entered: 06/18/2021)

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  • 06/18/2021
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  • Docket(#6) NOTICE OF APPEARANCE by Thomas Henry Przybylowski on behalf of Jeff Coon..(Przybylowski, Thomas) (Entered: 06/18/2021)

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  • 06/14/2021
  • DocketMagistrate Judge Katharine H. Parker is so designated. Pursuant to 28 U.S.C. Section 636(c) and Fed. R. Civ. P. 73(b)(1) parties are notified that they may consent to proceed before a United States Magistrate Judge. Parties who wish to consent may access the necessary form at the following link: #https://nysd.uscourts.gov/sites/default/files/2018-06/AO-3.pdf. (aea) (Entered: 06/14/2021)

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  • 06/14/2021
  • DocketNOTICE OF CASE REASSIGNMENT to Judge Victor Marrero. Judge Unassigned is no longer assigned to the case. (aea) (Entered: 06/14/2021)

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  • 06/14/2021
  • DocketCASE ACCEPTED AS RELATED. Create association to 1:21-cv-04323-VM. Notice of Assignment to follow. (aea) (Entered: 06/14/2021)

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  • 06/11/2021
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  • Docket(#5) ELECTRONIC SUMMONS ISSUED as to Aterian, Inc., Fabrice Hamaide, Yaniv Sarig. (sj) (Entered: 06/11/2021)

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  • 06/11/2021
  • DocketCASE REFERRED TO Judge Victor Marrero as possibly related to 1:21cv4323. (sj) (Entered: 06/11/2021)

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  • 06/11/2021
  • DocketCase Designated ECF. (sj) (Entered: 06/11/2021)

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  • 06/11/2021
  • DocketCASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge Unassigned. (sj) (Entered: 06/11/2021)

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  • 06/11/2021
  • Docket***NOTICE TO ATTORNEY REGARDING PARTY MODIFICATION. Notice to attorney Jeremy Alan Lieberman. The party information for the following party/parties has been modified: Jeff Coon. The information for the party/parties has been modified for the following reason/reasons: party text was omitted. (sj) (Entered: 06/11/2021)

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  • 06/10/2021
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  • Docket(#4) REQUEST FOR ISSUANCE OF SUMMONS as to Aterian, Inc., Yaniv Sarig, and Fabrice Hamaide, re: #1 Complaint. Document filed by Jeff Coon..(Lieberman, Jeremy) (Entered: 06/10/2021)

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  • 06/10/2021
  • View Court Documents
  • Docket(#3) STATEMENT OF RELATEDNESS re: that this action be filed as related to 1:21-cv-04323-VM. Document filed by Jeff Coon..(Lieberman, Jeremy) (Entered: 06/10/2021)

    Read MoreRead Less
  • 06/10/2021
  • View Court Documents
  • Docket(#2) CIVIL COVER SHEET filed..(Lieberman, Jeremy) (Entered: 06/10/2021)

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  • 06/10/2021
  • View Court Documents
  • Docket(#1) COMPLAINT against Aterian, Inc., Fabrice Hamaide, Yaniv Sarig. (Filing Fee $ 402.00, Receipt Number ANYSDC-24657573)Document filed by Jeff Coon..(Lieberman, Jeremy) (Entered: 06/10/2021)

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