Sher Tremonte Secures Second Circuit Win for Alta Partners
New York, N.Y. – January 16, 2026 – Sher Tremonte LLP secured an important victory today in the U.S. Court of Appeals for the Second Circuit on behalf of its client, Alta Partners, LLC, in high‑stakes warrant litigation against Getty Images Holdings, Inc. The decision affirms a substantial judgment entered by the U.S. District Court for the Southern District of New York in Alta’s favor.
The case arises from Getty’s refusal to honor Alta’s attempts to exercise stock warrants following Getty’s 2022 de‑SPAC transaction and public listing. In October 2023, U.S. District Court for the Southern District of New York granted summary judgment for Alta and a co‑plaintiff, finding that Getty breached its contractual obligations and awarding Alta approximately $36.9 million in damages, plus 9% prejudgment interest, while rejecting Alta’s additional claims relating to later‑acquired warrants.
In its ruling issued Thursday, the Second Circuit upheld the district court’s core findings, including that Alta was entitled to exercise its warrants based on the Form S‑4 registration statement and that Getty unlawfully refused to honor Alta’s right to exercise the warrants . The Second Circuit left intact nearly $88 million in total damages awarded to Alta and the related investment fund, while also affirming the district court’s denial of Alta’s additional damages claims as to certain later‑acquired warrants.
“We are very pleased that the Second Circuit affirmed the district court and agreed that Alta was entitled to exercise its warrants,” Sher Tremonte partner Justin M. Sher, who argued the appeal, told Law360. “The decision confirms that issuers must honor their contractual commitments to investors and face meaningful consequences when they do not.”
The Sher Tremonte team representing Alta also included partner Mark Cuccaro, counsels Amanda Greenfield and Max Tanner, and paralegal Carmina Hachenburg.